Overbrook Management Corp Makes New $2.53 Million Investment in Alphabet Inc. $GOOGL

Key Points

• Overbrook Management Corp has acquired a new stake in Alphabet Inc. valued at $2.53 million, purchasing 14,354 shares during the second quarter.
• Alphabet reported earnings per share of $2.31 for the last quarter, exceeding analysts' expectations, with a net revenue of $96.43 billion.
• The company declared a quarterly dividend of $0.21 per share, which contributes to a dividend yield of 0.3%.

Overbrook Management Corp acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 14,354 shares of the information services provider's stock, valued at approximately $2,530,000.

A number of other large investors have also recently made changes to their positions in the stock. Mystic Asset Management Inc. raised its holdings in shares of Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its position in shares of Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after buying an additional 80 shares during the period. Cypress Capital LLC grew its position in Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after acquiring an additional 563 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC grew its holdings in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after purchasing an additional 84 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Down 0.1%

Alphabet stock opened at $245.35 on Friday. The business's 50-day moving average price is $221.25 and its 200 day moving average price is $185.80. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.97 trillion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued 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 business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. As a group, sell-side analysts anticipate 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 was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. 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 (DPR) is currently 8.95%.

Wall Street Analyst Weigh In

A number of research analysts have commented on GOOGL shares. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reissued a "neutral" rating and set a $201.00 price objective on shares of Alphabet in a report on Wednesday, September 24th. UBS Group boosted their price objective on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Wells Fargo & Company increased their target price on Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Finally, Truist Financial lifted their price target on Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Four research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $240.76.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares of the company's stock, valued at $466,000,536.96. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,738 shares of company stock worth $59,135,475. 11.64% of the stock is owned by insiders.

About Alphabet

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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