Rexford Capital Inc. Purchases New Shares in Alphabet Inc. $GOOG

Rexford Capital Inc. acquired a new position in Alphabet Inc. (NASDAQ:GOOG) in the second quarter, Holdings Channel reports. The fund acquired 6,514 shares of the information services provider’s stock, valued at approximately $1,156,000. Alphabet accounts for approximately 1.0% of Rexford Capital Inc.’s holdings, making the stock its 20th biggest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. RDA Financial Network raised its holdings in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after purchasing an additional 554 shares in the last quarter. Bleakley Financial Group LLC increased its position in shares of Alphabet by 1.4% during the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after buying an additional 2,304 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Alphabet by 3.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,164,341 shares of the information services provider’s stock worth $206,542,000 after buying an additional 42,028 shares in the last quarter. Oldfather Financial Services LLC purchased a new stake in Alphabet in the second quarter worth about $213,000. Finally, Tower View Wealth Management LLC boosted its position in Alphabet by 6.9% during the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after acquiring an additional 1,776 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

GOOG opened at $310.52 on Friday. The firm has a market cap of $3.75 trillion, a PE ratio of 30.62, a P/E/G ratio of 1.80 and a beta of 1.07. The stock has a 50-day moving average price of $283.75 and a 200-day moving average price of $230.33. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $328.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. Alphabet’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the business earned $2.12 EPS. Sell-side analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s payout ratio is presently 8.28%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GOOG shares. TD Cowen increased their target price on Alphabet from $335.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday. Bank of America increased their price objective on Alphabet from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Pivotal Research reissued a “buy” rating and set a $400.00 price objective (up previously from $350.00) on shares of Alphabet in a research report on Friday, December 5th. Piper Sandler upped their target price on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Morgan Stanley increased their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, October 2nd. Seven analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $313.04.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. This trade represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 228,906 shares of company stock valued at $62,127,158. 12.99% of the stock is owned by corporate 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.