Momentum Wealth Planning LLC Makes New $1.77 Million Investment in Alphabet Inc. $GOOG

Momentum Wealth Planning LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOG) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 9,961 shares of the information services provider’s stock, valued at approximately $1,767,000. Alphabet comprises 1.5% of Momentum Wealth Planning LLC’s investment portfolio, making the stock its 17th biggest holding.

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

Wall Street Analysts Forecast Growth

GOOG has been the subject of several recent research reports. KeyCorp reissued an “overweight” rating and set a $330.00 target price on shares of Alphabet in a report on Thursday, October 30th. Barclays increased their price target on Alphabet from $250.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Scotiabank set a $336.00 price objective on Alphabet and gave the company a “sector outperform” rating in a research note on Thursday, October 30th. Sanford C. Bernstein upped their target price on Alphabet from $260.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, October 30th. Finally, Rosenblatt Securities set a $279.00 target price on Alphabet in a report on Thursday, October 30th. Seven equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $313.04.

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 102 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $317.66, for a total value of $32,401.32. Following the completion of the sale, the director owned 18,104 shares of the company’s stock, valued at approximately $5,750,916.64. The trade was a 0.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total transaction of $168,036.00. Following the transaction, the director owned 4,516 shares of the company’s stock, valued at $1,264,750.96. This represents a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 225,528 shares of company stock worth $61,296,884 over the last 90 days. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

NASDAQ:GOOG opened at $309.32 on Tuesday. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $328.67. The stock’s 50-day moving average price is $284.91 and its 200-day moving average price is $231.69. The stock has a market capitalization of $3.73 trillion, a PE ratio of 30.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.Alphabet’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.12 EPS. As a group, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 8th were given a dividend of $0.21 per share. The ex-dividend date was Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. 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.