Overbrook Management Corp Boosts Stake in Alphabet Inc. $GOOG

Key Points

• Overbrook Management Corp increased its stake in Alphabet Inc. by 12.5% during the second quarter, holding 159,721 shares valued at approximately $28.3 million.
• Alphabet's stock has recently attracted increased attention from several hedge funds, with 27.26% of its shares owned by institutional investors.
• Recent reports from analysts have set high price targets for Alphabet's shares, with estimates ranging from $245 to $300, and most analysts rating it as a "Moderate Buy."

Overbrook Management Corp lifted its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 12.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 159,721 shares of the information services provider's stock after buying an additional 17,762 shares during the quarter. Alphabet comprises 5.3% of Overbrook Management Corp's portfolio, making the stock its 6th biggest holding. Overbrook Management Corp's holdings in Alphabet were worth $28,333,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Smith Salley Wealth Management increased its holdings in Alphabet by 3.3% in the 2nd quarter. Smith Salley Wealth Management now owns 264,998 shares of the information services provider's stock worth $47,008,000 after acquiring an additional 8,346 shares in the last quarter. Addenda Capital Inc. increased its holdings in Alphabet by 4.2% in the 2nd quarter. Addenda Capital Inc. now owns 145,153 shares of the information services provider's stock worth $25,749,000 after acquiring an additional 5,871 shares in the last quarter. Symmetry Partners LLC increased its holdings in Alphabet by 7.2% in the 2nd quarter. Symmetry Partners LLC now owns 11,225 shares of the information services provider's stock worth $1,991,000 after acquiring an additional 752 shares in the last quarter. Wagner Wealth Management LLC increased its holdings in Alphabet by 6.9% in the 2nd quarter. Wagner Wealth Management LLC now owns 7,000 shares of the information services provider's stock worth $1,242,000 after acquiring an additional 453 shares in the last quarter. Finally, Grandview Asset Management LLC increased its holdings in Alphabet by 9.7% in the 2nd quarter. Grandview Asset Management LLC now owns 26,162 shares of the information services provider's stock worth $4,641,000 after acquiring an additional 2,304 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GOOG shares. Oppenheimer reissued an "outperform" rating and issued a $270.00 target price (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. Piper Sandler reissued a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Pivotal Research lifted their target price on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. KeyCorp set a $265.00 target price on Alphabet in a research note on Wednesday, September 3rd. Finally, Cowen 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 issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $230.35.

Alphabet Stock Performance

NASDAQ GOOG opened at $243.55 on Wednesday. The stock has a market capitalization of $2.95 trillion, a PE ratio of 25.94, a P/E/G ratio of 1.65 and a beta of 1.01. The business has a 50 day simple moving average of $218.70 and a two-hundred day simple moving average of $185.47. 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 Inc. has a 1-year low of $142.66 and a 1-year high of $256.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.89 EPS. On average, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 225,469 shares of company stock worth $46,586,752 over the last three months. 12.99% of the stock is owned by company insiders.

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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