Brandywine Financial Group purchased a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,271 shares of the information services provider's stock, valued at approximately $9,855,000. Alphabet makes up approximately 8.4% of Brandywine Financial Group's portfolio, making the stock its 4th largest position.
Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC increased its stake in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after purchasing an additional 506 shares in the last quarter. Matrix Asset Advisors Inc. NY raised its holdings in Alphabet by 17.6% during the second quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock worth $685,000 after buying an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in Alphabet by 11.2% during the second quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock worth $85,557,000 after buying an additional 48,805 shares during the last quarter. Finally, United Bank lifted its stake in shares of Alphabet by 6.9% in the second quarter. United Bank now owns 48,204 shares of the information services provider's stock valued at $8,495,000 after buying an additional 3,120 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.
Key Headlines Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google's AI business is booming, so why are DeepMind's biggest names quitting?
- Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
- Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal
Alphabet Stock Performance
Shares of GOOGL stock opened at $354.30 on Monday. The firm has a 50-day moving average of $355.68 and a 200-day moving average of $340.49. The company has a market cap of $4.33 trillion, a P/E ratio of 17.80, a P/E/G ratio of 0.99 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. Alphabet Inc. has a one year low of $196.60 and a one year high of $408.61.
Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. Equities research analysts forecast that Alphabet Inc. will post 20.51 EPS for the current fiscal year.
Alphabet Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet's dividend payout ratio (DPR) is 4.42%.
Insiders Place Their Bets
In other news, Director John L. Hennessy sold 1,050 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the transaction, the director directly owned 1,481 shares of the company's stock, valued at $545,941.03. This represents a 41.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $19.46, for a total value of $3,832,277.26. The SEC filing for this sale provides additional information. Insiders have sold a total of 600,547 shares of company stock valued at $16,255,540 in the last 90 days. 11.61% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on GOOGL. The Goldman Sachs Group lifted their price objective on shares of Alphabet from $400.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Mizuho upped their target price on shares of Alphabet from $420.00 to $460.00 and gave the stock an "outperform" rating in a report on Wednesday, May 6th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $515.00 price target on shares of Alphabet in a research report on Wednesday, July 22nd. KeyCorp lifted their price target on Alphabet from $425.00 to $445.00 and gave the company an "overweight" rating in a research note on Friday, July 10th. Finally, Needham & Company LLC reissued a "buy" rating and set a $450.00 price objective on shares of Alphabet in a report on Wednesday, June 3rd. Six investment analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $419.86.
Read Our Latest Report on GOOGL
About Alphabet
(
Free Report)
Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.
Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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