Oceanside Advisors LLC Takes Position in Alphabet Inc. $GOOG

Key Points

• Oceanside Advisors LLC has acquired a new stake in Alphabet Inc. (NASDAQ: GOOG) during the second quarter, purchasing 1,280 shares valued at approximately $227,000.
• Alphabet's quarterly earnings surpassed analysts' expectations, reporting $2.31 EPS and $96.43 billion in revenue, indicating a year-over-year growth of 13.8%.
• A number of equity analysts have raised their price targets for Alphabet, with UBS increasing theirs from $186.00 to $192.00 while maintaining a "neutral" rating on the stock.

Oceanside Advisors LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,280 shares of the information services provider's stock, valued at approximately $227,000.

Several other large investors have also recently modified their holdings of the business. Covenant Asset Management LLC raised its stake in shares of Alphabet by 35.6% during the second quarter. Covenant Asset Management LLC now owns 15,160 shares of the information services provider's stock valued at $2,689,000 after acquiring an additional 3,980 shares during the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH raised its stake in shares of Alphabet by 53.1% during the second quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 18,527 shares of the information services provider's stock valued at $3,287,000 after acquiring an additional 6,422 shares during the last quarter. Moss Adams Wealth Advisors LLC raised its stake in shares of Alphabet by 6.2% during the second quarter. Moss Adams Wealth Advisors LLC now owns 25,851 shares of the information services provider's stock valued at $4,586,000 after acquiring an additional 1,501 shares during the last quarter. GC Wealth Management RIA LLC raised its stake in Alphabet by 115.7% during the second quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider's stock worth $38,031,000 after buying an additional 115,003 shares during the last quarter. Finally, Enclave Advisors LLC raised its stake in Alphabet by 42.6% during the second quarter. Enclave Advisors LLC now owns 12,436 shares of the information services provider's stock worth $2,206,000 after buying an additional 3,713 shares during the last quarter. Institutional investors own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 1,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. The trade was a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,469 shares of company stock valued at $46,586,752 in the last quarter. 12.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group lifted their target price on shares of Alphabet from $186.00 to $192.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Barclays reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Roth Capital reissued a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $230.35.

Alphabet Stock Down 0.3%

Shares of NASDAQ GOOG opened at $243.55 on Wednesday. The stock has a market capitalization of $2.95 trillion, a P/E ratio of 25.94, a P/E/G ratio of 1.65 and a beta of 1.01. The company has a 50-day moving average price of $218.70 and a 200-day moving average price of $185.47. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $256.70. 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 (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business's revenue was up 13.8% on a year-over-year basis. During the same period last year, the company earned $1.89 earnings per share. On average, equities research analysts forecast 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 issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.