Stony Point Capital LLC Purchases 117,484 Shares of Alphabet Inc. $GOOGL

Key Points

• Stony Point Capital LLC raised its holdings in Alphabet Inc. by 209.2% in the first quarter, acquiring an additional 117,484 shares and now owning 173,638 shares valued at approximately $26.85 million.
• Several research firms have reiterated positive ratings for Alphabet, with price targets elevated to between $220.00 and $232.00, reflecting strong investor confidence in the company's performance.
• Insider selling was noted with CEO Sundar Pichai unloading 32,500 shares, while overall 254,710 shares were sold by insiders in the past three months, indicating a 1.30% decrease in Pichai's ownership.

Stony Point Capital LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 209.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 173,638 shares of the information services provider's stock after acquiring an additional 117,484 shares during the period. Alphabet accounts for approximately 2.8% of Stony Point Capital LLC's portfolio, making the stock its 15th largest holding. Stony Point Capital LLC's holdings in Alphabet were worth $26,851,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. boosted its stake in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. bought a new stake in shares of Alphabet during the first quarter valued at about $28,000. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet in the first quarter worth about $28,000. NBZ Investment Advisors LLC boosted its position in shares of Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after acquiring an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new position in Alphabet during the first quarter valued at approximately $39,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GOOGL. Roth Capital raised their price target on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC reiterated a "buy" rating and issued a $220.00 price objective on shares of Alphabet in a research report on Thursday, August 21st. Wedbush boosted their target price on Alphabet from $200.00 to $225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. JMP Securities raised their price target on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a report on Thursday, July 24th. Finally, UBS Group raised their price target on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus price target of $211.53.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 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 transaction of $2,786,400.00. Following the completion of the sale, the director directly owned 240,400 shares in the company, valued at $44,656,704. This represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the transaction, the director owned 6,316 shares in the company, valued at approximately $1,287,137.64. This represents a 8.68% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,710 shares of company stock valued at $47,225,230. Company insiders own 11.55% of the company's stock.

Alphabet Price Performance

Shares of Alphabet stock traded up $1.27 during trading on Monday, hitting $212.91. 39,702,089 shares of the stock traded hands, compared to its average volume of 29,138,272. The stock has a market cap of $2.57 trillion, a price-to-earnings ratio of 22.67, a PEG ratio of 1.43 and a beta of 1.01. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $214.65. The firm's fifty day moving average is $190.44 and its 200-day moving average is $173.96.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued 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 business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's payout ratio is currently 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.