Sunpointe LLC Has $1.89 Million Stake in Alphabet Inc. $GOOG

Key Points

• Sunpointe LLC increased its stake in Alphabet Inc. by 39.2% during Q2, acquiring an additional 3,000 shares and bringing its total holdings to 10,656 shares valued at approximately $1.89 million.
• Analysts are generally optimistic about Alphabet, with Goldman Sachs and Roth Capital reissuing "buy" ratings and a consensus target price of $227.56.
• Alphabet recently declared a quarterly dividend of $0.21, reflecting an annualized yield of 0.3%, with a low payout ratio of 8.95%.

Sunpointe LLC grew its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 39.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,656 shares of the information services provider's stock after acquiring an additional 3,000 shares during the quarter. Sunpointe LLC's holdings in Alphabet were worth $1,890,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principia Wealth Advisory LLC lifted its position in shares of Alphabet by 111.8% in the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock valued at $26,000 after acquiring an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the first quarter worth about $26,000. Greykasell Wealth Strategies Inc. purchased a new position in Alphabet during the first quarter worth about $32,000. Goodman Advisory Group LLC purchased a new position in Alphabet during the first quarter worth about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the first quarter worth about $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating and set a $210.00 target price (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a report on Wednesday, September 3rd. JPMorgan Chase & Co. raised their target price on Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. KeyCorp set a $265.00 target price on Alphabet in a report on Wednesday, September 3rd. Finally, Citizens Jmp upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $227.56.

Insider Buying and Selling

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the transaction, the chief executive officer directly owned 2,429,892 shares of the company's stock, valued at approximately $558,219,089.16. This represents a 1.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the stock in a transaction that occurred 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 directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,088 shares of company stock valued at $52,405,304. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 1.2%

Shares of Alphabet stock traded up $2.91 on Friday, reaching $255.24. 41,503,403 shares of the company were exchanged, compared to its average volume of 24,489,492. The firm has a market capitalization of $3.09 trillion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 1.72 and a beta of 1.01. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $210.08 and a 200-day moving average price of $181.65.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted 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 firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same period in the previous year, the firm earned $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. On average, analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed 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 was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's payout ratio is currently 8.95%.

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.