Founders Grove Wealth Partners LLC Increases Position in Alphabet Inc. $GOOG

Founders Grove Wealth Partners LLC grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 16.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,139 shares of the information services provider’s stock after acquiring an additional 575 shares during the quarter. Founders Grove Wealth Partners LLC’s holdings in Alphabet were worth $734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GOOG. Kingstone Capital Partners Texas LLC increased its holdings in shares of Alphabet by 580,897.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. Nuveen LLC purchased a new position in Alphabet during the 1st quarter worth $2,622,943,000. Vanguard Group Inc. grew its stake in Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after buying an additional 9,687,855 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after buying an additional 9,243,959 shares during the last quarter. Finally, Strs Ohio purchased a new position in Alphabet during the 1st quarter worth $369,713,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of GOOG stock opened at $253.79 on Friday. The stock has a market cap of $3.07 trillion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The business has a 50-day simple moving average of $232.18 and a 200-day simple moving average of $192.73. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.58.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet’s payout ratio is 8.95%.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,000 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares of the company’s stock, valued at $1,383,200. The trade was a 12.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,372 shares of company stock worth $55,110,740. Corporate insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Phillip Securities downgraded Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Piper Sandler restated a “neutral” rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer restated an “outperform” rating and set a $270.00 target price (up from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Mizuho upgraded Alphabet to a “strong-buy” rating in a research note on Monday, September 29th. Finally, Lake Street Capital reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $244.68.

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.