Semmax Financial Advisors Inc. Buys 1,819 Shares of Alphabet Inc. $GOOGL

Key Points

• Semmax Financial Advisors Inc. increased its stake in Alphabet Inc. by 6.5% in the first quarter, owning 29,750 shares valued at $4,544,000, making it the fund's 26th largest holding.
• CEO Sundar Pichai sold 32,500 shares of Alphabet for over $7.4 million, reflecting a 1.32% decrease in his position, while insiders sold a total of 254,710 shares worth approximately $49.2 million in the last 90 days.
• Alphabet's recent earnings report topped expectations with earnings per share of $2.31 and revenue of $96.43 billion, while the company announced a quarterly dividend of $0.21 to be paid on September 15th.

Semmax Financial Advisors Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,750 shares of the information services provider's stock after acquiring an additional 1,819 shares during the quarter. Alphabet comprises about 1.2% of Semmax Financial Advisors Inc.'s portfolio, making the stock its 26th largest holding. Semmax Financial Advisors Inc.'s holdings in Alphabet were worth $4,544,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Empowered Funds LLC boosted its position in shares of Alphabet by 24.2% during the first quarter. Empowered Funds LLC now owns 286,057 shares of the information services provider's stock worth $44,236,000 after acquiring an additional 55,755 shares during the last quarter. AAF Wealth Management LLC boosted its position in shares of Alphabet by 4.0% during the first quarter. AAF Wealth Management LLC now owns 4,283 shares of the information services provider's stock worth $662,000 after acquiring an additional 164 shares during the last quarter. Vancity Investment Management Ltd bought a new position in shares of Alphabet during the first quarter worth $11,385,000. Adalta Capital Management LLC boosted its position in shares of Alphabet by 1.1% during the first quarter. Adalta Capital Management LLC now owns 43,592 shares of the information services provider's stock worth $6,741,000 after acquiring an additional 457 shares during the last quarter. Finally, Ascent Group LLC boosted its position in shares of Alphabet by 19.8% during the first quarter. Ascent Group LLC now owns 143,282 shares of the information services provider's stock worth $22,157,000 after acquiring an additional 23,638 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the completion of the sale, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. This trade represents a 1.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction dated Monday, August 4th. The shares were 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. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,710 shares of company stock worth $49,208,380. Corporate insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on GOOGL shares. Bank of America increased their price objective on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Stifel Nicolaus increased their price objective on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Canaccord Genuity Group increased their price objective on shares of Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Piper Sandler increased their price objective on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Loop Capital reiterated a "hold" rating and set a $190.00 price objective (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and a consensus target price of $221.44.

Alphabet Price Performance

Alphabet stock opened at $234.04 on Tuesday. The firm has a 50-day moving average price of $196.95 and a 200-day moving average price of $175.73. The firm has a market capitalization of $2.83 trillion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 1.58 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 12-month low of $140.53 and a 12-month high of $238.13.

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

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.

About Alphabet

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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