Cypress Wealth Services LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 28.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 20,497 shares of the information services provider's stock after purchasing an additional 4,512 shares during the quarter. Cypress Wealth Services LLC's holdings in Alphabet were worth $3,636,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares during the period. Revisor Wealth Management LLC lifted its holdings in shares of Alphabet by 107.9% in the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after buying an additional 1,899 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Alphabet by 19.5% in the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after buying an additional 14,931 shares during the period. Sterling Investment Counsel LLC lifted its holdings in shares of Alphabet by 399.9% in the 1st quarter. Sterling Investment Counsel LLC now owns 8,998 shares of the information services provider's stock valued at $1,406,000 after buying an additional 7,198 shares during the period. Finally, HCR Wealth Advisors lifted its holdings in shares of Alphabet by 2.0% in the 1st quarter. HCR Wealth Advisors now owns 23,110 shares of the information services provider's stock valued at $3,611,000 after buying an additional 446 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have recently commented on GOOG shares. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Scotiabank reissued an "outperform" rating and issued a $310.00 price target on shares of Alphabet in a report on Thursday. UBS Group set a $255.00 price target on Alphabet and gave the company a "neutral" rating in a report on Thursday, October 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $244.68.
Check Out Our Latest Research Report on Alphabet
Alphabet Stock Performance
Shares of GOOG stock opened at $253.79 on Friday. The stock has a fifty day moving average price of $232.18 and a 200 day moving average price of $192.73. The stock has a market cap of $3.07 trillion, a PE ratio of 27.03, a P/E/G ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $257.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the previous year, the firm posted $1.89 earnings per share. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. Sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.
Alphabet Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's payout ratio is 8.95%.
Insider Buying and Selling
In other news, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director directly owned 6,916 shares of the company's stock, valued at $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 243,372 shares of company stock valued at $55,110,740. 12.99% of the stock is owned by insiders.
About Alphabet
(
Free Report)
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
Further Reading
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).
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