Alphabet Inc. (NASDAQ:GOOG) Shares Purchased by Syntax Research Inc.

Key Points

• Syntax Research Inc. increased its stake in Alphabet Inc. by 112.4%, owning 20,805 shares valued at approximately $3.25 million, making it the 15th largest holding in their investment portfolio.
• Recent analyst reports show strong confidence in Alphabet, with a consensus rating of "Moderate Buy" and an average target price of $215.19, while three analysts have rated the stock as a sell.
• Alphabet reported a 13.8% year-over-year increase in revenue, with earnings per share (EPS) of $2.31 for the quarter, surpassing analyst expectations.

Syntax Research Inc. lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 112.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,805 shares of the information services provider's stock after acquiring an additional 11,009 shares during the quarter. Alphabet accounts for approximately 2.2% of Syntax Research Inc.'s investment portfolio, making the stock its 15th biggest holding. Syntax Research Inc.'s holdings in Alphabet were worth $3,250,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principia Wealth Advisory LLC lifted its stake in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $26,000. LSV Asset Management acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $27,000. Goodman Advisory Group LLC acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC acquired a new stake in Alphabet in the 4th quarter valued at approximately $38,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOG traded down $1.11 during trading hours on Monday, reaching $192.97. 15,813,465 shares of the stock traded hands, compared to its average volume of 24,222,178. 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 company's 50-day simple moving average is $176.86 and its two-hundred day simple moving average is $174.38. The company has a market capitalization of $2.34 trillion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.31 and a beta of 1.01. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70.

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

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Monday, September 8th. Alphabet's payout ratio is 8.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GOOG shares. KeyCorp reduced their target price on shares of Alphabet from $202.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Cantor Fitzgerald restated a "neutral" rating and set a $171.00 price target on shares of Alphabet in a report on Friday, April 25th. The Goldman Sachs Group restated a "buy" rating and issued a $220.00 target price on shares of Alphabet in a research note on Monday, June 2nd. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Lake Street Capital reissued a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $215.19.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $181.98, for a total transaction of $72,792.00. Following the transaction, the director directly owned 6,013 shares in the company, valued at $1,094,245.74. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer directly owned 2,527,392 shares in the company, valued at $466,000,536.96. This trade represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,409 shares of company stock worth $43,523,710 over the last quarter. 12.99% of the stock is currently owned by corporate insiders.

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.