Essex LLC Boosts Stake in Alphabet Inc. $GOOGL

Key Points

• Essex LLC increased its stake in Alphabet Inc. by 5.8% in the second quarter, owning a total of 25,412 shares valued at $4,478,000.
• Alphabet reported earnings of $2.31 per share for the last quarter, surpassing the consensus estimate of $2.15, with revenues of $96.43 billion.
• As of the latest filings, institutional investors and hedge funds collectively own 40.03% of Alphabet's stock.

Essex LLC raised its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,412 shares of the information services provider's stock after purchasing an additional 1,395 shares during the quarter. Alphabet accounts for 0.9% of Essex LLC's holdings, making the stock its 24th largest holding. Essex LLC's holdings in Alphabet were worth $4,478,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Ritholtz Wealth Management grew its stake in shares of Alphabet by 6.7% in the second quarter. Ritholtz Wealth Management now owns 138,560 shares of the information services provider's stock valued at $24,418,000 after buying an additional 8,740 shares in the last quarter. SFG Wealth Management LLC. grew its stake in Alphabet by 5.8% during the 2nd quarter. SFG Wealth Management LLC. now owns 4,098 shares of the information services provider's stock worth $722,000 after purchasing an additional 225 shares in the last quarter. Triton Wealth Management PLLC acquired a new position in Alphabet during the 2nd quarter worth $835,000. Curated Wealth Partners LLC grew its stake in Alphabet by 1.7% during the 2nd quarter. Curated Wealth Partners LLC now owns 13,765 shares of the information services provider's stock worth $2,426,000 after purchasing an additional 231 shares in the last quarter. Finally, Aries Wealth Management grew its stake in Alphabet by 1.0% during the 2nd quarter. Aries Wealth Management now owns 32,744 shares of the information services provider's stock worth $5,770,000 after purchasing an additional 340 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Up 2.7%

Alphabet stock opened at $259.92 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $261.68. 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 company has a market capitalization of $3.14 trillion, a P/E ratio of 27.68, a PEG ratio of 1.75 and a beta of 1.00. The stock has a 50-day simple moving average of $236.72 and a 200-day simple moving average of $195.60.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its 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 during the quarter, compared to the consensus estimate of $93.60 billion. Equities research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wells Fargo & Company set a $236.00 target price on Alphabet and gave the stock an "equal weight" rating in a research note on Tuesday, October 7th. BNP Paribas Exane boosted their target price on Alphabet from $187.00 to $247.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 21st. Citizens Jmp boosted their target price on Alphabet from $250.00 to $290.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. Jefferies Financial Group boosted their target price on Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $288.00 target price on shares of Alphabet in a research note on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $263.55.

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer directly owned 14,516 shares of the company's stock, valued at approximately $3,629,725.80. The trade was a 16.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company's stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 246,150 shares of company stock worth $55,805,379. Corporate insiders own 11.64% of the company's stock.

Alphabet 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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