Alphabet Inc. $GOOG Stake Reduced by Providence First Trust Co

Key Points

• Providence First Trust Co reduced its Alphabet stake by 32.5% in the fourth quarter, selling 5,468 shares and leaving it with 11,338 shares worth about $3.56 million.
• Wall Street sentiment remains bullish on Alphabet, with several analysts raising price targets and ratings; the stock now carries a consensus Buy rating and an average target price of $363.40.
• Alphabet posted strong quarterly results, beating earnings and revenue estimates with $5.11 EPS on $109.9 billion in revenue, and also raised its quarterly dividend from $0.21 to $0.22 per share.

Providence First Trust Co cut its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 32.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,338 shares of the information services provider's stock after selling 5,468 shares during the quarter. Alphabet comprises about 1.2% of Providence First Trust Co's investment portfolio, making the stock its 17th biggest holding. Providence First Trust Co's holdings in Alphabet were worth $3,558,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Imprint Wealth LLC acquired a new stake in Alphabet during the 3rd quarter worth about $31,000. Manning & Napier Advisors LLC acquired a new stake in Alphabet during the 3rd quarter worth about $32,000. Nvest Wealth Strategies Inc. acquired a new stake in Alphabet during the 4th quarter worth about $38,000. Towne Trust Company N.A raised its holdings in Alphabet by 34.0% during 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 during the period. Finally, Lynch Asset Management Inc. acquired a new stake in Alphabet during the 3rd quarter worth about $61,000. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GOOG has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $370.00 price objective on shares of Alphabet in a report on Tuesday, January 20th. Wells Fargo & Company upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Monday, February 23rd. Oppenheimer boosted their price objective on Alphabet from $425.00 to $445.00 and gave the stock an "outperform" rating in a report on Friday. DZ Bank upgraded Alphabet to a "strong-buy" rating in a report on Monday, February 16th. Finally, TD Cowen boosted their price objective on Alphabet from $375.00 to $450.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Six analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $363.40.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Bank of America and other analysts are expecting major Gemini AI announcements at Google I/O, which could reinforce Alphabet’s leadership in AI and support the stock. BofA Sends Blunt Message for Alphabet Investors Ahead of Google I/O
• Positive Sentiment: Oppenheimer raised its price target on Alphabet, and Erste Group also lifted earnings estimates, signaling stronger profit expectations ahead of Google I/O. Alphabet had its price target raised by Oppenheimer Holdings, Inc.
• Positive Sentiment: Several investors and funds, including Goldman Sachs and Egerton Capital, disclosed larger Alphabet stakes, suggesting continued institutional confidence. Fund Update: GOLDMAN SACHS GROUP INC Just Disclosed New Holdings
• Positive Sentiment: Reports that Google’s Gemini Flash model is quietly gaining AI customers and that Alphabet is expanding AI infrastructure point to improving enterprise demand for its AI products. Google has been quietly gaining AI customers, even before big releases next week
• Positive Sentiment: Alphabet completed a record 576.5 billion yen bond offering to fund AI capex, showing it still has strong access to capital for its infrastructure buildout. Alphabet completes record-breaking yen bond issuance
• Neutral Sentiment: News that Google is in talks with SpaceX to launch data centers into space is intriguing, but it is still early-stage and speculative. Google in Talks with SpaceX to Launch Data Centers into Space
• Neutral Sentiment: Isomorphic Labs raised $2.1 billion to use AI for drug discovery, which highlights Alphabet’s broader AI ecosystem, but the direct stock impact is limited for now. Isomorphic Labs Raises $2.1 Billion to End Disease With AI
• Negative Sentiment: Bill Ackman’s Pershing Square sharply cut its GOOG and GOOGL positions, adding to concern that some large investors may be taking profits after the run-up. Fund Update: Bill Ackman's Pershing Square Capital Management, L.P. Just Disclosed New Holdings
• Negative Sentiment: Some commentary says Alphabet’s heavy AI and cloud spending is pressuring free cash flow, raising questions about near-term margins and valuation. 6.7% AA2 Bond Yield From Alphabet, But There Is a Catch

Insider Activity at Alphabet

In other Alphabet news, Director Frances Arnold sold 112 shares of Alphabet stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $302.99, for a total transaction of $33,934.88. Following the transaction, the director owned 18,418 shares of the company's stock, valued at $5,580,469.82. The trade was a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $307.89, for a total value of $10,006,425.00. Following the transaction, the chief executive officer directly owned 1,642,060 shares in the company, valued at approximately $505,573,853.40. This trade represents a 1.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 157,953 shares of company stock worth $47,767,818. Company insiders own 12.99% of the company's stock.

Alphabet Trading Down 1.0%

NASDAQ:GOOG opened at $393.32 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. Alphabet Inc. has a fifty-two week low of $163.33 and a fifty-two week high of $399.93. The stock's 50-day moving average is $327.44 and its two-hundred day moving average is $316.98. The stock has a market cap of $4.77 trillion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 1.70 and a beta of 1.25.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, beating 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 company had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.96 billion. During the same quarter in the previous year, the business posted $2.81 EPS. The business's revenue for the quarter was up 21.8% on a year-over-year basis. As a group, equities research analysts forecast that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be paid a dividend of $0.22 per share. This is a boost from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet's dividend payout ratio (DPR) is presently 6.41%.

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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