Connective Capital Management LLC Buys Shares of 7,094 Alphabet Inc. $GOOGL

Connective Capital Management LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the second quarter, Holdings Channel reports. The fund purchased 7,094 shares of the information services provider’s stock, valued at approximately $1,250,000. Alphabet accounts for approximately 1.2% of Connective Capital Management LLC’s portfolio, making the stock its 24th biggest holding.

Other institutional investors have also modified their holdings of the company. Employees Retirement System of Texas raised its holdings in shares of Alphabet by 6.4% in the 2nd quarter. Employees Retirement System of Texas now owns 494,098 shares of the information services provider’s stock valued at $87,075,000 after buying an additional 29,930 shares during the period. Northwest & Ethical Investments L.P. grew its position in Alphabet by 32.0% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 158,630 shares of the information services provider’s stock valued at $27,989,000 after acquiring an additional 38,498 shares in the last quarter. Himension Capital Singapore PTE. LTD. increased its stake in Alphabet by 27.8% during the second quarter. Himension Capital Singapore PTE. LTD. now owns 113,125 shares of the information services provider’s stock worth $19,936,000 after purchasing an additional 24,617 shares during the period. Maia Wealth LLC lifted its position in shares of Alphabet by 3.6% during the second quarter. Maia Wealth LLC now owns 34,527 shares of the information services provider’s stock worth $6,085,000 after purchasing an additional 1,209 shares in the last quarter. Finally, Silphium Asset Management Ltd boosted its stake in shares of Alphabet by 11.2% in the second quarter. Silphium Asset Management Ltd now owns 24,400 shares of the information services provider’s stock valued at $4,300,000 after purchasing an additional 2,450 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Up 1.1%

Alphabet stock opened at $321.27 on Friday. The stock has a market cap of $3.88 trillion, a PE ratio of 31.68, a P/E/G ratio of 1.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.75 and a quick ratio of 1.75. The stock’s fifty day moving average is $276.15 and its two-hundred day moving average is $224.51. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $328.83.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. On average, sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

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

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 954 shares of Alphabet stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $317.00, for a total transaction of $302,418.00. Following the sale, the chief accounting officer directly owned 11,740 shares in the company, valued at $3,721,580. This trade represents a 7.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $280.06, for a total transaction of $168,036.00. Following the completion of the transaction, the director owned 4,516 shares of the company’s stock, valued at $1,264,750.96. This represents a 11.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 226,128 shares of company stock worth $61,326,372 over the last 90 days. 11.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent research reports. JMP Securities reaffirmed a “market outperform” rating and set a $290.00 target price on shares of Alphabet in a research note on Wednesday, October 22nd. Canaccord Genuity Group upped their price objective on Alphabet from $270.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. BMO Capital Markets set a $294.00 price objective on Alphabet and gave the company an “outperform” rating in a research note on Thursday, October 9th. Susquehanna lifted their target price on Alphabet from $225.00 to $350.00 and gave the company a “positive” rating in a report on Thursday, October 30th. Finally, Morgan Stanley upped their price target on Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $312.65.

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.