Alphabet Inc. $GOOG Shares Acquired by Park Edge Advisors LLC

Key Points

• Park Edge Advisors LLC increased its holdings in Alphabet Inc. by 20.1% in Q2, totaling 8,580 shares valued at approximately $1.52 million.
• The company reported $2.31 earnings per share for the last quarter, exceeding estimates and reflecting a 13.8% revenue increase year-over-year.
• Alphabet announced a quarterly dividend of $0.21 per share, with an ex-dividend date of September 8th, representing an annual yield of 0.3%.

Park Edge Advisors LLC raised its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 20.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,580 shares of the information services provider's stock after purchasing an additional 1,438 shares during the quarter. Park Edge Advisors LLC's holdings in Alphabet were worth $1,522,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC grew its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in Alphabet in the 1st quarter worth about $26,000. Goodman Advisory Group LLC bought a new position in Alphabet in the 1st quarter worth about $32,000. Greykasell Wealth Strategies Inc. bought a new position in Alphabet in the 1st quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in Alphabet in the 1st quarter worth about $34,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the sale, the chief executive officer directly owned 2,429,892 shares in the company, valued at $558,219,089.16. This trade represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 15,000 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 transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock valued at $49,208,380 in the last ninety days. 12.99% of the stock is currently owned by insiders.

Alphabet Stock Up 0.2%

Shares of NASDAQ GOOG traded up $0.60 during midday trading on Friday, reaching $241.38. 14,519,054 shares of the company's stock traded hands, compared to its average volume of 22,296,040. 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 stock's 50 day simple moving average is $202.67 and its 200-day simple moving average is $178.92. Alphabet Inc. has a one year low of $142.66 and a one year high of $242.57. The company has a market cap of $2.92 trillion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its 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 company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Alphabet's revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $1.89 earnings per share. On average, analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have commented on GOOG. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. upped their target price on shares of Alphabet from $232.00 to $260.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Lake Street Capital restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $227.56.

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.