Destiny Wealth Partners LLC Purchases 17,250 Shares of Alphabet Inc. $GOOGL

Key Points

• Destiny Wealth Partners LLC increased its holdings in Alphabet Inc. by 44.1%, acquiring an additional 17,250 shares in the second quarter, which now constitutes about 1.3% of their portfolio.
• Several other institutional investors also modified their positions in Alphabet during the same period, indicating strong interest in the stock among large investors.
• Brokerages recently raised their price targets for Alphabet, with JPMorgan Chase & Co. setting a new target at $232.00 and maintaining an "overweight" rating.

Destiny Wealth Partners LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 44.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,323 shares of the information services provider's stock after acquiring an additional 17,250 shares during the period. Alphabet comprises about 1.3% of Destiny Wealth Partners LLC's portfolio, making the stock its 24th largest position. Destiny Wealth Partners LLC's holdings in Alphabet were worth $9,926,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. ST Germain D J Co. Inc. lifted its position in shares of Alphabet by 0.4% in the 2nd quarter. ST Germain D J Co. Inc. now owns 425,114 shares of the information services provider's stock worth $74,918,000 after purchasing an additional 1,749 shares during the period. Swisher Financial Concepts Inc. lifted its holdings in Alphabet by 1.6% during the second quarter. Swisher Financial Concepts Inc. now owns 6,397 shares of the information services provider's stock worth $1,127,000 after buying an additional 100 shares during the period. FCG Investment Co boosted its position in Alphabet by 3.3% during the 2nd quarter. FCG Investment Co now owns 37,212 shares of the information services provider's stock valued at $6,558,000 after acquiring an additional 1,177 shares in the last quarter. Evergreen Private Wealth LLC increased its holdings in shares of Alphabet by 4.8% in the 2nd quarter. Evergreen Private Wealth LLC now owns 37,043 shares of the information services provider's stock valued at $6,528,000 after acquiring an additional 1,709 shares during the period. Finally, Embree Financial Group increased its holdings in shares of Alphabet by 0.3% in the 2nd quarter. Embree Financial Group now owns 63,564 shares of the information services provider's stock valued at $11,202,000 after acquiring an additional 194 shares during the period. Institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on GOOGL. Susquehanna raised their price objective on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Stifel Nicolaus raised their price target on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Robert W. Baird raised their target price on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Finally, Guggenheim lifted their price target on shares of Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.63.

Alphabet Stock Performance

Shares of GOOGL stock opened at $243.10 on Wednesday. The business has a fifty day moving average of $218.05 and a 200 day moving average of $184.24. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market capitalization of $2.94 trillion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. As a group, research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,469 shares of company stock worth $46,586,752 in the last ninety days. 11.55% of the stock is owned by company insiders.

Alphabet Company Profile

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.

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