Granite Bay Wealth Management LLC Raises Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Granite Bay Wealth Management LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 10.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,174 shares of the information services provider’s stock after purchasing an additional 212 shares during the period. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $361,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Christopher J. Hasenberg Inc boosted its stake in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. Kings Path Partners LLC purchased a new stake in Alphabet during the second quarter worth $36,000. Tributary Capital Management LLC bought a new stake in Alphabet during the 1st quarter valued at $30,000. Denver PWM LLC purchased a new position in shares of Alphabet in the 2nd quarter valued at $41,000. Finally, Quarry LP purchased a new position in shares of Alphabet in the 2nd quarter valued at $53,000. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total value of $4,113,900.00. Following the sale, the chief executive officer now directly owns 2,204,885 shares in the company, valued at approximately $403,141,173.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 216,092 shares of company stock worth $35,644,136. Insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GOOGL shares. DA Davidson began coverage on Alphabet in a research report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Tigress Financial raised their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Guggenheim boosted their price objective on shares of Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Wolfe Research began coverage on shares of Alphabet in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 target price for the company. Finally, JPMorgan Chase & Co. upped their price target on Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $200.95.

Alphabet Stock Performance

Shares of GOOGL stock opened at $163.24 on Monday. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12-month low of $120.21 and a 12-month high of $191.75. The business’s 50 day moving average is $161.37 and its two-hundred day moving average is $167.86. The company has a market capitalization of $2.02 trillion, a P/E ratio of 25.04, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter last year, the firm posted $1.44 EPS. Analysts expect that Alphabet Inc. will post 7.64 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Alphabet Company 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.