Panoramic Capital Partners LLC Grows Stake in Alphabet Inc. $GOOG

Key Points

• Panoramic Capital Partners LLC increased its stake in Alphabet Inc. (GOOG) by 28.2% in the second quarter, owning a total of 5,089 shares valued at approximately $919,000.
• In the same quarter, other hedge funds notably included Kingstone Capital Partners, which dramatically boosted its stake by 580,897.4%, amassing over 135 million shares worth nearly $24 billion.
• Alphabet reported a strong second-quarter performance with an EPS of $2.31, exceeding analysts' expectations, and revenue of $96.43 billion, a year-over-year increase of 13.8%.

Panoramic Capital Partners LLC lifted its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 28.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,089 shares of the information services provider's stock after purchasing an additional 1,118 shares during the quarter. Alphabet accounts for approximately 0.6% of Panoramic Capital Partners LLC's holdings, making the stock its 17th biggest position. Panoramic Capital Partners LLC's holdings in Alphabet were worth $919,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GOOG. Kingstone Capital Partners Texas LLC lifted its stake in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after buying an additional 135,064,454 shares in the last quarter. Nuveen LLC purchased a new position in Alphabet in the 1st quarter worth approximately $2,622,943,000. Vanguard Group Inc. lifted its position in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after acquiring an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Alphabet in the 1st quarter worth $369,713,000. Institutional investors own 27.26% of the company's stock.

Alphabet Price Performance

NASDAQ GOOG opened at $246.43 on Friday. The business's fifty day moving average is $220.84 and its 200 day moving average is $186.43. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.98 trillion, a PE ratio of 26.24, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00.

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

Alphabet Dividend Announcement

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. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet's payout ratio is currently 8.95%.

Insider Transactions at Alphabet

In other news, Director Frances Arnold sold 103 shares of the firm's stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the sale, the director directly owned 17,284 shares in the company, valued at $4,202,258.92. This trade represents a 0.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the company's stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company's stock, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,738 shares of company stock valued at $59,135,475. Company insiders own 12.99% of the company's stock.

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of research analyst reports. Pivotal Research upped their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Cowen reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Five research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $235.33.

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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