Alphabet Inc. $GOOGL is Norway Savings Bank's 4th Largest Position

Key Points

• Norway Savings Bank increased its stake in Alphabet Inc. by 6.2%, now holding 37,017 shares valued at approximately $6.52 million, making it their fourth largest investment position.
• Alphabet reported stronger-than-expected quarterly earnings, with $2.31 earnings per share and revenue of $96.43 billion, exceeding analysts' predictions of $93.60 billion.
• The company declared a quarterly $0.21 dividend, which will be paid to shareholders on September 15, marking an annualized dividend yield of 0.3%.

Norway Savings Bank raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 37,017 shares of the information services provider's stock after purchasing an additional 2,152 shares during the quarter. Alphabet makes up approximately 3.4% of Norway Savings Bank's investment portfolio, making the stock its 4th largest holding. Norway Savings Bank's holdings in Alphabet were worth $6,524,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC grew its position in Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after purchasing an additional 506 shares in the last quarter. Highview Capital Management LLC DE lifted its holdings in Alphabet by 3.6% during the fourth quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock worth $5,509,000 after acquiring an additional 1,003 shares during the period. Forum Financial Management LP increased its holdings in Alphabet by 6.4% during the fourth quarter. Forum Financial Management LP now owns 79,160 shares of the information services provider's stock worth $14,985,000 after buying an additional 4,756 shares during the last quarter. Finally, Triumph Capital Management increased its stake in shares of Alphabet by 1.6% during the 4th quarter. Triumph Capital Management now owns 5,470 shares of the information services provider's stock worth $1,036,000 after purchasing an additional 88 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Up 4.5%

Shares of Alphabet stock traded up $10.81 during trading on Monday, hitting $251.61. The company's stock had a trading volume of 58,263,832 shares, compared to its average volume of 34,999,380. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a fifty day simple moving average of $201.89 and a two-hundred day simple moving average of $177.58. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $252.41. The company has a market capitalization of $3.04 trillion, a PE ratio of 25.64, a P/E/G ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is currently 8.95%.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of research reports. Loop Capital restated a "hold" rating and issued a $190.00 price objective (up from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. DA Davidson upped their target price on Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. Cantor Fitzgerald increased their target price on Alphabet from $196.00 to $201.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Citigroup boosted their price objective on shares of Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a report on Monday. Finally, Piper Sandler lifted their price target on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Three equities research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $222.85.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the 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 owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is owned by insiders.

Alphabet Company 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.