PUREfi Wealth LLC Grows Stake in Alphabet Inc. $GOOG

Key Points

• PUREfi Wealth LLC increased its stake in Alphabet Inc. by 16.9%, now owning 7,252 shares valued at $1.286 million.
• Analysts have a consensus target price of $237.68 for Alphabet, with multiple firms issuing "buy" ratings.
• Alphabet reported a quarterly EPS of $2.31, exceeding estimates, with revenue reaching $96.43 billion, marking a 13.8% year-over-year increase.

PUREfi Wealth LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 16.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,252 shares of the information services provider's stock after acquiring an additional 1,048 shares during the quarter. Alphabet makes up 1.0% of PUREfi Wealth LLC's holdings, making the stock its 19th biggest position. PUREfi Wealth LLC's holdings in Alphabet were worth $1,286,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of GOOG. Brighton Jones LLC lifted its stake in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares in the last quarter. Revisor Wealth Management LLC lifted its stake in shares of Alphabet by 107.9% during the 1st quarter. Revisor Wealth Management LLC now owns 3,659 shares of the information services provider's stock valued at $572,000 after buying an additional 1,899 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Alphabet by 19.5% during the 1st quarter. GAMMA Investing LLC now owns 91,681 shares of the information services provider's stock valued at $14,323,000 after buying an additional 14,931 shares in the last quarter. Dividend Assets Capital LLC lifted its stake in shares of Alphabet by 4.1% during the 1st quarter. Dividend Assets Capital LLC now owns 2,522 shares of the information services provider's stock valued at $394,000 after buying an additional 100 shares in the last quarter. Finally, Curated Wealth Partners LLC lifted its stake in shares of Alphabet by 10.3% during the 1st quarter. Curated Wealth Partners LLC now owns 5,928 shares of the information services provider's stock valued at $926,000 after buying an additional 555 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Raymond James Financial restated an "outperform" rating and set a $210.00 price target (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. KeyCorp set a $265.00 target price on shares of Alphabet in a report on Wednesday, September 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a report on Wednesday. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus target price of $237.68.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $245.46 on Thursday. The company's fifty day moving average price is $225.03 and its 200-day moving average price is $188.71. The firm has a market capitalization of $2.97 trillion, a price-to-earnings ratio of 26.14, a PEG ratio of 1.67 and a beta of 1.00. Alphabet Inc. has a one year low of $142.66 and a one year high of $256.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating 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 company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the firm earned $1.89 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors 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 dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the 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 transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 276,738 shares of company stock valued at $59,135,475. Insiders own 12.99% of the company's stock.

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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