Norden Group LLC Increases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Norden Group LLC increased its stake in Alphabet Inc. by 7.3% during the second quarter, acquiring an additional 3,808 shares, bringing its total to 56,238 shares valued at approximately $9.91 million.
• Alphabet's quarterly earnings report showed an earnings per share of $2.31, beating estimates of $2.15, with reported revenues of $96.43 billion.
• The company declared a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3%, with a payout ratio of 8.95%.

Norden Group LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 56,238 shares of the information services provider's stock after acquiring an additional 3,808 shares during the period. Alphabet makes up approximately 1.1% of Norden Group LLC's holdings, making the stock its 10th biggest position. Norden Group LLC's holdings in Alphabet were worth $9,911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. AM Investment Strategies LLC lifted its stake in shares of Alphabet by 0.9% in the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock worth $1,141,000 after purchasing an additional 57 shares during the period. Bfsg LLC grew its holdings in Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider's stock valued at $1,838,000 after buying an additional 59 shares in the last quarter. Enzi Wealth grew its holdings in Alphabet by 2.5% during the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after buying an additional 62 shares in the last quarter. Park Capital Management LLC WI grew its holdings in Alphabet by 1.1% during the 2nd quarter. Park Capital Management LLC WI now owns 6,005 shares of the information services provider's stock valued at $1,058,000 after buying an additional 65 shares in the last quarter. Finally, Wolff Financial Management LLC grew its holdings in shares of Alphabet by 2.6% in the second quarter. Wolff Financial Management LLC now owns 2,632 shares of the information services provider's stock valued at $464,000 after purchasing an additional 66 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

GOOGL stock opened at $246.54 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. The business has a 50-day moving average price of $215.93 and a 200 day moving average price of $183.03. The company has a market capitalization of $2.98 trillion, a P/E ratio of 26.26, a PEG ratio of 1.66 and a beta of 1.01. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on GOOGL. Susquehanna lifted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, September 3rd. Robert W. Baird lifted their target price on Alphabet from $215.00 to $275.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Barclays lifted their target price on Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Canaccord Genuity Group lifted their target price on Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $233.44.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 15,000 shares of the company'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 value of $2,786,400.00. Following the sale, the director owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the transaction, the director directly 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. Insiders have sold 258,088 shares of company stock valued at $52,405,304 over the last quarter. Company 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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