Riversedge Advisors LLC Purchases 1,053 Shares of Alphabet Inc. $GOOG

Key Points

• Riversedge Advisors LLC increased its stake in Alphabet Inc. by 17.9%, now holding 6,924 shares valued at approximately $1,228,000.
• Insider selling was noted, with CAO Amie Thuener O'toole selling 2,778 shares and Director Kavitark Ram Shriram selling 15,000 shares, decreasing their ownership stakes by 13.84% and 5.87%, respectively.
• Alphabet's recent earnings report showed $2.31 EPS, exceeding expectations, with revenue reaching $96.43 billion, a 13.8% increase year-over-year.

Riversedge Advisors LLC raised its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 17.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,924 shares of the information services provider's stock after purchasing an additional 1,053 shares during the period. Riversedge Advisors LLC's holdings in Alphabet were worth $1,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. WestHill Financial Advisors Inc. raised its position in shares of Alphabet by 39.1% during the 2nd quarter. WestHill Financial Advisors Inc. now owns 3,641 shares of the information services provider's stock valued at $646,000 after buying an additional 1,024 shares in the last quarter. Westmount Partners LLC raised its position in shares of Alphabet by 1.8% during the 2nd quarter. Westmount Partners LLC now owns 13,812 shares of the information services provider's stock valued at $2,450,000 after buying an additional 239 shares in the last quarter. Beacon Financial Group raised its position in shares of Alphabet by 7.6% during the 2nd quarter. Beacon Financial Group now owns 13,349 shares of the information services provider's stock valued at $2,368,000 after buying an additional 946 shares in the last quarter. Reyes Financial Architecture Inc. raised its position in shares of Alphabet by 4,550.0% during the 2nd quarter. Reyes Financial Architecture Inc. now owns 930 shares of the information services provider's stock valued at $165,000 after buying an additional 910 shares in the last quarter. Finally, Presidio Capital Management LLC raised its position in shares of Alphabet by 16.7% during the 2nd quarter. Presidio Capital Management LLC now owns 1,879 shares of the information services provider's stock valued at $333,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the sale, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 225,588 shares of company stock valued at $44,296,554 over the last three months. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Trading Down 0.1%

Shares of GOOG opened at $251.42 on Wednesday. The firm's 50-day moving average price is $205.68 and its 200-day moving average price is $179.98. The firm has a market capitalization of $3.04 trillion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.69 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 Inc. has a 1-year low of $142.66 and a 1-year high of $253.23.

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

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid 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 payout ratio is presently 8.95%.

Analysts Set New Price Targets

Several analysts have recently weighed in on GOOG shares. Barclays restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Scotiabank raised their price objective on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Finally, Lake Street Capital reiterated a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

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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