Easterly Investment Partners LLC Invests $727,000 in Alphabet Inc. $GOOG

Key Points

• Easterly Investment Partners LLC has invested approximately $727,000 in Alphabet Inc. by purchasing 4,100 shares during the second quarter.
• Alphabet reported strong quarterly earnings of $2.31 per share, beating analysts' expectations, with revenue up 13.8% year-over-year at $96.43 billion.
• Several hedge funds, including IFS Advisors LLC and Fairman Group LLC, have significantly increased their stakes in Alphabet in the second quarter, now totaling 27.26% of the stock owned by institutional investors.

Easterly Investment Partners LLC purchased a new position in Alphabet Inc. (NASDAQ:GOOG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,100 shares of the information services provider's stock, valued at approximately $727,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter worth about $26,000. IFS Advisors LLC raised its stake in Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock worth $27,000 after purchasing an additional 120 shares during the period. Robbins Farley raised its stake in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after purchasing an additional 60 shares during the period. WestEnd Advisors LLC raised its stake in Alphabet by 58.7% during the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock worth $29,000 after purchasing an additional 61 shares during the period. Finally, Fairman Group LLC raised its stake in Alphabet by 121.3% during the second quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock worth $31,000 after purchasing an additional 97 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 1.3%

Shares of GOOG stock opened at $257.02 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market capitalization of $3.11 trillion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. The company has a 50 day moving average price of $233.29 and a 200 day moving average price of $194.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $257.88.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 earnings per share. Equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 246,150 shares of company stock worth $55,805,379. Corporate insiders own 12.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GOOG shares. Raymond James Financial reaffirmed an "outperform" rating and set a $210.00 target price (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Scotiabank reiterated an "outperform" rating and set a $310.00 price target on shares of Alphabet in a research report on Thursday. Barclays reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Weiss Ratings reiterated a "buy (b)" rating on shares of Alphabet in a research report on Wednesday, October 8th. Finally, TD Cowen lifted their price target on shares of Alphabet from $270.00 to $280.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $246.26.

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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