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Gray Private Wealth LLC Buys New Position in Alphabet Inc. $GOOG

Alphabet logo with Computer and Technology background

Key Points

  • Gray Private Wealth LLC made a new investment in Alphabet Inc., acquiring 1,305 shares valued at approximately $232,000 during the second quarter.
  • Institutional investors, including Vanguard Group Inc. and Kingstone Capital Partners Texas LLC, significantly increased their stakes in Alphabet, highlighting strong institutional confidence in the company.
  • Alphabet recently reported earnings that beat analyst expectations, with a 13.8% increase in quarterly revenue year-over-year and an EPS of $2.31.
  • Five stocks we like better than Alphabet.

Gray Private Wealth LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,305 shares of the information services provider's stock, valued at approximately $232,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC boosted its stake in Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after buying an additional 9,243,959 shares during the period. Deutsche Bank AG increased its stake in shares of Alphabet by 5.4% during the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock valued at $3,334,852,000 after acquiring an additional 1,098,996 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Alphabet by 2.2% during the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock worth $3,183,979,000 after acquiring an additional 440,526 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Mizuho upgraded shares of Alphabet to a "strong-buy" rating in a report on Monday, September 29th. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Roth Capital reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Alphabet in a research note on Saturday, September 27th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $235.33.

View Our Latest Stock Report on GOOG

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $246.45 on Monday. The company has a market cap of $2.98 trillion, a PE ratio of 26.25, a P/E/G ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The firm has a 50-day simple moving average of $221.89 and a 200 day simple moving average of $187.31. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the transaction, the director directly owned 5,716 shares of the company's stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their position. The transaction 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 stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the transaction, the chief executive officer directly owned 2,402,119 shares of the company's stock, valued at $584,699,785.79. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,738 shares of company stock valued at $59,135,475 in the last three months. 12.99% of the stock is owned by corporate insiders.

Alphabet Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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