Argent Capital Management LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.4% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 703,639 shares of the information services provider's stock after selling 48,259 shares during the period. Alphabet makes up about 6.4% of Argent Capital Management LLC's holdings, making the stock its biggest holding. Argent Capital Management LLC's holdings in Alphabet were worth $202,339,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. EMC Capital Management purchased a new stake in shares of Alphabet during the fourth quarter worth about $33,000. Lifetime Wealth Management P.C. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $32,000. IFC & Insurance Marketing Inc. bought a new position in shares of Alphabet during the fourth quarter valued at approximately $38,000. Bard Associates Inc. bought a new stake in Alphabet in the fourth quarter valued at $52,000. Finally, Kentucky Trust Co increased its position in Alphabet by 142.9% during the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock valued at $53,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.
Wall Street Analyst Weigh In
GOOGL has been the subject of a number of research reports. Morgan Stanley set a $400.00 price target on shares of Alphabet and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Barclays reissued an "overweight" rating and set a $425.00 price objective (up from $405.00) on shares of Alphabet in a research report on Thursday, July 23rd. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $390.00 target price (up from $345.00) on shares of Alphabet in a research report on Thursday, April 30th. CICC Research increased their price target on shares of Alphabet from $388.00 to $407.91 and gave the stock an "outperform" rating in a research note on Friday, May 1st. Finally, Mizuho boosted their price objective on shares of Alphabet from $420.00 to $460.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 6th. Six investment analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Alphabet has an average rating of "Buy" and an average target price of $419.86.
Check Out Our Latest Research Report on GOOGL
Insider Transactions at Alphabet
In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the transaction, the director directly owned 1,481 shares in the company, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of Alphabet stock in a transaction on Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The SEC filing for this sale provides additional information. Insiders have sold 600,547 shares of company stock worth $16,255,540 in the last quarter. Company insiders own 11.61% of the company's stock.
More Alphabet News
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
Alphabet Price Performance
NASDAQ GOOGL opened at $354.30 on Friday. The stock has a market capitalization of $4.33 trillion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.00 and a beta of 1.24. Alphabet Inc. has a 1-year low of $196.60 and a 1-year high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. The business's fifty day moving average price is $355.68 and its 200-day moving average price is $340.41.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $2.89 by $6.22. The company had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. On average, equities analysts predict 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. Stockholders of record on Monday, September 7th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. Alphabet's dividend payout ratio is presently 4.42%.
Alphabet Profile
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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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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.
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