Private Client Services LLC Acquires 3,069 Shares of Alphabet Inc. $GOOG

Key Points

• Private Client Services LLC increased its stakes in Alphabet Inc. by 42.7%, acquiring an additional 3,069 shares to hold a total of 10,263 shares valued at approximately $1.82 million.
• Insiders at Alphabet have sold a total of 254,710 shares worth nearly $49.21 million over the last quarter, reflecting significant trading activity among upper management.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a distribution date on September 15th, representing an annual yield of 0.3%.

Private Client Services LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 42.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,263 shares of the information services provider's stock after purchasing an additional 3,069 shares during the period. Private Client Services LLC's holdings in Alphabet were worth $1,820,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC lifted its stake in Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the period. MorganRosel Wealth Management LLC bought a new position in Alphabet during the first quarter worth about $26,000. Goodman Advisory Group LLC bought a new position in Alphabet during the first quarter worth about $32,000. Greykasell Wealth Strategies Inc. bought a new position in Alphabet during the first quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new position in shares of Alphabet in the first quarter valued at approximately $34,000. Institutional investors own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total transaction of $122,274.00. Following the sale, the director directly owned 6,316 shares of the company's stock, valued at $1,287,137.64. This represents a 8.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock worth $49,208,380 over the last quarter. 12.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GOOG. UBS Group lifted their target price on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Oppenheimer reiterated an "outperform" rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given 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 has a consensus rating of "Moderate Buy" and a consensus target price of $227.56.

Alphabet Stock Performance

GOOG stock opened at $241.38 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a 50 day moving average price of $202.67 and a 200 day moving average price of $178.83. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $242.57. The stock has a market capitalization of $2.92 trillion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01.

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

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is currently 8.95%.

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.