Opal Wealth Advisors LLC Grows Stock Position in Alphabet Inc. $GOOGL

Key Points

• Opal Wealth Advisors LLC increased its stake in Alphabet Inc. by 32.7% during Q2, bringing their total shares to 9,531, valued at $1,680,000.
• Several hedge funds, including Golden State Equity Partners and Oliver Luxxe Assets LLC, also significantly raised their positions in Alphabet during the same quarter.
• Alphabet recently reported $2.31 earnings per share, exceeding analysts' estimates, with revenues totaling $96.43 billion for the quarter, which was above expectations of $93.60 billion.

Opal Wealth Advisors LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 32.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,531 shares of the information services provider's stock after acquiring an additional 2,350 shares during the period. Alphabet accounts for 0.5% of Opal Wealth Advisors LLC's holdings, making the stock its 27th largest position. Opal Wealth Advisors LLC's holdings in Alphabet were worth $1,680,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Leonard Rickey Investment Advisors P.L.L.C. boosted its stake in Alphabet by 2.0% during the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 8,577 shares of the information services provider's stock worth $1,512,000 after purchasing an additional 167 shares during the last quarter. Baring Financial LLC raised its position in shares of Alphabet by 2.1% in the second quarter. Baring Financial LLC now owns 3,820 shares of the information services provider's stock valued at $673,000 after buying an additional 80 shares during the last quarter. Golden State Equity Partners lifted its stake in shares of Alphabet by 23.0% in the second quarter. Golden State Equity Partners now owns 52,453 shares of the information services provider's stock worth $9,244,000 after buying an additional 9,809 shares in the last quarter. Cherrydale Wealth Management LLC boosted its position in Alphabet by 1.1% during the second quarter. Cherrydale Wealth Management LLC now owns 8,890 shares of the information services provider's stock worth $1,567,000 after acquiring an additional 95 shares during the last quarter. Finally, Oliver Luxxe Assets LLC boosted its position in Alphabet by 42.0% during the second quarter. Oliver Luxxe Assets LLC now owns 55,366 shares of the information services provider's stock worth $9,757,000 after acquiring an additional 16,369 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of GOOGL opened at $245.79 on Friday. The firm has a 50-day simple moving average of $214.70 and a two-hundred day simple moving average of $182.46. The stock has a market cap of $2.97 trillion, a PE ratio of 26.18, a P/E/G ratio of 1.67 and a beta of 1.01. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00. 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:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. As a group, analysts forecast that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have commented on GOOGL. BNP Paribas Exane reiterated a "neutral" rating and issued a $172.00 price objective on shares of Alphabet in a report on Friday, June 27th. Loop Capital reiterated a "hold" rating and set a $190.00 price objective (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Susquehanna upped their target price on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Moffett Nathanson raised their target price on Alphabet from $230.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Stifel Nicolaus boosted their price target on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and an average target price of $232.90.

Insider Activity

In related news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction 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 completion of the transaction, the director directly owned 240,400 shares in the company, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 258,088 shares of company stock worth $52,405,304 over the last 90 days. Company insiders own 11.64% of the company's stock.

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.

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