4,358 Shares in Alphabet Inc. $GOOGL Acquired by Axiom Investment Management LLC

Key Points

• Axiom Investment Management initiated a position in Alphabet by purchasing 4,358 shares valued at approximately $1.25 million. Institutional investors collectively own 40.03% of Alphabet’s stock.
• Analysts remain broadly bullish, with Alphabet holding an overall “Buy” rating and an average price target of $419.86; several firms recently raised targets to between $430 and $460.
• Alphabet reported quarterly revenue of $119.8 billion and EPS of $9.11, exceeding estimates, while Google Cloud and AI momentum continued to support the company’s growth outlook. Shares opened at $354.30, down 1.0%.

Axiom Investment Management LLC purchased a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,358 shares of the information services provider's stock, valued at approximately $1,253,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Alphabet in the 4th quarter worth $30,534,239,000. Cardano Risk Management B.V. grew its stake in shares of Alphabet by 855.3% during the fourth quarter. Cardano Risk Management B.V. now owns 14,525,280 shares of the information services provider's stock valued at $4,546,413,000 after acquiring an additional 13,004,828 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Alphabet by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider's stock worth $165,567,398,000 after acquiring an additional 12,531,695 shares during the last quarter. Capital World Investors lifted its stake in shares of Alphabet by 28.0% in the third quarter. Capital World Investors now owns 53,107,572 shares of the information services provider's stock worth $12,910,542,000 after acquiring an additional 11,605,785 shares in the last quarter. Finally, Diamant Asset Management Inc. lifted its stake in shares of Alphabet by 28,950.0% in the first quarter. Diamant Asset Management Inc. now owns 9,291,926 shares of the information services provider's stock worth $2,671,986,000 after acquiring an additional 9,259,940 shares in the last quarter. Hedge funds and other institutional investors 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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GOOGL shares. Susquehanna restated a "positive" rating and set a $460.00 price objective (up from $400.00) on shares of Alphabet in a report on Thursday, April 30th. Rothschild & Co Redburn raised their price target on shares of Alphabet from $390.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Truist Financial set a $420.00 price target on shares of Alphabet and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Needham & Company LLC reiterated a "buy" rating and set a $450.00 price objective on shares of Alphabet in a research note on Wednesday, June 3rd. Six research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $419.86.

Alphabet Stock Down 1.0%

GOOGL stock opened at $354.30 on Friday. The firm has a market cap of $4.33 trillion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.99 and a beta of 1.24. Alphabet Inc. has a 1-year low of $196.60 and a 1-year high of $408.61. The firm has a fifty day moving average price of $355.68 and a two-hundred day moving average price of $340.41. 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 (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The business had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Research analysts predict that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. Alphabet's dividend payout ratio (DPR) is currently 4.42%.

Insider Activity

In related news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 1,050 shares of the company's stock in a transaction 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 transaction, the director owned 1,481 shares of the company's stock, valued at approximately $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 600,547 shares of company stock valued at $16,255,540. 11.61% of the stock is currently owned by insiders.

Alphabet Company Profile

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.

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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