Hobbs Wealth Management LLC Purchases 360 Shares of Alphabet Inc. $GOOG

Hobbs Wealth Management LLC boosted its position in Alphabet Inc. (NASDAQ:GOOG) by 21.3% in the second quarter, Holdings Channel.com reports. The firm owned 2,054 shares of the information services provider’s stock after buying an additional 360 shares during the quarter. Hobbs Wealth Management LLC’s holdings in Alphabet were worth $364,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alphabet by 1.3% during the second quarter. Vanguard Group Inc. now owns 416,753,033 shares of the information services provider’s stock worth $73,927,821,000 after acquiring an additional 5,182,111 shares in the last quarter. Kingstone Capital Partners Texas LLC increased its stake in shares of Alphabet by 580,897.4% during the second 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 purchasing an additional 135,064,454 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Alphabet by 0.4% during the second quarter. Geode Capital Management LLC now owns 107,760,033 shares of the information services provider’s stock valued at $19,022,926,000 after purchasing an additional 441,177 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Alphabet by 9.9% in 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 purchasing an additional 9,243,959 shares in the last quarter. Finally, Sanders Capital LLC boosted its position in shares of Alphabet by 6.4% in the 2nd quarter. Sanders Capital LLC now owns 35,357,943 shares of the information services provider’s stock worth $6,272,146,000 after purchasing an additional 2,117,990 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on GOOG shares. Piper Sandler raised their price objective on shares of Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Raymond James Financial set a $275.00 target price on Alphabet and gave the company an “outperform” rating in a research note on Friday, October 24th. Canaccord Genuity Group restated a “buy” rating and issued a $330.00 price target on shares of Alphabet in a research note on Thursday, October 30th. Rosenblatt Securities set a $279.00 price objective on Alphabet in a research report on Thursday, October 30th. Finally, Jefferies Financial Group upped their target price on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Seven analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $304.62.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $296.64, for a total transaction of $9,640,800.00. Following the transaction, the chief executive officer owned 2,304,619 shares of the company’s stock, valued at $683,642,180.16. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frances Arnold sold 112 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total transaction of $32,681.60. Following the completion of the sale, the director directly owned 18,004 shares of the company’s stock, valued at approximately $5,253,567.20. This trade represents a 0.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 227,850 shares of company stock worth $58,874,814 in the last quarter. 12.99% of the stock is currently owned by insiders.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $320.28 on Thursday. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $328.67. The firm has a market capitalization of $3.86 trillion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. 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 firm has a 50 day moving average of $267.17 and a 200 day moving average of $217.73.

Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. During the same period in the previous year, the business earned $2.12 earnings per share. Alphabet’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is 8.28%.

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.