Lansing Street Advisors Acquires 3,492 Shares of Alphabet Inc. $GOOGL

Key Points

• Lansing Street Advisors increased its Alphabet Inc. holdings by 33.7%, acquiring an additional 3,492 shares, bringing their total to 13,850 shares valued at approximately $2,441,000.
• Institutional investors own 40.03% of Alphabet's stock, with major increases from firms like Vanguard Group and UBS Asset Management in recent quarters.
• Analysts have mixed ratings for Alphabet (GOOGL), with four analysts rating it as a Strong Buy and a consensus price target of $252.24.

Lansing Street Advisors grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 33.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,850 shares of the information services provider's stock after buying an additional 3,492 shares during the quarter. Alphabet makes up 0.7% of Lansing Street Advisors' portfolio, making the stock its 28th largest position. Lansing Street Advisors' holdings in Alphabet were worth $2,441,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Invesco Ltd. increased its stake in shares of Alphabet by 1.4% during the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Alphabet by 1.9% during the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Alphabet by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GOOGL shares. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. restated a "buy" rating on shares of Alphabet in a research note on Tuesday. Westpark Capital upped their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. DA Davidson upped their price target on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, September 2nd. Finally, Mizuho set a $295.00 price target on shares of Alphabet and gave the company an "outperform" rating in a research note on Monday, September 29th. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus target price of $252.24.

Alphabet Stock Performance

Shares of Alphabet stock opened at $253.30 on Friday. The company has a 50 day moving average of $231.55 and a 200-day moving average of $191.61. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.96. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.06 trillion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued 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 $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal 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. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director owned 5,116 shares of the company's stock, valued at approximately $1,242,778.72. This represents a 10.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer directly owned 14,516 shares of the company's stock, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock worth $55,805,379 in the last 90 days. Corporate insiders own 11.64% of the company's stock.

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.

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