Pointe Capital Management LLC Purchases 588 Shares of Alphabet Inc. $GOOG

Pointe Capital Management LLC increased its position in Alphabet Inc. (NASDAQ:GOOG) by 5.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,551 shares of the information services provider’s stock after buying an additional 588 shares during the period. Alphabet comprises approximately 1.0% of Pointe Capital Management LLC’s holdings, making the stock its 21st largest position. Pointe Capital Management LLC’s holdings in Alphabet were worth $1,872,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Rockline Wealth Management LLC boosted its holdings in Alphabet by 3.7% in the 2nd quarter. Rockline Wealth Management LLC now owns 58,570 shares of the information services provider’s stock worth $10,390,000 after buying an additional 2,101 shares during the period. Elyxium Wealth LLC boosted its holdings in Alphabet by 7.4% in the 2nd quarter. Elyxium Wealth LLC now owns 15,459 shares of the information services provider’s stock worth $2,742,000 after buying an additional 1,070 shares during the period. Next Capital Management LLC boosted its holdings in Alphabet by 84.4% in the 2nd quarter. Next Capital Management LLC now owns 6,784 shares of the information services provider’s stock worth $1,203,000 after buying an additional 3,105 shares during the period. Fullcircle Wealth LLC boosted its holdings in Alphabet by 3.0% in the 2nd quarter. Fullcircle Wealth LLC now owns 4,658 shares of the information services provider’s stock worth $912,000 after buying an additional 137 shares during the period. Finally, Bridgewater Advisors Inc. boosted its holdings in Alphabet by 2.1% in the 2nd quarter. Bridgewater Advisors Inc. now owns 40,742 shares of the information services provider’s stock worth $8,003,000 after buying an additional 835 shares during the period. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Down 2.1%

Shares of NASDAQ GOOG opened at $278.06 on Wednesday. The firm’s 50-day moving average price is $247.49 and its 200-day moving average price is $203.10. 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 market capitalization of $3.36 trillion, a price-to-earnings ratio of 27.42, a P/E/G ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $291.93.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.12 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 190,896 shares of company stock worth $45,092,175. 12.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on GOOG shares. Robert W. Baird increased their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Oppenheimer increased their price objective on shares of Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Roth Capital reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Lake Street Capital reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Pivotal Research increased their price objective on shares of Alphabet from $300.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $324.81.

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.