Single Point Partners LLC Has $43.94 Million Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Single Point Partners LLC reduced its holdings in Alphabet Inc. by 51.2%, now owning 247,681 shares worth approximately $43.94 million, making it the fund's second biggest stock position.
• Alphabet reported a net revenue of $96.43 billion for the last quarter, significantly surpassing analyst expectations of $93.67 billion, and a year-over-year revenue growth of 13.8%.
• The company declared a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3% and a payout ratio of 8.95%.

Single Point Partners LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 51.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 247,681 shares of the information services provider's stock after selling 259,895 shares during the period. Alphabet accounts for 8.8% of Single Point Partners LLC's holdings, making the stock its 2nd biggest position. Single Point Partners LLC's holdings in Alphabet were worth $43,936,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in GOOG. RDA Financial Network increased its position in Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after buying an additional 554 shares in the last quarter. Oldfather Financial Services LLC purchased a new stake in shares of Alphabet during the second quarter worth about $213,000. Tower View Wealth Management LLC increased its holdings in shares of Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock valued at $4,904,000 after acquiring an additional 1,776 shares in the last quarter. Truist Financial Corp raised its position in shares of Alphabet by 0.4% in the 2nd quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after purchasing an additional 15,065 shares during the last quarter. Finally, GC Wealth Management RIA LLC boosted its stake in Alphabet by 115.7% in the 2nd quarter. GC Wealth Management RIA LLC now owns 214,392 shares of the information services provider's stock worth $38,031,000 after purchasing an additional 115,003 shares in the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOG stock opened at $251.51 on Tuesday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.04 trillion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00. The business has a 50-day simple moving average of $223.05 and a 200-day simple moving average of $187.91.

Alphabet (NASDAQ:GOOG - 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 $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same period last year, the business earned $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. 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 8.95%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. UBS Group upped their price target on shares of Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Cowen reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Scotiabank increased their price objective on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a report on Tuesday, July 22nd. Finally, Lake Street Capital restated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average target price of $235.33.

Insider Activity

In other news, insider John Kent Walker sold 17,816 shares of the firm's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frances Arnold sold 103 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares in the company, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,738 shares of company stock valued at $59,135,475 in the last three months. Corporate insiders own 12.99% of the company's stock.

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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