Sax Wealth Advisors LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 38.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,007 shares of the information services provider's stock after purchasing an additional 6,668 shares during the period. Sax Wealth Advisors LLC's holdings in Alphabet were worth $4,259,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. IFS Advisors LLC boosted its holdings in shares of Alphabet by 400.0% in the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock valued at $27,000 after acquiring an additional 120 shares during the period. Robbins Farley boosted its holdings in shares of Alphabet by 60.0% in the second quarter. Robbins Farley now owns 160 shares of the information services provider's stock valued at $28,000 after acquiring an additional 60 shares during the period. WestEnd Advisors LLC boosted its holdings in shares of Alphabet by 58.7% in the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock valued at $29,000 after acquiring an additional 61 shares during the period. MorganRosel Wealth Management LLC acquired a new stake in shares of Alphabet in the first quarter valued at approximately $26,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Alphabet in the first quarter valued at approximately $32,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,738 shares of company stock worth $59,135,475. 12.99% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on GOOG shares. Phillip Securities downgraded Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Raymond James Financial reissued an "outperform" rating and issued a $210.00 price objective (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. KeyCorp set a $265.00 price target on Alphabet in a report on Wednesday, September 3rd. 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 issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $241.00.
Get Our Latest Analysis on Alphabet
Alphabet Trading Down 1.9%
NASDAQ:GOOG opened at $237.49 on Friday. The stock has a fifty day moving average price of $226.97 and a two-hundred day moving average price of $189.66. The stock has a market capitalization of $2.87 trillion, a price-to-earnings ratio of 25.29, a PEG ratio of 1.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $256.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. The firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.
Alphabet Announces Dividend
The firm also recently disclosed 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 was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio is presently 8.95%.
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.
Further Reading
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