Rinkey Investments Boosts Stock Position in Alphabet Inc. $GOOG

Rinkey Investments lifted its position in Alphabet Inc. (NASDAQ:GOOG) by 87.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,782 shares of the information services provider’s stock after purchasing an additional 1,301 shares during the quarter. Rinkey Investments’ holdings in Alphabet were worth $494,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. IFS Advisors LLC grew its position in shares of Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares during the last quarter. Robbins Farley grew its position in Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares during the last quarter. WestEnd Advisors LLC increased its stake in Alphabet by 58.7% in the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock valued at $29,000 after purchasing an additional 61 shares during the period. Fairman Group LLC raised its holdings in shares of Alphabet by 121.3% in the second quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock valued at $31,000 after buying an additional 97 shares during the last quarter. Finally, University of Illinois Foundation acquired a new stake in shares of Alphabet during the second quarter worth $31,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity at Alphabet

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the transaction, the director directly owned 4,516 shares of the company’s stock, valued at $1,264,750.96. The trade was a 11.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $296.64, for a total transaction of $9,640,800.00. Following the sale, the chief executive officer directly owned 2,304,619 shares of the company’s stock, valued at approximately $683,642,180.16. This trade represents a 1.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 227,850 shares of company stock valued at $58,874,814 over the last quarter. 12.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOOG. Cantor Fitzgerald set a $310.00 price target on Alphabet and gave the company a “neutral” rating in a research note on Thursday, October 30th. Morgan Stanley upped their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Jefferies Financial Group raised their price objective 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. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $330.00 target price on shares of Alphabet in a report on Thursday, October 30th. Finally, Citigroup restated a “market outperform” rating on shares of Alphabet in a report on Monday. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $304.62.

Alphabet Trading Down 0.1%

Shares of Alphabet stock opened at $319.95 on Friday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $328.67. The business’s fifty day moving average is $269.82 and its two-hundred day moving average is $219.56. 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 firm has a market cap of $3.86 trillion, a PE ratio of 31.55, a P/E/G ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, October 30th. The information services provider reported $2.87 EPS 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 firm had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. During the same period in the prior year, the firm posted $2.12 earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

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

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.