GAMMA Investing LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 11.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,106 shares of the information services provider's stock after buying an additional 18,578 shares during the period. Alphabet accounts for about 2.3% of GAMMA Investing LLC's investment portfolio, making the stock its 5th largest position. GAMMA Investing LLC's holdings in Alphabet were worth $62,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. NewEdge Wealth LLC boosted its stake in shares of Alphabet by 11.8% during the fourth quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider's stock valued at $277,696,000 after purchasing an additional 93,293 shares in the last quarter. PFG Investments LLC raised its holdings in Alphabet by 2.6% in the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider's stock valued at $25,679,000 after buying an additional 2,269 shares during the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust bought a new position in Alphabet in the 4th quarter valued at approximately $28,902,000. W.G. Shaheen & Associates DBA Whitney & Co boosted its position in Alphabet by 17.1% during the 4th quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 118,966 shares of the information services provider's stock worth $37,236,000 after buying an additional 17,415 shares during the period. Finally, KLCM Advisors Inc. boosted its position in Alphabet by 66.1% during the 4th quarter. KLCM Advisors Inc. now owns 22,877 shares of the information services provider's stock worth $7,161,000 after buying an additional 9,105 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Buying and Selling at Alphabet
In other Alphabet news, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction 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 directly owned 75,290 shares of the company's stock, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $19.46, for a total value of $3,832,277.26. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 540,470 shares of company stock valued at $14,873,168. 11.61% of the stock is currently owned by company insiders.
Analyst Ratings Changes
GOOGL has been the subject of several recent research reports. Zacks Research upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Dbs Bank lifted their price target on shares of Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. HSBC reissued a "buy" rating and issued a $420.00 price objective (down from $435.00) on shares of Alphabet in a research note on Tuesday, June 2nd. Cantor Fitzgerald restated an "overweight" rating and issued a $420.00 price objective (down from $435.00) on shares of Alphabet in a report on Thursday, July 23rd. Finally, Truist Financial set a $420.00 target price on Alphabet and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $419.86.
Get Our Latest Stock Analysis on GOOGL
More Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet’s Gemini app has surpassed 1 billion monthly active users, strengthening the case that the company’s AI investments are gaining broad consumer adoption. Google's Gemini app surges to one billion users
- Positive Sentiment: Ryanair signed a five-year Google Cloud agreement to deploy Gemini, DeepMind and Workspace tools across its 35,000 employees, providing another example of enterprise AI monetization. Ryanair signs five-year Google Cloud deal
- Positive Sentiment: Analysts continue to view Alphabet as an attractive AI and cloud investment, citing strong Google Cloud margins and valuation support following its strong second-quarter results. Google Cloud margins supported Alphabet's stock
- Positive Sentiment: Alphabet unveiled Pixel 11 phones, the Pixel Watch 5, a $29 Pixel Tag and additional Gemini features, expanding its hardware ecosystem and opportunities to distribute AI services. Google unveils Pixel 11 lineup and Gemini features
Alphabet Stock Performance
GOOGL stock opened at $343.54 on Thursday. The stock has a 50-day moving average price of $354.63 and a 200-day moving average price of $340.94. Alphabet Inc. has a 1-year low of $196.60 and a 1-year high of $408.61. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.20 trillion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 0.96 and a beta of 1.24.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its 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 return on equity of 51.32% and a net margin of 54.77%.The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. As a group, equities research analysts expect that Alphabet Inc. will post 20.51 earnings per share for the current year.
Alphabet Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.3%. Alphabet's payout ratio is 4.42%.
About Alphabet
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Free Report)
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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