Franklin Street Advisors Inc. NC Acquires 2,716 Shares of Alphabet Inc. $GOOG

Key Points

• Franklin Street Advisors Inc. NC increased its holdings in Alphabet Inc. by 0.8%, acquiring an additional 2,716 shares, bringing its total to 338,236 shares valued at approximately $60 million.
• Alphabet reported a quarterly earnings per share of $2.31, exceeding analyst expectations of $2.12, with revenues of $96.43 billion, up 13.8% year-over-year.
• The company declared a quarterly dividend of $0.21 per share, translating to an annualized dividend of $0.84 and a dividend yield of 0.3%.

Franklin Street Advisors Inc. NC boosted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 338,236 shares of the information services provider's stock after purchasing an additional 2,716 shares during the quarter. Alphabet makes up 3.7% of Franklin Street Advisors Inc. NC's portfolio, making the stock its 6th biggest holding. Franklin Street Advisors Inc. NC's holdings in Alphabet were worth $60,000,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GOOG. ACT Advisors LLC. increased its position in Alphabet by 3.5% during the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider's stock worth $288,000 after purchasing an additional 55 shares in the last quarter. LongView Wealth Management grew its stake in Alphabet by 1.1% during the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider's stock worth $909,000 after buying an additional 56 shares during the period. Kooman & Associates increased its position in shares of Alphabet by 1.4% in the second quarter. Kooman & Associates now owns 4,127 shares of the information services provider's stock worth $732,000 after acquiring an additional 56 shares in the last quarter. Colton Groome Financial Advisors LLC lifted its holdings in shares of Alphabet by 3.4% during the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider's stock valued at $309,000 after acquiring an additional 57 shares in the last quarter. Finally, Brueske Advisory Services LLC boosted its position in Alphabet by 2.7% during the 2nd quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider's stock worth $389,000 after purchasing an additional 58 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $246.45 on Monday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm's 50-day moving average price is $221.89 and its two-hundred day moving average price is $187.31. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The stock has a market capitalization of $2.98 trillion, a P/E ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced 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. The business 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 quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.89 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have commented on GOOG shares. Morgan Stanley raised their price objective on Alphabet from $210.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Jefferies Financial Group upped their price target on Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a report on Thursday. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Finally, UBS Group upped their target price on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Five investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $235.33.

Insider Transactions at Alphabet

In related news, 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 value of $3,448,820.16. Following the sale, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,738 shares of company stock worth $59,135,475. Insiders own 12.99% of the company's stock.

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.

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