Otter Creek Advisors LLC Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Otter Creek Advisors LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 110.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,672 shares of the information services provider’s stock after purchasing an additional 22,900 shares during the quarter. Alphabet comprises approximately 5.2% of Otter Creek Advisors LLC’s investment portfolio, making the stock its 3rd biggest position. Otter Creek Advisors LLC’s holdings in Alphabet were worth $7,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of GOOGL. Christopher J. Hasenberg Inc lifted its holdings in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Kings Path Partners LLC bought a new position in Alphabet during the 2nd quarter worth $36,000. Tributary Capital Management LLC bought a new position in Alphabet during the 1st quarter worth $30,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Alphabet in the fourth quarter valued at about $30,000. Finally, Denver PWM LLC acquired a new position in shares of Alphabet in the second quarter valued at about $41,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $163.59 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75. The firm has a market cap of $2.02 trillion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The firm’s fifty day moving average is $164.72 and its 200-day moving average is $165.55.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same period in the previous year, the business earned $1.44 EPS. Sell-side analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Alphabet Announces Dividend

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

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $222.00 price objective on shares of Alphabet in a research note on Monday, September 16th. Evercore ISI cut their price target on Alphabet from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Wedbush restated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research note on Thursday, September 5th. Piper Sandler cut their target price on Alphabet from $206.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Finally, Cantor Fitzgerald began coverage on Alphabet in a research report on Thursday, September 5th. They issued a “neutral” rating and a $190.00 price target on the stock. Eight 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $201.08.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on 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 completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total value of $3,614,175.00. Following the completion of the sale, the chief executive officer now directly owns 2,114,885 shares in the company, valued at $339,713,977.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the transaction, the senior vice president now owns 9 shares in the company, valued at $1,655.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,167 shares of company stock valued at $29,762,606. 11.55% of the stock is currently owned by company insiders.

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.