Penobscot Wealth Management Acquires Shares of 1,226 Alphabet Inc. (NASDAQ:GOOGL)

Penobscot Wealth Management bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,226 shares of the information services provider’s stock, valued at approximately $234,000.

A number of other hedge funds also recently modified their holdings of the stock. Christopher J. Hasenberg Inc raised its position in 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. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Alphabet during the 4th quarter worth $30,000. Tributary Capital Management LLC acquired a new position in shares of Alphabet during the 1st quarter worth $30,000. CarsonAllaria Wealth Management Ltd. lifted its position in shares of Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after buying an additional 109 shares during the last quarter. Finally, Richardson Capital Management LLC boosted its stake in Alphabet by 87.5% in the first quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock valued at $45,000 after buying an additional 140 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the sale, the chief executive officer now owns 2,137,385 shares in the company, valued at approximately $339,160,251.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the completion of the transaction, the chief executive officer now directly owns 2,137,385 shares in the company, valued at $339,160,251.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $183.99, for a total transaction of $600,175.38. Following the sale, the senior vice president now directly owns 9 shares of the company’s stock, valued at $1,655.91. The disclosure for this sale can be found here. Insiders have sold a total of 178,032 shares of company stock worth $29,854,224 in the last ninety days. Corporate insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of a number of research reports. Stifel Nicolaus reissued a “buy” rating and issued a $196.00 target price on shares of Alphabet in a report on Wednesday, May 15th. Royal Bank of Canada increased their price objective on shares of Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Loop Capital reaffirmed a “hold” rating and set a $170.00 target price on shares of Alphabet in a research note on Wednesday, July 3rd. Evercore ISI increased their price target on Alphabet from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, June 11th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $181.00 price objective on shares of Alphabet in a report on Wednesday, July 24th. Seven analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $202.81.

Alphabet Trading Down 4.0 %

NASDAQ:GOOGL opened at $150.92 on Monday. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.87 trillion, a price-to-earnings ratio of 23.15, a PEG ratio of 1.22 and a beta of 1.04. The firm has a fifty day simple moving average of $170.86 and a two-hundred day simple moving average of $164.45.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating 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 company had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. During the same period last year, the business posted $1.44 EPS. Analysts expect that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, September 9th. Alphabet’s payout ratio is 12.27%.

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.