Rooted Wealth Advisors Inc. Grows Position in Alphabet Inc. $GOOG

Rooted Wealth Advisors Inc. raised its position in Alphabet Inc. (NASDAQ:GOOG) by 34.1% during the second quarter, HoldingsChannel.com reports. The firm owned 5,105 shares of the information services provider’s stock after buying an additional 1,299 shares during the quarter. Rooted Wealth Advisors Inc.’s holdings in Alphabet were worth $926,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Parkshore Wealth Management Inc. purchased a new stake in shares of Alphabet during the 2nd quarter valued at about $202,000. Lewis Asset Management LLC raised its holdings in shares of Alphabet by 11.4% during the 2nd quarter. Lewis Asset Management LLC now owns 18,235 shares of the information services provider’s stock valued at $3,235,000 after buying an additional 1,859 shares during the period. Abacus Wealth Partners LLC raised its holdings in shares of Alphabet by 17.4% during the 2nd quarter. Abacus Wealth Partners LLC now owns 5,526 shares of the information services provider’s stock valued at $980,000 after buying an additional 819 shares during the period. Southland Equity Partners LLC raised its holdings in shares of Alphabet by 1.4% during the 2nd quarter. Southland Equity Partners LLC now owns 11,862 shares of the information services provider’s stock valued at $2,104,000 after buying an additional 166 shares during the period. Finally, Abound Wealth Management raised its holdings in shares of Alphabet by 33.6% during the 2nd quarter. Abound Wealth Management now owns 6,427 shares of the information services provider’s stock valued at $1,140,000 after buying an additional 1,618 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 0.9%

NASDAQ:GOOG opened at $252.88 on Tuesday. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $256.70. The firm has a market capitalization of $3.06 trillion, a P/E ratio of 26.93, a P/E/G ratio of 1.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The business has a 50 day simple moving average of $211.48 and a 200 day simple moving average of $182.24.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm posted $1.89 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s payout ratio is presently 8.95%.

Wall Street Analyst Weigh In

GOOG has been the topic of several analyst reports. Robert W. Baird raised their target price on Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday. The Goldman Sachs Group reiterated a “buy” rating and set a $220.00 target price on shares of Alphabet in a report on Monday, June 2nd. UBS Group raised their target price on Alphabet from $186.00 to $192.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. KeyCorp set a $265.00 price objective on Alphabet in a report on Wednesday, September 3rd. Finally, Pivotal Research lifted their price objective on Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $230.35.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the sale, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. The trade was a 9.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,088 shares of company stock worth $52,405,304 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

About Alphabet

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.