Fairscale Capital LLC Invests $1.34 Million in Alphabet Inc. (NASDAQ:GOOG)

Fairscale Capital LLC bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOG) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,228 shares of the information services provider’s stock, valued at approximately $1,341,000. Alphabet accounts for 1.1% of Fairscale Capital LLC’s holdings, making the stock its 18th biggest holding.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. purchased a new position in shares of Alphabet during the 4th quarter valued at about $34,000. 1620 Investment Advisors Inc. bought a new stake in Alphabet during the 2nd quarter worth approximately $37,000. Slocum Gordon & Co LLP purchased a new position in Alphabet during the second quarter valued at approximately $44,000. Hoese & Co LLP boosted its position in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the period. Finally, Iron Horse Wealth Management LLC bought a new position in Alphabet in the 2nd quarter worth $48,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Alphabet stock opened at $164.64 on Friday. The company’s 50-day moving average price is $166.26 and its 200-day moving average price is $167.02. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.03 trillion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.44 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s payout ratio is presently 12.27%.

Analyst Ratings Changes

A number of research firms have recently weighed in on GOOG. DA Davidson raised Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. TD Cowen raised their price objective on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Oppenheimer lifted their target price on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $182.86.

Insiders Place Their Bets

In other news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total value of $600,175.38. Following the sale, the senior vice president now owns 9 shares of the company’s stock, valued at $1,655.91. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the transaction, the senior vice president now owns 9 shares in the company, valued at $1,655.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares in the company, valued at $4,421,948.46. The disclosure for this sale can be found here. Insiders sold 202,667 shares of company stock valued at $33,964,256 over the last three months. 12.99% of the stock is owned by company insiders.

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.