Oak Grove Capital LLC Increases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Oak Grove Capital LLC increased its stake in Alphabet Inc. by 150.8%, acquiring an additional 18,160 shares to reach a total of 30,200 shares valued at approximately $4,670,000.
• Recent analyst ratings show a consensus target price of $211.53 for Alphabet, with several firms raising their price targets and recommending buy or overweight ratings.
• Alphabet declared a quarterly dividend of $0.21, marking an annualized payout of $0.84, which represents a 0.4% yield on its stock.

Oak Grove Capital LLC raised its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 150.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,200 shares of the information services provider's stock after acquiring an additional 18,160 shares during the period. Alphabet makes up 1.0% of Oak Grove Capital LLC's portfolio, making the stock its 20th largest holding. Oak Grove Capital LLC's holdings in Alphabet were worth $4,670,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mystic Asset Management Inc. increased its holdings in shares of Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after buying an additional 1,791 shares during the last quarter. Harbour Trust & Investment Management Co increased its holdings in shares of Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after buying an additional 80 shares during the last quarter. Rockbridge Capital Management LLC bought a new stake in shares of Alphabet in the 4th quarter worth about $3,119,000. Cypress Capital LLC increased its holdings in shares of Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after buying an additional 563 shares during the last quarter. Finally, Falcon Wealth Planning increased its holdings in shares of Alphabet by 15.7% in the 1st quarter. Falcon Wealth Planning now owns 9,898 shares of the information services provider's stock worth $1,531,000 after buying an additional 1,340 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

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 Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares of the company's stock, valued at $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,719 shares of company stock valued at $47,223,172 in the last quarter. Corporate insiders own 11.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. JMP Securities boosted their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a "market outperform" rating in a report on Thursday, July 24th. KeyCorp lifted their price target on shares of Alphabet from $215.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Tigress Financial lifted their price target on shares of Alphabet from $220.00 to $240.00 and gave the stock a "strong-buy" rating in a research note on Wednesday, April 30th. Truist Financial reaffirmed a "buy" rating and set a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Finally, Piper Sandler lifted their price target on shares of Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.

Alphabet Trading Up 3.2%

Alphabet stock traded up $6.34 during trading hours on Friday, hitting $206.09. The company had a trading volume of 42,770,206 shares, compared to its average volume of 31,218,810. The firm has a market cap of $2.49 trillion, a P/E ratio of 21.95, a P/E/G ratio of 1.34 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $208.54. The company has a 50-day moving average price of $186.81 and a two-hundred day moving average price of $173.37.

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 (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96,428,000 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is 8.95%.

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.