SmartHarvest Portfolios LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,208 shares of the information services provider's stock after selling 1,600 shares during the period. Alphabet accounts for 2.9% of SmartHarvest Portfolios LLC's portfolio, making the stock its 4th largest position. SmartHarvest Portfolios LLC's holdings in Alphabet were worth $9,008,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in GOOGL. Brighton Jones LLC lifted its position in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after buying an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC grew its position in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after buying an additional 506 shares during the last quarter. Matrix Asset Advisors Inc. NY grew its position in shares of Alphabet by 17.6% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock worth $685,000 after buying an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Alphabet by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock worth $85,557,000 after acquiring an additional 48,805 shares in the last quarter. Finally, United Bank raised its stake in shares of Alphabet by 6.9% during the 2nd quarter. United Bank now owns 48,204 shares of the information services provider's stock worth $8,495,000 after acquiring an additional 3,120 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Key Stories Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Rosenblatt upgraded Alphabet to “strong buy” and reiterated a $410 price target, implying substantial upside and reinforcing the bullish view following Alphabet’s strong earnings report. Alphabet upgraded by Rosenblatt Securities
- Positive Sentiment: Alphabet’s AI spending continues to attract major customers and suppliers. Marvell’s custom-chip agreement includes a warrant structure that would require up to $120 billion of cumulative purchases from Google for full vesting, signaling the potentially enormous scale of Alphabet’s TPU and AI infrastructure buildout. Google’s Marvell warrant
- Positive Sentiment: Waymo received approval to operate up to thousands of commercial robotaxis in Nevada and opened its lower-cost next-generation vehicle to riders in Los Angeles, Phoenix, and San Francisco. Lower production and operating costs could improve the long-term economics of Alphabet’s autonomous-driving unit. Waymo Nevada robotaxi approval
- Positive Sentiment: Alphabet’s earnings momentum remains a support for the stock. The company recently exceeded consensus estimates for both adjusted earnings and revenue, while analysts and prominent investors—including Berkshire Hathaway—continue to highlight Alphabet’s AI positioning and valuation.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on GOOGL shares. Roth Capital reissued a "buy" rating and set a $440.00 target price (up from $435.00) on shares of Alphabet in a research report on Thursday, July 23rd. Barclays reaffirmed an "overweight" rating and set a $425.00 price target (up from $405.00) on shares of Alphabet in a research report 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 report on Thursday, April 30th. Daiwa Securities Group boosted their target price on Alphabet from $380.00 to $445.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. Finally, The Goldman Sachs Group upped their target price on Alphabet from $400.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Six research 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.com, the stock has a consensus rating of "Buy" and a consensus price target of $420.19.
Get Our Latest Stock Report on GOOGL
Insider Buying and Selling at Alphabet
In other news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $18.90, for a total value of $2,232,808.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 8,998 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the transaction, the insider directly owned 75,290 shares of the company's stock, valued at approximately $26,298,044.10. This trade represents a 10.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 451,945 shares of company stock valued at $12,382,714 over the last quarter. Insiders own 11.61% of the company's stock.
Alphabet Trading Up 1.2%
Shares of NASDAQ:GOOGL opened at $344.82 on Friday. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 52-week low of $201.30 and a 52-week high of $408.61. The stock has a market cap of $4.22 trillion, a price-to-earnings ratio of 17.32, a PEG ratio of 0.97 and a beta of 1.24. The business has a 50-day moving average price of $352.00 and a 200-day moving average price of $341.37.
Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results 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. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The firm had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. Equities analysts predict that Alphabet Inc. will post 20.51 EPS for the current year.
Alphabet Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet's dividend payout ratio is 4.42%.
About Alphabet
(
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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