Alphabet Inc. $GOOGL Position Cut by Asset Dedication LLC

Key Points

• Asset Dedication LLC cut its Alphabet stake by 23.5% in the first quarter, selling 4,028 shares and retaining 13,135 shares worth approximately $3.78 million. Institutional investors own about 40% of Alphabet.
• Analyst sentiment remains positive, with Alphabet receiving an average “Buy” rating and a consensus price target of $419.86; Truist Financial set a $420 target.
• Alphabet reported quarterly revenue of $119.8 billion and EPS of $9.11, both exceeding expectations, while strong Google Cloud and AI growth continues to support the investment outlook.

Asset Dedication LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,135 shares of the information services provider's stock after selling 4,028 shares during the quarter. Asset Dedication LLC's holdings in Alphabet were worth $3,777,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Lavelle Capital LP acquired a new stake in shares of Alphabet in the 1st quarter worth approximately $6,777,000. Allen Capital Group LLC increased its stake in shares of Alphabet by 2.8% during the first quarter. Allen Capital Group LLC now owns 54,712 shares of the information services provider's stock valued at $15,733,000 after acquiring an additional 1,467 shares during the period. Security Financial Services INC. increased its stake in shares of Alphabet by 14.0% during the first quarter. Security Financial Services INC. now owns 4,075 shares of the information services provider's stock valued at $1,172,000 after acquiring an additional 502 shares during the period. Capasso Planning Partners LLC raised its holdings in Alphabet by 10.7% during the first quarter. Capasso Planning Partners LLC now owns 1,447 shares of the information services provider's stock worth $416,000 after purchasing an additional 140 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC raised its holdings in Alphabet by 8.2% during the first quarter. Summit Financial Wealth Advisors LLC now owns 3,870 shares of the information services provider's stock worth $1,113,000 after purchasing an additional 294 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Trending Headlines about Alphabet

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GOOGL shares. Truist Financial set a $420.00 price target on Alphabet and gave the company a "buy" rating in a research note on Thursday, July 23rd. Sanford C. Bernstein reissued a "market perform" rating and issued a $390.00 price objective (up from $345.00) on shares of Alphabet in a research note on Thursday, April 30th. Freedom Capital upgraded Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a research note on Friday, July 17th. Finally, Zacks Research raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Alphabet has an average rating of "Buy" and a consensus target price of $419.86.

Alphabet Price Performance

NASDAQ GOOGL opened at $354.30 on Friday. The stock has a market capitalization of $4.33 trillion, a P/E ratio of 17.80, a P/E/G ratio of 0.99 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 business's fifty day moving average is $355.68 and its two-hundred day moving average is $340.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $6.22. The company had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. On average, research analysts forecast that Alphabet Inc. will post 20.51 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 0.2%. Alphabet's payout ratio is 4.42%.

Insider Buying and Selling

In related news, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $333.20, for a total value of $149,606.80. Following the transaction, the chief accounting officer owned 27,386 shares of the company's stock, valued at approximately $9,125,015.20. This trade represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 82 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $333.39, for a total value of $27,337.98. Following the sale, the director owned 18,914 shares in the company, valued at approximately $6,305,738.46. The trade was a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 600,547 shares of company stock valued at $16,255,540. 11.61% of the stock is currently owned by company insiders.

Alphabet Company Profile

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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