Mainstream Capital Management LLC Acquires New Position in Alphabet Inc. (NASDAQ:GOOG)

Mainstream Capital Management LLC bought a new position in Alphabet Inc. (NASDAQ:GOOG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 20,457 shares of the information services provider’s stock, valued at approximately $3,420,000. Alphabet makes up about 2.9% of Mainstream Capital Management LLC’s holdings, making the stock its 8th biggest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Colonial River Wealth Management LLC boosted its holdings in Alphabet by 5.3% during the 2nd quarter. Colonial River Wealth Management LLC now owns 2,126 shares of the information services provider’s stock valued at $390,000 after acquiring an additional 107 shares during the period. Rosenberg Matthew Hamilton lifted its position in Alphabet by 4.6% in the second quarter. Rosenberg Matthew Hamilton now owns 11,366 shares of the information services provider’s stock valued at $2,097,000 after purchasing an additional 498 shares during the last quarter. Marks Group Wealth Management Inc boosted its stake in shares of Alphabet by 5.4% during the third quarter. Marks Group Wealth Management Inc now owns 162,384 shares of the information services provider’s stock valued at $27,149,000 after purchasing an additional 8,304 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Alphabet by 4.6% in the third quarter. Handelsbanken Fonder AB now owns 2,628,176 shares of the information services provider’s stock worth $439,405,000 after purchasing an additional 115,716 shares during the last quarter. Finally, TSA Wealth Managment LLC purchased a new position in shares of Alphabet in the second quarter worth $206,000. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GOOG. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Barclays raised their target price on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Wells Fargo & Company upped their price target on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Finally, Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $200.56.

Insider Buying and Selling at Alphabet

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Alphabet news, insider John Kent Walker sold 21,467 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total value of $3,442,233.45. Following the completion of the transaction, the insider now owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at $50,765,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 242,552 shares of company stock worth $40,287,253. 12.99% of the stock is owned by corporate insiders.

Alphabet Trading Up 2.2 %

NASDAQ:GOOG opened at $182.28 on Friday. Alphabet Inc. has a one year low of $129.40 and a one year high of $193.31. The company’s 50-day simple moving average is $164.24 and its 200 day simple moving average is $170.89. The firm has a market capitalization of $2.24 trillion, a P/E ratio of 24.18, a PEG ratio of 1.20 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the previous year, the business earned $1.55 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts forecast that Alphabet Inc. will post 7.97 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

Alphabet Company 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.