Mattern Capital Management LLC Acquires Shares of 1,478 Alphabet Inc. $GOOGL

Mattern Capital Management LLC acquired a new stake in Alphabet Inc. (NASDAQ:GOOGL) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,478 shares of the information services provider’s stock, valued at approximately $260,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Missouri Trust & Investment Co boosted its holdings in Alphabet by 0.3% in the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock worth $2,981,000 after acquiring an additional 55 shares in the last quarter. AM Investment Strategies LLC boosted its holdings in Alphabet by 0.9% in the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after acquiring an additional 57 shares in the last quarter. Bfsg LLC boosted its holdings in Alphabet by 0.6% in the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock worth $1,838,000 after acquiring an additional 59 shares in the last quarter. Enzi Wealth boosted its holdings in Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock worth $408,000 after acquiring an additional 62 shares in the last quarter. Finally, Powers Advisory Group LLC boosted its holdings in Alphabet by 1.8% in the second quarter. Powers Advisory Group LLC now owns 3,562 shares of the information services provider’s stock worth $628,000 after acquiring an additional 62 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 18,566 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company’s stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 276,738 shares of company stock valued at $59,135,475 in the last 90 days. Insiders own 11.64% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the topic of several recent research reports. Piper Sandler increased their price target on Alphabet from $220.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, September 18th. Morgan Stanley set a $270.00 target price on Alphabet and gave the company an “overweight” rating in a report on Thursday, October 2nd. Rosenblatt Securities raised their target price on Alphabet from $191.00 to $224.00 and gave the company a “neutral” rating in a report on Wednesday, September 3rd. Cantor Fitzgerald restated a “neutral” rating and issued a $201.00 target price on shares of Alphabet in a report on Wednesday, September 24th. Finally, Westpark Capital increased their price target on Alphabet from $210.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Five equities research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $244.62.

Alphabet Price Performance

GOOGL opened at $241.53 on Friday. The stock has a 50-day moving average price of $225.37 and a 200-day moving average price of $188.04. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.92 trillion, a P/E ratio of 25.72, a PEG ratio of 1.65 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Equities analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

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.