Oppenheimer Asset Management Inc. Has $89.60 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Oppenheimer Asset Management Inc. raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 31.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 488,497 shares of the information services provider’s stock after acquiring an additional 116,184 shares during the period. Alphabet comprises about 1.1% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 12th largest position. Oppenheimer Asset Management Inc.’s holdings in Alphabet were worth $89,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of GOOG. Richardson Financial Services Inc. acquired a new position in shares of Alphabet in the 4th quarter worth approximately $34,000. 1620 Investment Advisors Inc. bought a new position in Alphabet in the 2nd quarter valued at $37,000. Slocum Gordon & Co LLP acquired a new position in Alphabet in the second quarter worth $44,000. Hoese & Co LLP grew its holdings in shares of Alphabet by 62.5% during 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 last quarter. Finally, Iron Horse Wealth Management LLC acquired a new stake in shares of Alphabet in the second quarter valued at $48,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Oppenheimer boosted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research report on Friday, June 28th. Finally, TD Cowen boosted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $182.86.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the transaction, the chief executive officer now directly owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $177.40, for a total value of $3,991,500.00. Following the completion of the transaction, the chief executive officer now owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 201,867 shares of company stock valued at $34,218,581. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

GOOG stock opened at $158.37 on Monday. Alphabet Inc. has a twelve month low of $121.46 and a twelve month high of $193.31. 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 $1.95 trillion, a P/E ratio of 24.29, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The business’s fifty day moving average is $169.06 and its 200-day moving average is $166.35.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is currently 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.