Waterfront Wealth Inc. Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Waterfront Wealth Inc. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,769 shares of the information services provider’s stock after purchasing an additional 338 shares during the quarter. Alphabet makes up approximately 1.4% of Waterfront Wealth Inc.’s portfolio, making the stock its 14th biggest position. Waterfront Wealth Inc.’s holdings in Alphabet were worth $5,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. D.A. Davidson & CO. lifted its position in Alphabet by 4.8% during the second quarter. D.A. Davidson & CO. now owns 427,320 shares of the information services provider’s stock valued at $77,836,000 after buying an additional 19,423 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its stake in Alphabet by 22.1% during the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 319,647 shares of the information services provider’s stock worth $58,224,000 after acquiring an additional 57,792 shares in the last quarter. Consolidated Portfolio Review Corp boosted its stake in Alphabet by 213.1% during the second quarter. Consolidated Portfolio Review Corp now owns 22,812 shares of the information services provider’s stock worth $4,155,000 after acquiring an additional 15,525 shares in the last quarter. Clearview Wealth Advisors LLC bought a new position in shares of Alphabet during the second quarter valued at approximately $226,000. Finally, Drive Wealth Management LLC increased its stake in shares of Alphabet by 2.7% during the second quarter. Drive Wealth Management LLC now owns 22,850 shares of the information services provider’s stock valued at $4,162,000 after purchasing an additional 609 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $157.46 on Friday. The company has a 50 day simple moving average of $167.46 and a two-hundred day simple moving average of $164.67. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $1.94 trillion, a P/E ratio of 24.15, a PEG ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the previous year, the company earned $1.44 EPS. Equities analysts forecast that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of analyst reports. UBS Group raised their price objective on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Evercore ISI upped their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 11th. Jefferies Financial Group raised their price objective on shares of Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. DA Davidson initiated coverage on shares of Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price on the stock. Finally, Mizuho raised their price target on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $201.76.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was 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 directly owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 2,213,011 shares of the company’s stock, valued at $392,588,151.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, 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. In the last 90 days, insiders have sold 179,367 shares of company stock valued at $30,016,931. 11.55% of the stock is owned by company insiders.

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.