3,188 Shares in Alphabet Inc. $GOOGL Bought by Lake Hills Wealth Management LLC

Key Points

• Lake Hills Wealth Management LLC has made a new investment of approximately $562,000 in Alphabet Inc., acquiring 3,188 shares during the second quarter, marking it as the firm's 29th largest holding.
• CEO Sundar Pichai sold 32,500 shares of Alphabet stock for over $8 million, reducing his ownership stake by 1.34%, while insider sales totaled 258,088 shares valued at over $52 million in the last three months.
• Recent earnings results showed Alphabet exceeded expectations, reporting $2.31 EPS for the quarter and revenue of $96.43 billion, leading analysts to forecast an average target price of $224.51 for the stock.

Lake Hills Wealth Management LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,188 shares of the information services provider's stock, valued at approximately $562,000. Alphabet makes up approximately 0.3% of Lake Hills Wealth Management LLC's holdings, making the stock its 29th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. raised its position in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co grew its stake in shares of Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares during the last quarter. Cypress Capital LLC boosted its stake in Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC raised its holdings in Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after purchasing an additional 84 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Up 1.1%

NASDAQ:GOOGL traded up $2.69 during trading hours on Friday, hitting $254.72. The company had a trading volume of 55,452,697 shares, compared to its average volume of 38,316,584. The company has a market capitalization of $3.08 trillion, a PE ratio of 27.13, a price-to-earnings-growth ratio of 1.70 and a beta of 1.01. The stock has a 50-day moving average price of $209.36 and a 200 day moving average price of $180.31. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00. 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:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. On average, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on GOOGL shares. Piper Sandler lifted their price objective on shares of Alphabet from $220.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday. Barclays upped their price objective on shares of Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a report on Wednesday, September 3rd. Stifel Nicolaus increased their target price on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Alphabet from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.54.

Insider Buying and Selling at Alphabet

In related news, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the transaction, the director owned 5,716 shares of the company's stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,088 shares of company stock worth $52,405,304. 11.64% of the stock is owned by corporate insiders.

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.