Alphabet Inc. $GOOG Shares Purchased by Greenwood Gearhart LLC

Key Points

• Greenwood Gearhart LLC increased its Alphabet stake by 2.3% in the first quarter, buying 3,687 additional shares and bringing its total holding to 161,621 shares valued at about $46.4 million.
• Alphabet reported a strong quarter, with EPS of $9.11 and revenue of $119.8 billion, both ahead of analyst expectations. Revenue rose 24.2% year over year, and the company also posted solid margins and return on equity.
• Alphabet raised its quarterly dividend to $0.22 per share from $0.21, while analysts remain generally bullish, with multiple firms lifting price targets and the stock carrying a consensus Buy rating.

Greenwood Gearhart LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 161,621 shares of the information services provider's stock after buying an additional 3,687 shares during the quarter. Alphabet makes up about 2.5% of Greenwood Gearhart LLC's holdings, making the stock its 15th biggest position. Greenwood Gearhart LLC's holdings in Alphabet were worth $46,363,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Providence Wealth Advisors LLC lifted its position in shares of Alphabet by 0.3% in the first quarter. Providence Wealth Advisors LLC now owns 10,508 shares of the information services provider's stock valued at $3,094,000 after acquiring an additional 29 shares in the last quarter. Ring Mountain Capital LLC increased its position in Alphabet by 0.9% during the 4th quarter. Ring Mountain Capital LLC now owns 3,554 shares of the information services provider's stock worth $1,174,000 after purchasing an additional 30 shares in the last quarter. Cannon Financial Strategists Inc. raised its stake in Alphabet by 1.9% in the 4th quarter. Cannon Financial Strategists Inc. now owns 1,589 shares of the information services provider's stock valued at $499,000 after purchasing an additional 30 shares during the last quarter. Financial Enhancement Group LLC raised its stake in Alphabet by 2.3% in the 1st quarter. Financial Enhancement Group LLC now owns 1,323 shares of the information services provider's stock valued at $380,000 after purchasing an additional 30 shares during the last quarter. Finally, HRC Wealth Management LLC lifted its holdings in Alphabet by 1.0% in the 4th quarter. HRC Wealth Management LLC now owns 3,231 shares of the information services provider's stock valued at $1,014,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Alphabet Price Performance

GOOG opened at $341.91 on Thursday. Alphabet Inc. has a 52-week low of $188.70 and a 52-week high of $404.47. The company has a 50 day moving average of $363.69 and a two-hundred day moving average of $337.49. The company has a market cap of $4.14 trillion, a P/E ratio of 26.08, a P/E/G ratio of 1.43 and a beta of 1.23. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $2.88 by $6.23. The business had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.06 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.31 EPS. On average, analysts expect that Alphabet Inc. will post 14.34 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a $0.22 dividend. The ex-dividend date was Monday, June 8th. This represents a $0.88 annualized dividend and a yield of 0.3%. This is an increase from Alphabet's previous quarterly dividend of $0.21. Alphabet's payout ratio is currently 6.71%.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the transaction, the director owned 1,481 shares in the company, valued at $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 8,998 shares of the company's stock in a transaction dated Monday, June 29th. The stock was 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 directly owned 75,290 shares of the company's stock, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 159,415 shares of company stock valued at $7,672,279 over the last ninety days. Insiders own 12.99% of the company's stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates, driven by strong search, ads, and especially Google Cloud growth. S&P 500, Nasdaq close lower ahead of technology earnings
• Positive Sentiment: Google Cloud growth accelerated sharply on AI demand, reinforcing the case that Alphabet’s AI investments are translating into revenue. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue rose 13%, adding another sign that Alphabet’s core advertising business remains resilient. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion
• Positive Sentiment: Google said Gemini has reached 950 million monthly active users, suggesting improving traction in consumer AI. Google's Gemini app nips at ChatGPT's heels as it nears 1 billion users

Analysts Set New Price Targets

Several research firms have issued reports on GOOG. JPMorgan Chase & Co. raised their price target on shares of Alphabet from $395.00 to $460.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. TD Cowen upped their price objective on shares of Alphabet from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. The Goldman Sachs Group restated a "buy" rating and set a $450.00 target price on shares of Alphabet in a research report on Thursday, May 21st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $425.00 target price on shares of Alphabet in a research note on Thursday, April 30th. Finally, UBS Group set a $430.00 price target on Alphabet in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $386.88.

Alphabet Profile

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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.