RMG Wealth Management LLC bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,560 shares of the information services provider's stock, valued at approximately $289,000.
A number of other institutional investors have also added to or reduced their stakes in the business. Missouri Trust & Investment Co increased its holdings in Alphabet by 0.3% in the 2nd quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider's stock worth $2,981,000 after acquiring an additional 55 shares in the last quarter. AM Investment Strategies LLC increased its holdings in Alphabet by 0.9% in the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock worth $1,141,000 after acquiring an additional 57 shares in the last quarter. Bfsg LLC increased its holdings in Alphabet by 0.6% in the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider's stock worth $1,838,000 after acquiring an additional 59 shares in the last quarter. Financial Council LLC increased its holdings in Alphabet by 1.0% in the 2nd quarter. Financial Council LLC now owns 5,800 shares of the information services provider's stock worth $1,022,000 after acquiring an additional 60 shares in the last quarter. Finally, Enzi Wealth increased its holdings in Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock worth $408,000 after acquiring an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Activity at Alphabet
In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company'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 completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,438 shares of company stock worth $53,216,085. 11.64% of the stock is owned by corporate insiders.
Alphabet Trading Up 2.3%
Shares of GOOGL stock opened at $251.03 on Thursday. The company's 50-day moving average price is $229.41 and its 200-day moving average price is $190.28. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.04 trillion, a price-to-earnings ratio of 26.73, a PEG ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet's dividend payout ratio is presently 8.95%.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on GOOGL. BMO Capital Markets set a $294.00 price target on shares of Alphabet and gave the stock an "outperform" rating in a report on Thursday, October 9th. Morgan Stanley set a $270.00 price target on shares of Alphabet and gave the stock an "overweight" rating in a report on Thursday, October 2nd. Tigress Financial boosted their price target on shares of Alphabet from $240.00 to $280.00 and gave the stock a "strong-buy" rating in a report on Friday, September 5th. JMP Securities upped their target price on shares of Alphabet from $250.00 to $290.00 and gave the stock a "market outperform" rating in a report on Friday, September 19th. Finally, Cantor Fitzgerald upped their target price on shares of Alphabet from $201.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $249.26.
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About Alphabet
(
Free Report)
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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