Alphabet Inc. $GOOG Shares Sold by Campbell Newman Asset Management Inc.

Key Points

• Campbell Newman Asset Management reduced its Alphabet stake by 44.3% in the first quarter, selling 15,840 shares and ending with 19,888 shares valued at about $5.7 million.
• Alphabet remains broadly supported by Wall Street, with several firms maintaining or raising bullish ratings and a consensus target price of $376.78. Analysts continue to cite strong AI infrastructure demand and Google Cloud growth as long-term drivers.
• Despite positive fundamentals, the stock has faced mixed sentiment from recent developments, including concerns about AI spending and dilution risk and reports of key AI talent leaving DeepMind. Alphabet also posted a strong quarter with EPS of $5.11 and revenue of $109.9 billion, both above estimates.

Campbell Newman Asset Management Inc. cut its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 44.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,888 shares of the information services provider's stock after selling 15,840 shares during the period. Campbell Newman Asset Management Inc.'s holdings in Alphabet were worth $5,705,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Imprint Wealth LLC bought a new position in Alphabet during the 3rd quarter valued at $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Alphabet during the 4th quarter valued at $38,000. Lifetime Wealth Management P.C. acquired a new position in shares of Alphabet during the 4th quarter valued at $38,000. Bard Associates Inc. bought a new stake in shares of Alphabet in the 4th quarter worth $41,000. Finally, Towne Trust Company N.A raised its stake in shares of Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock worth $42,000 after buying an additional 34 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet will join the Dow Jones Industrial Average, replacing Verizon, a move that should boost its visibility and could support index-fund demand. Google-Parent Alphabet to Replace Verizon in Dow Jones Industrial Average
• Positive Sentiment: Analysts continued to point to Alphabet’s strong AI infrastructure demand and Google Cloud growth as reasons for long-term upside. Alphabet Rides on Accelerating AI Infrastructure Demand: What's Ahead?
• Neutral Sentiment: Alphabet also announced a $75 million AI research partnership with film studio A24, underscoring continued experimentation with new AI use cases. Google DeepMind signs AI research deal with film studio A24
• Negative Sentiment: Investor sentiment weakened after reports that another top AI scientist, John Jumper, left DeepMind for Anthropic, adding to fears of an AI brain drain. Google's YouTube settles with plaintiff ahead of second California trial over social media harm to children, attorneys say
• Negative Sentiment: Broader market coverage highlighted worries about Alphabet’s heavy AI capital spending and the dilution risk tied to its large equity raise, which has pressured the stock. Alphabet Slides as AI Funding Plan Fuels Dilution Worries

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GOOG. KeyCorp reaffirmed an "overweight" rating on shares of Alphabet in a research note on Wednesday, May 20th. Freedom Capital lowered Alphabet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Scotiabank reiterated an "outperform" rating and issued a $450.00 price target (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Needham & Company LLC set a $400.00 price target on shares of Alphabet and gave the company a "buy" rating in a report on Friday, March 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alphabet from $395.00 to $460.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of "Buy" and a consensus target price of $376.78.

Insider Buying and Selling

In other news, Director Frances Arnold sold 102 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $381.00, for a total value of $38,862.00. Following the completion of the sale, the director directly owned 18,721 shares of the company's stock, valued at $7,132,701. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O'toole sold 617 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total transaction of $178,701.71. Following the sale, the chief accounting officer owned 10,093 shares of the company's stock, valued at approximately $2,923,235.59. This represents a 5.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 160,516 shares of company stock worth $7,344,604 over the last ninety days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOG stock opened at $346.55 on Wednesday. The company has a market capitalization of $4.20 trillion, a price-to-earnings ratio of 26.43, a P/E/G ratio of 1.49 and a beta of 1.22. Alphabet Inc. has a 1-year low of $166.91 and a 1-year high of $404.47. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock's fifty day simple moving average is $365.57 and its 200-day simple moving average is $331.59.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $2.43. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. During the same period in the prior year, the business earned $2.81 EPS. The business's revenue for the quarter was up 21.8% on a year-over-year basis. On average, sell-side analysts predict that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.3%. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio is currently 6.71%.

About Alphabet

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.

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