Forge First Asset Management Inc. Takes Position in Alphabet Inc. (NASDAQ:GOOG)

Key Points

• Forge First Asset Management Inc. has acquired a new stake in Alphabet Inc. during the first quarter, purchasing 23,000 shares valued at approximately $3.59 million.
• Other institutional investors, such as OVERSEA CHINESE BANKING Corp Ltd and Kazazian Asset Management LLC, have also increased their positions in Alphabet, highlighting ongoing investor confidence.
• Alphabet recently reported earnings of $2.31 per share, surpassing analysts' expectations and reflecting a revenue increase of 13.8% year-over-year to $96.43 billion.

Forge First Asset Management Inc. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,000 shares of the information services provider's stock, valued at approximately $3,591,000. Alphabet comprises 1.5% of Forge First Asset Management Inc.'s portfolio, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GOOG. Concentrum Wealth Management grew its holdings in Alphabet by 0.3% in the fourth quarter. Concentrum Wealth Management now owns 17,328 shares of the information services provider's stock valued at $3,300,000 after purchasing an additional 57 shares during the period. JDM Financial Group LLC increased its stake in Alphabet by 10.6% during the fourth quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after purchasing an additional 57 shares during the last quarter. Kidder Stephen W boosted its position in Alphabet by 1.6% during the 4th quarter. Kidder Stephen W now owns 3,608 shares of the information services provider's stock valued at $687,000 after purchasing an additional 58 shares during the period. Objectivity Squared LLC grew its position in shares of Alphabet by 0.4% during the first quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after acquiring an additional 62 shares during the last quarter. Finally, Tranquility Partners LLC increased its holdings in shares of Alphabet by 0.4% in the 1st quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock worth $2,263,000 after acquiring an additional 63 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Down 1.5%

GOOG traded down $2.91 during midday trading on Friday, reaching $189.95. 21,211,425 shares of the company's stock traded hands, compared to its average volume of 25,077,368. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The stock has a market capitalization of $2.31 trillion, a price-to-earnings ratio of 20.23, a P/E/G ratio of 1.26 and a beta of 1.02. The firm has a fifty day moving average of $179.37 and a two-hundred day moving average of $174.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is 8.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on GOOG shares. Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Friday, April 25th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. JPMorgan Chase & Co. upped their target price on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Oppenheimer restated an "outperform" rating and issued a $235.00 target price (up from $220.00) on shares of Alphabet in a research note on Thursday, July 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.19.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,399 shares of company stock worth $43,525,794 over the last quarter. 12.99% of the stock is owned by company insiders.

About Alphabet

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.