Rockland Trust Co. Buys 977 Shares of Alphabet Inc. (NASDAQ:GOOG)

Rockland Trust Co. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,863 shares of the information services provider’s stock after acquiring an additional 977 shares during the period. Rockland Trust Co.’s holdings in Alphabet were worth $4,010,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Park Avenue Securities LLC raised its stake in Alphabet by 11.9% during the 1st quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock valued at $16,730,000 after purchasing an additional 11,646 shares during the period. Investment Partners LTD. boosted its position in shares of Alphabet by 5.8% during the fourth quarter. Investment Partners LTD. now owns 7,446 shares of the information services provider’s stock worth $1,049,000 after acquiring an additional 410 shares during the last quarter. Apexium Financial LP boosted its position in shares of Alphabet by 335.9% during the fourth quarter. Apexium Financial LP now owns 53,823 shares of the information services provider’s stock worth $7,586,000 after acquiring an additional 41,476 shares during the last quarter. Oak Ridge Investments LLC grew its stake in Alphabet by 4.6% during the first quarter. Oak Ridge Investments LLC now owns 187,229 shares of the information services provider’s stock valued at $28,508,000 after acquiring an additional 8,201 shares in the last quarter. Finally, EFG Asset Management Americas Corp. increased its holdings in Alphabet by 9.7% in the 4th quarter. EFG Asset Management Americas Corp. now owns 116,905 shares of the information services provider’s stock valued at $16,475,000 after acquiring an additional 10,359 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on GOOG shares. Oppenheimer increased their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. TD Cowen lifted their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research report on Friday, June 28th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $182.86.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total value of $118,572.52. Following the completion of the sale, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 3,262 shares of Alphabet stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the transaction, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The disclosure for this sale can be found here. Insiders sold a total of 179,065 shares of company stock valued at $31,025,543 in the last ninety days. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 1.3 %

Shares of NASDAQ GOOG opened at $165.49 on Friday. The business’s 50 day moving average is $176.56 and its two-hundred day moving average is $164.35. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The stock has a market capitalization of $2.05 trillion, a P/E ratio of 25.38, a PEG ratio of 1.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.44 earnings per share. As a group, research analysts expect that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s payout ratio is currently 12.27%.

Alphabet 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.