MBB Public Markets I LLC Acquires 351,975 Shares of Alphabet Inc. (NASDAQ:GOOG)

MBB Public Markets I LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 3,586.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 361,788 shares of the information services provider’s stock after acquiring an additional 351,975 shares during the quarter. Alphabet makes up 1.3% of MBB Public Markets I LLC’s holdings, making the stock its 11th biggest position. MBB Public Markets I LLC’s holdings in Alphabet were worth $66,359,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Richardson Financial Services Inc. bought a new stake in Alphabet during the 4th quarter worth approximately $34,000. Abich Financial Wealth Management LLC increased its position in shares of Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Alphabet during the second quarter worth approximately $37,000. Slocum Gordon & Co LLP bought a new stake in Alphabet in the second quarter worth $44,000. Finally, Hoese & Co LLP boosted its holdings in Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after acquiring an additional 100 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of research analyst reports. DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. TD Cowen upped their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a report on Friday, June 28th. Finally, Oppenheimer decreased their target price on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research note on Wednesday. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $179.29.

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $163.83 on Friday. Alphabet Inc. has a 52 week low of $121.46 and a 52 week high of $193.31. The firm has a 50 day moving average of $164.93 and a 200 day moving average of $167.62. The company has a market capitalization of $2.02 trillion, a price-to-earnings ratio of 25.13, a price-to-earnings-growth 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.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business 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 revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.44 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s dividend payout ratio is presently 12.27%.

Insider Activity

In other news, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the sale, the director now owns 27,824 shares of the company’s stock, valued at $4,590,960. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the sale, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the transaction, the director now owns 27,824 shares of the company’s stock, valued at $4,590,960. The disclosure for this sale can be found here. Insiders have sold 203,367 shares of company stock worth $34,079,756 in the last ninety days. Company insiders own 12.99% of the company’s stock.

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.