Alphabet Inc. (NASDAQ:GOOG) Shares Raised by Granite Bay Wealth Management LLC

VaselineOctober 1, 2024

0 4 minutes read

Granite Bay Wealth Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 8.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 28,585 shares of the information services provider’s stock after purchasing an additional 2,219 shares during the period. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $5,243,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in GOOG. JPMorgan Chase & Co. raised its stake in shares of Alphabet by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after buying an additional 13,876,534 shares during the last quarter. Swedbank AB bought a new stake in Alphabet in the first quarter worth about $1,378,708,000. Capital International Investors grew its position in Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after purchasing an additional 7,470,042 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Alphabet by 51.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock worth $976,923,000 after purchasing an additional 2,190,795 shares in the last quarter. Finally, Vima LLC grew its holdings in Alphabet by 178,253.1% in the first quarter. Vima LLC now owns 2,001,122 shares of the information services provider’s stock worth $304,691,000 after buying an additional 2,000,000 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s shares.

Alphabet price performance

Shares of GOOG stock opened at $167.19 on Tuesday. Alphabet Inc. has a 12-month low of $121.46 and a 12-month high of $193.31. The firm has a market cap of $2.07 trillion, a P/E ratio of 25.64, a P/E/G ratio of 1.21 and a beta of 1.04. 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’s 50-day moving average price is $164.02, and its two-hundred-day moving average price is $168.32.

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Alphabet (NASDAQ:GOOG – Get Your Free Report ) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. In the same quarter last year, the company earned $1.44 per share. The company’s quarterly revenue was up 13.6% year over year. On average, analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabetical announcement of dividends

The company also recently declared 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. This represents a dividend of $0.80 on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Monday, September 9. Alphabet’s payout ratio is 12.27%.

Insider buying and selling

In other Alphabet news, insider John Kent Walker sold 16,802 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $165.47, for a total value of $2,780,226.94. Following the sale, the insider now owns 43,999 shares in the company, valued at approximately $7,280,514.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction dated Tuesday, September 10th. The shares were 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 approximately $4,421,948.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. Also, insider John Kent Walker sold 16,802 shares of Alphabet stock in a transaction on Friday, September 27th. The shares were sold at an average price of $165.47, for a total transaction of $2,780,226.94. Following the completion of the sale, the insider now directly owns 43,999 shares of the company’s stock, valued at $7,280,514.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold a total of 216,225 shares of company stock worth $36,134,681. Company insiders hold 12.99% of the company’s shares.

Analysts on Wall Street are forecasting an increase

Several research analysts have weighed in on the company. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a report on Friday, June 28. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Oppenheimer decreased their price objective on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 25th. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, TD Cowen boosted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Alphabet has a consensus rating of “Moderate Buy” and an average target price of $179.29, based on data from MarketBeat.

Check out the latest stock analysis on Alphabet

Alphabet Company Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It works through Google services, Google Cloud and other betting segments. The Google Services segment offers products and services, including advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.