Allen Capital Group LLC Purchases 1,467 Shares of Alphabet Inc. $GOOGL

Key Points

• Allen Capital Group increased its Alphabet position by 2.8% in the first quarter, purchasing 1,467 shares for a total holding of 54,712 shares valued at $15.7 million. Institutional investors collectively own 40.03% of Alphabet.
• Alphabet reported quarterly earnings of $9.11 per share, far exceeding the $2.89 consensus estimate, while revenue reached $119.8 billion. The company also declared a quarterly dividend of $0.22 per share.
• Analyst sentiment remains strongly positive, with a consensus “Buy” rating and an average price target of $419.86, compared with shares recently opening at $354.30.

Allen Capital Group LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,712 shares of the information services provider's stock after purchasing an additional 1,467 shares during the period. Alphabet makes up about 1.4% of Allen Capital Group LLC's portfolio, making the stock its 16th biggest holding. Allen Capital Group LLC's holdings in Alphabet were worth $15,733,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Alphabet by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider's stock worth $165,567,398,000 after purchasing an additional 12,531,695 shares in the last quarter. State Street Corp lifted its stake in Alphabet by 1.8% in the 2nd quarter. State Street Corp now owns 229,954,269 shares of the information services provider's stock valued at $40,524,841,000 after purchasing an additional 4,008,374 shares during the last quarter. Geode Capital Management LLC boosted its position in Alphabet by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider's stock valued at $45,625,595,000 after buying an additional 2,666,676 shares in the last quarter. Norges Bank acquired a new stake in Alphabet in the fourth quarter valued at approximately $30,534,239,000. Finally, Bank of America Corp DE grew its stake in shares of Alphabet by 4.9% during the fourth quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider's stock worth $21,630,861,000 after buying an additional 3,218,852 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of Alphabet stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total value of $2,232,808.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 8,998 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the sale, the insider owned 75,290 shares in the company, valued at $26,298,044.10. The trade was a 10.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 600,547 shares of company stock worth $16,255,540. Corporate insiders own 11.61% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $354.30 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72. Alphabet Inc. has a 52 week low of $196.60 and a 52 week high of $408.61. The firm has a market cap of $4.33 trillion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24. The firm's fifty day moving average is $355.68 and its 200-day moving average is $340.41.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. Sell-side analysts predict that Alphabet Inc. will post 20.51 earnings per share for the current year.

Alphabet Dividend Announcement

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

Alphabet News Roundup

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GOOGL shares. Jefferies Financial Group reiterated a "buy" rating on shares of Alphabet in a report on Monday, June 22nd. Roth Capital restated a "buy" rating and set a $440.00 price objective (up from $435.00) on shares of Alphabet in a research report on Thursday, July 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $450.00 target price on shares of Alphabet in a report on Wednesday, June 3rd. DZ Bank upgraded Alphabet to a "strong-buy" rating in a research report on Thursday, July 23rd. Finally, Wedbush reiterated an "outperform" rating and issued a $445.00 target price on shares of Alphabet in a research report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $419.86.

Alphabet 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.

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