GK Wealth Management LLC Buys 324 Shares of Alphabet Inc. $GOOG

GK Wealth Management LLC lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 8.1% during the second quarter, Holdings Channel.com reports. The firm owned 4,340 shares of the information services provider’s stock after buying an additional 324 shares during the period. GK Wealth Management LLC’s holdings in Alphabet were worth $770,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Principia Wealth Advisory LLC boosted its position in Alphabet by 111.8% in the 1st quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider’s stock valued at $26,000 after buying an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $26,000. Goodman Advisory Group LLC acquired a new position in shares of Alphabet during the first quarter valued at $32,000. Greykasell Wealth Strategies Inc. bought a new position in Alphabet in the first quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. acquired a new stake in Alphabet in the first quarter worth about $34,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GOOG shares. Pivotal Research upped their target price on shares of Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Citizens Jmp upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 26th. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Finally, Raymond James Financial restated an “outperform” rating and issued a $210.00 price target (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.56.

Alphabet Trading Up 0.2%

Shares of NASDAQ GOOG opened at $241.38 on Monday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $242.57. The stock has a market cap of $2.92 trillion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 1.62 and a beta of 1.01. 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 company’s fifty day moving average is $202.67 and its 200-day moving average is $178.92.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.89 EPS. Equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet’s payout ratio is 8.95%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the completion of the sale, the chief executive officer owned 2,429,892 shares of the company’s stock, valued at $558,219,089.16. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock valued at $49,208,380 in the last quarter. 12.99% of the stock is owned by company insiders.

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.