Greenline Partners LLC Raises Stock Position in Alphabet Inc. $GOOG

Key Points

• Greenline Partners LLC increased its stake in Alphabet Inc. by 2.7%, owning a total of 54,735 shares valued at approximately $8.55 million, making it the firm’s 20th largest holding.
• Insider selling activity has been noted, with notable transactions including Director John L. Hennessy selling 1,000 shares and Kavitark Ram Shriram selling 18,566 shares, indicating a decrease in their respective holdings.
• Alphabet recently posted earnings surpassing analysts' expectations with revenue of $96.43 billion for the quarter, up 13.8% year-over-year, while announcing a quarterly dividend of $0.21.

Greenline Partners LLC lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,735 shares of the information services provider's stock after purchasing an additional 1,437 shares during the period. Alphabet comprises approximately 1.3% of Greenline Partners LLC's holdings, making the stock its 20th biggest holding. Greenline Partners LLC's holdings in Alphabet were worth $8,551,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. JDM Financial Group LLC increased its position in shares of Alphabet by 10.6% during the 4th 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. NCM Capital Management LLC grew its position in shares of Alphabet by 2.2% during the 1st quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock worth $438,000 after buying an additional 60 shares in the last quarter. Objectivity Squared LLC grew its position in shares of Alphabet by 0.4% during the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock worth $2,605,000 after buying an additional 62 shares in the last quarter. Tranquility Partners LLC grew its position in shares of Alphabet by 0.4% during the 1st quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock worth $2,263,000 after buying an additional 63 shares in the last quarter. Finally, Stonebridge Financial Group LLC lifted its stake in shares of Alphabet by 0.6% during the 1st quarter. Stonebridge Financial Group LLC now owns 10,648 shares of the information services provider's stock worth $1,664,000 after purchasing an additional 64 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 1,000 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This represents a 12.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, 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. Over the last ninety days, insiders sold 222,210 shares of company stock worth $41,742,155. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $231.10 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The business's 50 day moving average price is $194.34 and its 200-day moving average price is $176.23. The firm has a market capitalization of $2.79 trillion, a PE ratio of 24.61, a P/E/G ratio of 1.44 and a beta of 1.01. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $231.80.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the prior year, the company posted $1.89 earnings per share. Alphabet's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts expect 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. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.

Analysts Set New Price Targets

A number of equities research analysts have commented on GOOG shares. BNP Paribas cut Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Roth Capital restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $227.56.

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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