Alphabet Inc. $GOOGL Shares Sold by Summitry LLC

Key Points

• Summitry LLC trimmed its Alphabet stake by 4% in the fourth quarter, selling 14,695 shares and leaving it with 348,766 shares valued at about $109.2 million. Alphabet remains the fund’s 4th-largest holding.
• Wall Street sentiment on GOOGL remains bullish overall, with multiple analysts raising price targets and the stock holding a consensus “Moderate Buy” rating. The average price target stands at $413.13.
• Alphabet is benefiting from strong earnings and AI optimism, after reporting quarterly EPS and revenue that beat expectations. The company also increased its quarterly dividend to $0.22 per share.

Summitry LLC lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,766 shares of the information services provider's stock after selling 14,695 shares during the period. Alphabet makes up approximately 4.5% of Summitry LLC's portfolio, making the stock its 4th largest position. Summitry LLC's holdings in Alphabet were worth $109,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Gordian Advisors LLC acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $203,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Alphabet by 4.0% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 35,670 shares of the information services provider's stock worth $11,165,000 after buying an additional 1,386 shares during the last quarter. Linden Rose Investment LLC acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $12,558,000. Fisher Asset Management LLC increased its holdings in shares of Alphabet by 1.6% during the 4th quarter. Fisher Asset Management LLC now owns 38,106,033 shares of the information services provider's stock worth $11,927,189,000 after buying an additional 583,078 shares during the last quarter. Finally, Rooted Wealth Advisors Inc. increased its holdings in shares of Alphabet by 4.2% during the 4th quarter. Rooted Wealth Advisors Inc. now owns 5,649 shares of the information services provider's stock worth $1,881,000 after buying an additional 230 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GOOGL shares. Sanford C. Bernstein restated a "market perform" rating and set a $390.00 price target (up from $345.00) on shares of Alphabet in a report on Thursday, April 30th. New Street Research lifted their target price on shares of Alphabet from $450.00 to $455.00 and gave the company a "buy" rating in a report on Friday. Cantor Fitzgerald lifted their target price on shares of Alphabet from $395.00 to $465.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Susquehanna reiterated a "positive" rating and issued a $460.00 target price (up from $400.00) on shares of Alphabet in a report on Thursday, April 30th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $413.13.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s long-term AI opportunity remains a major bullish theme, with analysts arguing the company’s heavy investment could support future revenue growth and strengthen its competitive position in search, cloud, and AI. Alphabet: CapEx Pressure Is Real, But The Long-Term AI Opportunity Is Bigger
• Positive Sentiment: Alphabet continues to benefit from broader AI enthusiasm, including reports that Apple is turning to Google for help with its AI overhaul and that Google’s cloud and AI capabilities are being tied to major customer wins and partnerships. Apple tries again on AI, turns to Google for help
• Positive Sentiment: Waymo remains a strategic asset for Alphabet, with new robotaxi-related developments highlighting the unit’s leadership in autonomous driving and potential to unlock long-term value. Uber, Wayve and Waymo are headed towards a robotaxi showdown in London
• Neutral Sentiment: Alphabet is drawing investor attention after its latest earnings results showed strong quarterly performance, including earnings and revenue that beat expectations, which helps support the stock’s long-term valuation. Alphabet Inc. (GOOGL) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Alphabet’s dividend and other capital-return details are also getting attention, but these are unlikely to be the main driver of the stock’s move today. Google to pay dividends next week; Here's how much 100 GOOGL shares will earn
• Negative Sentiment: Shares are sliding because investors appear worried that Alphabet’s expanding AI spending could pressure margins and require more capital than expected before those investments pay off. What's Going On With Alphabet Stock?
• Negative Sentiment: Recent market-wide volatility has also weighed on megacap tech stocks, adding to the weakness in Alphabet despite the company’s long-term AI story. Alphabet (GOOGL) Stock Slides as Market Rises: Facts to Know Before You Trade

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 8,993 shares of the business's stock in a transaction on Friday, March 27th. The shares were sold at an average price of $275.89, for a total value of $2,481,078.77. Following the completion of the transaction, the insider owned 51,808 shares in the company, valued at $14,293,309.12. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O'toole sold 617 shares of Alphabet stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total transaction of $178,701.71. Following the sale, the chief accounting officer directly owned 10,093 shares of the company's stock, valued at approximately $2,923,235.59. This trade represents a 5.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 193,016 shares of company stock valued at $17,282,549. Corporate insiders own 11.61% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $363.31 on Tuesday. The company has a fifty day simple moving average of $354.35 and a two-hundred day simple moving average of $328.67. The company has a market cap of $4.40 trillion, a price-to-earnings ratio of 27.71, a price-to-earnings-growth ratio of 1.58 and a beta of 1.23. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 52 week low of $162.00 and a 52 week high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping the consensus estimate of $2.64 by $2.47. The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. As a group, equities analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

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

Alphabet 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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