Spinnaker Investment Group LLC Has $388,000 Holdings in Alphabet Inc. $GOOGL

Key Points

• Spinnaker Investment Group LLC reduced its holdings in Alphabet Inc. by 41.2%, now owning 2,201 shares valued at $388,000.
• Alphabet's earnings report showed $2.31 earnings per share, exceeding estimates, with a revenue of $96.43 billion for the quarter.
• Several analysts have raised their price targets on Alphabet, with an average target price now set at $235.63, reflecting a consensus rating of "Moderate Buy".

Spinnaker Investment Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 41.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,201 shares of the information services provider's stock after selling 1,544 shares during the quarter. Spinnaker Investment Group LLC's holdings in Alphabet were worth $388,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of GOOGL. FCG Investment Co grew its holdings in Alphabet by 3.3% during the 2nd quarter. FCG Investment Co now owns 37,212 shares of the information services provider's stock worth $6,558,000 after acquiring an additional 1,177 shares during the period. Evergreen Private Wealth LLC boosted its position in shares of Alphabet by 4.8% during the 2nd quarter. Evergreen Private Wealth LLC now owns 37,043 shares of the information services provider's stock valued at $6,528,000 after purchasing an additional 1,709 shares in the last quarter. Embree Financial Group grew its stake in Alphabet by 0.3% during the second quarter. Embree Financial Group now owns 63,564 shares of the information services provider's stock worth $11,202,000 after purchasing an additional 194 shares during the period. Cresta Advisors Ltd. increased its holdings in Alphabet by 19.8% in the second quarter. Cresta Advisors Ltd. now owns 12,112 shares of the information services provider's stock worth $2,134,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL lifted its stake in Alphabet by 13.9% in the second quarter. Strategic Investment Solutions Inc. IL now owns 1,970 shares of the information services provider's stock valued at $347,000 after buying an additional 241 shares during the period. Institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the subject of several research analyst reports. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 26th. Wells Fargo & Company upped their price objective on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a report on Tuesday, July 29th. JMP Securities raised their target price on Alphabet from $250.00 to $290.00 and gave the company a "market outperform" rating in a research note on Friday, September 19th. Susquehanna upped their price target on Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Finally, Guggenheim increased their price target on Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $235.63.

Alphabet Trading Down 0.4%

Shares of GOOGL stock opened at $243.10 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.94 trillion, a price-to-earnings ratio of 25.89, a PEG ratio of 1.65 and a beta of 1.01. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $256.00. The company has a 50-day simple moving average of $218.05 and a two-hundred day simple moving average of $184.24.

Alphabet (NASDAQ:GOOGL - 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, topping analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given 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 dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Insider Activity

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frances Arnold sold 103 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the transaction, the director directly owned 17,284 shares of the company's stock, valued at $4,202,258.92. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 225,469 shares of company stock worth $46,586,752. 11.55% of the stock is owned by insiders.

Alphabet Company 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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