Redwood Investment Management LLC Buys 6,307 Shares of Alphabet Inc. $GOOGL

Key Points

• Redwood Investment Management LLC increased its stake in Alphabet Inc. by 40.9%, acquiring an additional 6,307 shares, bringing its total holdings to 21,711 shares valued at approximately $3.36 million.
• INSIDERS at Alphabet reported significant stock sales, with CEO Sundar Pichai selling 32,500 shares for around $6.5 million, resulting in a 1.30% decrease in his ownership.
• Alphabet's latest earnings report indicated an EPS of $2.31, exceeding estimates, along with a quarterly revenue of $96.43 billion, showcasing strong company performance.

Redwood Investment Management LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,711 shares of the information services provider's stock after acquiring an additional 6,307 shares during the quarter. Redwood Investment Management LLC's holdings in Alphabet were worth $3,357,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mystic Asset Management Inc. boosted its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its stake in Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after acquiring an additional 80 shares in the last quarter. Rockbridge Capital Management LLC acquired a new position in Alphabet during the fourth quarter worth $3,119,000. Cypress Capital LLC raised its holdings in Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after buying an additional 563 shares during the last quarter. Finally, Falcon Wealth Planning raised its holdings in Alphabet by 15.7% during the first quarter. Falcon Wealth Planning now owns 9,898 shares of the information services provider's stock worth $1,531,000 after buying an additional 1,340 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the completion of the sale, the chief executive officer owned 2,462,392 shares in the company, valued at approximately $492,281,408.64. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,608 shares of company stock worth $47,204,035. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOGL stock opened at $211.64 on Friday. The firm has a 50-day moving average of $189.51 and a 200-day moving average of $173.92. The company has a market cap of $2.56 trillion, a P/E ratio of 22.54, a P/E/G ratio of 1.40 and a beta of 1.01. 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 Inc. has a one year low of $140.53 and a one year high of $212.22.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

Analyst Ratings Changes

Several research analysts have weighed in on GOOGL shares. Roth Capital upped their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Bank of America upped their price objective on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Piper Sandler upped their price objective on shares of Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Citigroup upped their price objective on shares of Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $211.53.

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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