Pinnacle Investment Management Ltd Purchases Shares of 52,000 Alphabet Inc. (NASDAQ:GOOG)

Pinnacle Investment Management Ltd acquired a new position in Alphabet Inc. (NASDAQ:GOOG - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 52,000 shares of the information services provider's stock, valued at approximately $9,903,000. Alphabet accounts for approximately 7.2% of Pinnacle Investment Management Ltd's investment portfolio, making the stock its 5th largest position.

A number of other institutional investors have also made changes to their positions in GOOG. Fiduciary Advisors Inc. acquired a new position in shares of Alphabet during the fourth quarter valued at about $27,000. LSV Asset Management acquired a new stake in Alphabet during the fourth quarter worth about $27,000. WealthTrak Capital Management LLC bought a new position in Alphabet during the fourth quarter valued at about $38,000. Mountain Hill Investment Partners Corp. acquired a new position in Alphabet in the 4th quarter valued at approximately $39,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Alphabet in the 4th quarter worth approximately $43,000. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GOOG. Cantor Fitzgerald reissued a "neutral" rating and set a $171.00 price objective on shares of Alphabet in a report on Friday, April 25th. Tigress Financial restated a "strong-buy" rating on shares of Alphabet in a research note on Friday, May 2nd. Susquehanna reissued a "positive" rating on shares of Alphabet in a research report on Friday, May 2nd. Scotiabank lowered their price objective on Alphabet from $232.00 to $200.00 and set a "sector outperform" rating on the stock in a research note on Monday, April 21st. Finally, Morgan Stanley restated an "overweight" rating on shares of Alphabet in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $203.94.

Alphabet Stock Down 1.5%

Shares of NASDAQ GOOG opened at $165.32 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $2.01 trillion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.34 and a beta of 1.01. The firm's 50-day moving average is $160.18 and its 200-day moving average is $176.66. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The firm's revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.89 earnings per share. Equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, June 9th. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.51%. Alphabet's payout ratio is currently 9.36%.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 11,764 shares of the business's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the sale, the insider now directly owns 49,037 shares in the company, valued at $8,181,333.08. The trade was a 19.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 1,374 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $173.47, for a total value of $238,347.78. Following the transaction, the chief accounting officer now directly owns 15,024 shares of the company's stock, valued at $2,606,213.28. This represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 129,744 shares of company stock worth $20,968,366 over the last ninety days. 12.99% of the stock is currently owned by corporate 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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