Pragma Gestao DE Patrimonio Ltd. Raises Holdings in Alphabet Inc. $GOOG

Pragma Gestao DE Patrimonio Ltd. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 65,500 shares of the information services provider’s stock after acquiring an additional 6,300 shares during the period. Alphabet accounts for about 5.1% of Pragma Gestao DE Patrimonio Ltd.’s investment portfolio, making the stock its 6th biggest holding. Pragma Gestao DE Patrimonio Ltd.’s holdings in Alphabet were worth $11,619,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. RDA Financial Network grew its stake in Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of Alphabet by 1.4% in the 2nd 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 in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Alphabet by 3.7% in the 2nd 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 during the last quarter. Tower View Wealth Management LLC grew its position in shares of Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after buying an additional 1,776 shares during the last quarter. Finally, Oldfather Financial Services LLC bought a new position in shares of Alphabet during the 2nd quarter worth approximately $213,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GOOG shares. Canaccord Genuity Group restated a “buy” rating and issued a $330.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Loop Capital upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 18th. Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Mizuho set a $325.00 target price on shares of Alphabet in a research report on Thursday, October 30th. Finally, Scotiabank set a $336.00 price objective on shares of Alphabet and gave the stock a “sector outperform” rating in a research note on Thursday, October 30th. Seven investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $307.22.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the transaction, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares in the company, valued at approximately $3,629,725.80. This represents a 16.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 196,406 shares of company stock worth $51,743,408. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $316.02 on Wednesday. The company has a 50 day simple moving average of $272.34 and a two-hundred day simple moving average of $222.44. The stock has a market cap of $3.81 trillion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.82 and a beta of 1.07. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $328.67.

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, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 35.00%. The firm had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. During the same quarter in the prior year, the business earned $2.12 earnings per share. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

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.