Rainier Family Wealth Inc. Invests $259,000 in Alphabet Inc. $GOOG

Key Points

• Rainier Family Wealth Inc. has invested approximately $259,000 in Alphabet Inc., acquiring 1,459 shares in the 2nd quarter.
• Institutional and hedge fund ownership of Alphabet stock now stands at 27.26% as multiple firms increased their positions during the same quarter.
• Alphabet recently reported earnings per share (EPS) of $2.31 for the last quarter, exceeding estimates and showcasing significant revenue growth of 13.8% year-over-year.

Rainier Family Wealth Inc. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,459 shares of the information services provider's stock, valued at approximately $259,000.

Other institutional investors have also recently bought and sold shares of the company. ACT Advisors LLC. grew its position in shares of Alphabet by 3.5% during the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider's stock worth $288,000 after buying an additional 55 shares during the period. LongView Wealth Management grew its holdings in Alphabet by 1.1% during the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider's stock valued at $909,000 after purchasing an additional 56 shares during the period. Kooman & Associates grew its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Kooman & Associates now owns 4,127 shares of the information services provider's stock valued at $732,000 after buying an additional 56 shares during the period. Colton Groome Financial Advisors LLC grew its holdings in shares of Alphabet by 3.4% in the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider's stock valued at $309,000 after buying an additional 57 shares during the period. Finally, NCM Capital Management LLC grew its stake in Alphabet by 2.2% in the first quarter. NCM Capital Management LLC now owns 2,802 shares of the information services provider's stock valued at $438,000 after acquiring an additional 60 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the stock in a transaction 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 represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 257,866 shares of company stock worth $52,363,610 in the last quarter. 12.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Barclays reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. The Goldman Sachs Group reiterated a "buy" rating and issued a $220.00 price target on shares of Alphabet in a report on Monday, June 2nd. Finally, Cowen reaffirmed a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $230.35.

Alphabet Stock Performance

Shares of GOOG opened at $247.18 on Monday. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $256.70. The firm has a fifty day simple moving average of $216.61 and a 200 day simple moving average of $184.53. The stock has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 26.32, a PEG ratio of 1.67 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given 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 dividend payout ratio is 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.

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