CX Institutional Increases Stock Position in Alphabet Inc. $GOOG

CX Institutional increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,475 shares of the information services provider’s stock after purchasing an additional 274 shares during the period. CX Institutional’s holdings in Alphabet were worth $6,470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GOOG. Principia Wealth Advisory LLC boosted its position in Alphabet by 111.8% during 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 during the period. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the 1st quarter worth $26,000. Goodman Advisory Group LLC purchased a new stake in Alphabet during the 1st quarter worth $32,000. Greykasell Wealth Strategies Inc. purchased a new stake in Alphabet during the 1st quarter worth $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new stake in Alphabet during the 1st quarter worth $34,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $247.18 on Friday. The firm’s 50 day moving average is $216.61 and its two-hundred day moving average is $184.39. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $256.70. The firm has a market capitalization of $2.99 trillion, a P/E ratio of 26.32, a PEG ratio of 1.67 and a beta of 1.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the business earned $1.89 earnings per share. Alphabet’s revenue was up 13.8% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date 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 presently 8.95%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GOOG shares. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Finally, 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 Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $230.35.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,425,799.04. This trade represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock valued at $52,405,304 in the last ninety days. Insiders own 12.99% of the company’s stock.

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.