Sunbeam Capital Management LLC Grows Position in Alphabet Inc. $GOOG

Sunbeam Capital Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOG) by 10.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,355 shares of the information services provider’s stock after purchasing an additional 803 shares during the quarter. Alphabet accounts for approximately 1.1% of Sunbeam Capital Management LLC’s portfolio, making the stock its 20th largest holding. Sunbeam Capital Management LLC’s holdings in Alphabet were worth $1,482,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. 626 Financial LLC raised its holdings in shares of Alphabet by 0.8% in the 2nd quarter. 626 Financial LLC now owns 14,399 shares of the information services provider’s stock worth $2,554,000 after purchasing an additional 110 shares during the period. KLP Kapitalforvaltning AS raised its holdings in shares of Alphabet by 3.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 1,794,620 shares of the information services provider’s stock worth $318,348,000 after purchasing an additional 54,500 shares during the period. Ameliora Wealth Management Ltd. raised its holdings in shares of Alphabet by 19.3% in the 2nd quarter. Ameliora Wealth Management Ltd. now owns 12,968 shares of the information services provider’s stock worth $2,300,000 after purchasing an additional 2,098 shares during the period. Tcfg Wealth Management LLC raised its holdings in shares of Alphabet by 1.2% in the 2nd quarter. Tcfg Wealth Management LLC now owns 10,080 shares of the information services provider’s stock worth $1,788,000 after purchasing an additional 121 shares during the period. Finally, Clark & Stuart Inc raised its holdings in shares of Alphabet by 29.3% in the 2nd quarter. Clark & Stuart Inc now owns 1,942 shares of the information services provider’s stock worth $345,000 after purchasing an additional 440 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GOOG. Oppenheimer reiterated an “outperform” rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Wednesday, September 3rd. Barclays reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Pivotal Research increased their target price on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. increased their target price on Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Finally, Citizens Jmp upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 26th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $241.00.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $242.21 on Friday. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70. The business has a 50 day moving average price of $226.01 and a two-hundred day moving average price of $189.21. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.93 trillion, a PE ratio of 25.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share 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 firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.67 billion. During the same quarter last year, the firm earned $1.89 EPS. Alphabet’s quarterly revenue was up 13.8% on a year-over-year basis. Sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed 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. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet’s dividend payout ratio (DPR) is 8.95%.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 953 shares of Alphabet stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the transaction, the chief accounting officer owned 17,294 shares of the company’s stock, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 over the last quarter. Corporate insiders own 12.99% of the company’s stock.

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.