Trust Point Inc. Buys 5,692 Shares of Alphabet Inc. $GOOGL

Key Points

• Trust Point Inc. increased its stake in Alphabet Inc. by 14.8%, now owning 44,142 shares valued at approximately $7.78 million.
• Multiple institutional investors made significant adjustments to their positions in Alphabet during the first quarter, with notable increases from Nuveen LLC and GAMMA Investing LLC.
• Alphabet's recent earnings showed strong performance, reporting $2.31 earnings per share and $96.43 billion in revenue, exceeding expectations.

Trust Point Inc. raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 14.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,142 shares of the information services provider's stock after purchasing an additional 5,692 shares during the period. Alphabet accounts for approximately 0.7% of Trust Point Inc.'s holdings, making the stock its 19th biggest position. Trust Point Inc.'s holdings in Alphabet were worth $7,779,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new stake in Alphabet in the 1st quarter worth about $4,317,606,000. GAMMA Investing LLC raised its position in Alphabet by 16,993.2% in the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after purchasing an additional 15,968,487 shares during the period. Vanguard Group Inc. raised its position in Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. Assenagon Asset Management S.A. raised its position in Alphabet by 307.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after purchasing an additional 7,774,811 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Alphabet in the 4th quarter worth about $1,375,509,000. Institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on GOOGL shares. Oppenheimer reissued an "outperform" rating and issued a $270.00 price objective (up from $235.00) on shares of Alphabet in a research report on Tuesday, September 2nd. Westpark Capital raised their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Sanford C. Bernstein raised their target price on shares of Alphabet from $185.00 to $195.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. UBS Group raised their target price on shares of Alphabet from $192.00 to $202.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Citigroup raised their target price on shares of Alphabet from $225.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.54.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $229.73, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 258,088 shares of company stock worth $52,405,304. Corporate insiders own 11.64% of the company's stock.

Alphabet Price Performance

Shares of GOOGL opened at $254.72 on Friday. The company has a market cap of $3.08 trillion, a price-to-earnings ratio of 27.13, a price-to-earnings-growth ratio of 1.72 and a beta of 1.01. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. 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 has a 50 day moving average of $209.36 and a two-hundred day moving average of $180.36.

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, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's dividend payout ratio (DPR) 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.

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