Montgomery Investment Management Inc. acquired a new position in Alphabet Inc. (NASDAQ:GOOG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,201 shares of the information services provider's stock, valued at approximately $213,000.
Other hedge funds have also added to or reduced their stakes in the company. Robbins Farley raised its position in Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after acquiring an additional 60 shares during the period. Principia Wealth Advisory LLC raised its position in Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after acquiring an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new stake in Alphabet in the first quarter worth about $26,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Alphabet in the first quarter valued at approximately $32,000. Finally, Goodman Advisory Group LLC bought a new stake in shares of Alphabet in the first quarter valued at approximately $32,000. Institutional investors own 27.26% of the company's stock.
Insider Buying and Selling
In other news, Director Frances Arnold sold 103 shares of the company's stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O'toole sold 953 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total transaction of $229,863.60. Following the completion of the sale, the chief accounting officer directly owned 17,294 shares of the company's stock, valued at $4,171,312.80. This trade represents a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 in the last ninety days. 12.99% of the stock is currently owned by insiders.
Analysts Set New Price Targets
GOOG has been the topic of several research reports. Jefferies Financial Group boosted their price target on shares of Alphabet from $230.00 to $285.00 and gave the company a "buy" rating in a research report on Thursday. Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Oppenheimer reissued an "outperform" rating and issued a $270.00 price target (up previously from $235.00) on shares of Alphabet in a research report on Wednesday, September 3rd. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Five investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $235.33.
Check Out Our Latest Research Report on Alphabet
Alphabet Price Performance
GOOG stock opened at $246.45 on Friday. 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 Inc. has a one year low of $142.66 and a one year high of $256.70. The stock 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. The firm has a 50 day simple moving average of $221.89 and a two-hundred day simple moving average of $187.15.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly 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 business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the company earned $1.89 EPS. The business's quarterly revenue was up 13.8% compared to the same quarter last year. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio is 8.95%.
About Alphabet
(
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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