Longbow Finance SA raised its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 20.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 293,932 shares of the information services provider's stock after buying an additional 49,922 shares during the quarter. Alphabet comprises about 5.5% of Longbow Finance SA's investment portfolio, making the stock its 3rd largest holding. Longbow Finance SA's holdings in Alphabet were worth $45,921,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Principia Wealth Advisory LLC increased its holdings in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after buying an additional 85 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $26,000. LSV Asset Management acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $27,000. Goodman Advisory Group LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $38,000. 27.26% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
GOOG has been the topic of a number of recent analyst reports. Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. UBS Group increased their target price on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a report on Monday, June 2nd. Finally, Barclays restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $215.19.
Check Out Our Latest Research Report on Alphabet
Alphabet Price Performance
GOOG traded down $1.08 during midday trading on Monday, hitting $193.01. 15,549,912 shares of the company traded hands, compared to its average volume of 24,222,178. The company has a market capitalization of $2.34 trillion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.31 and a beta of 1.01. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70. The business has a 50 day simple moving average of $176.86 and a two-hundred day simple moving average of $174.38. The company has a current ratio of 1.90, a quick 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, topping 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 the consensus estimate of $93.67 billion. During the same period in the previous year, the firm earned $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.
Alphabet Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. Alphabet's payout ratio is 8.95%.
Insiders Place Their Bets
In other news, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the sale, the director owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the sale, the director owned 6,013 shares in the company, valued at $1,094,245.74. The trade was a 6.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,409 shares of company stock valued at $43,523,710 in the last ninety days. Insiders own 12.99% of the company's stock.
About Alphabet
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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.
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