Alphabet Inc. $GOOGL Stake Decreased by Wedmont Private Capital

Key Points

• Wedmont Private Capital reduced its Alphabet stake by 1.3% in the second quarter, selling 1,979 shares and retaining 146,365 shares valued at approximately $52.3 million. Institutional investors collectively own 40.03% of Alphabet.
• Alphabet reported strong quarterly results, with EPS of $9.11 versus the $2.89 consensus and revenue of $119.8 billion, above estimates. Analysts maintain a consensus “Buy” rating with an average price target of $422.16.
• Alphabet faces ongoing risks from heavy AI infrastructure spending, higher interest rates and ad-tech restrictions, although AI chip sales, Waymo’s international expansion and continued analyst optimism provide potential growth catalysts.

Wedmont Private Capital lowered its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 146,365 shares of the information services provider's stock after selling 1,979 shares during the quarter. Alphabet comprises about 1.4% of Wedmont Private Capital's portfolio, making the stock its 12th biggest holding. Wedmont Private Capital's holdings in Alphabet were worth $52,279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kintra Wealth LLC increased its position in shares of Alphabet by 17.6% during the 2nd quarter. Kintra Wealth LLC now owns 36,384 shares of the information services provider's stock valued at $12,602,000 after purchasing an additional 5,437 shares during the period. PCG Wealth Advisors LLC lifted its holdings in shares of Alphabet by 1.3% in the second quarter. PCG Wealth Advisors LLC now owns 4,486 shares of the information services provider's stock valued at $1,603,000 after buying an additional 59 shares during the period. Endeavor Private Wealth Inc. boosted its stake in Alphabet by 2.4% during the second quarter. Endeavor Private Wealth Inc. now owns 7,698 shares of the information services provider's stock valued at $2,751,000 after buying an additional 181 shares in the last quarter. Yarger Wealth Strategies LLC grew its holdings in Alphabet by 13.2% during the second quarter. Yarger Wealth Strategies LLC now owns 2,714 shares of the information services provider's stock worth $969,000 after acquiring an additional 317 shares during the period. Finally, Ameliora Wealth Management Ltd. grew its holdings in Alphabet by 1.6% during the second quarter. Ameliora Wealth Management Ltd. now owns 15,438 shares of the information services provider's stock worth $5,517,000 after acquiring an additional 238 shares during the period. Institutional investors own 40.03% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of Alphabet stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frances Arnold sold 112 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total transaction of $39,343.36. Following the completion of the sale, the director directly owned 18,833 shares of the company's stock, valued at $6,615,656.24. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 450,875 shares of company stock valued at $11,984,482 over the last ninety days. Corporate insiders own 11.61% of the company's stock.

Alphabet Stock Performance

Alphabet stock opened at $349.54 on Friday. Alphabet Inc. has a fifty-two week low of $235.84 and a fifty-two week high of $408.61. The firm's 50 day simple moving average is $345.20 and its 200-day simple moving average is $344.91. 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 company has a market cap of $4.27 trillion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 1.01 and a beta of 1.22.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $6.22. The firm had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. As a group, equities research analysts predict that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Monday, September 7th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Friday, September 4th. Alphabet's payout ratio is presently 4.42%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Roth Capital reissued a "buy" rating and issued a $440.00 price target (up from $435.00) on shares of Alphabet in a report on Thursday, July 23rd. New Street Research lifted their price objective on shares of Alphabet from $450.00 to $455.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Piper Sandler reiterated an "overweight" rating and issued a $395.00 target price (down from $445.00) on shares of Alphabet in a report on Thursday, July 23rd. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research note on Friday, July 17th. Finally, Phillip Securities upgraded shares of Alphabet from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 27th. Five analysts have rated the stock with a Strong Buy rating, forty-five have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Buy" and an average target price of $422.16.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: AI chip sales add a new revenue stream: Alphabet began recognizing revenue from sales of its internally developed AI chip systems in the second quarter. Investors may view the business as both a potential growth driver and a way to monetize Google’s technology infrastructure. 2 Stocks to Buy as Google Starts Selling Its AI Chips
• Positive Sentiment: Analyst raises price target: Tigress Financial Partners increased its price target for GOOGL to $485, reflecting confidence in Alphabet’s Search, Cloud, YouTube, Gemini and custom-chip opportunities. Alphabet Price Target Raised to $485
• Positive Sentiment: Waymo expands internationally: Alphabet’s autonomous-driving unit plans to launch an all-electric robotaxi service in Singapore by 2028, strengthening the long-term investment case for Alphabet’s “Other Bets” portfolio. Waymo to Bring Autonomous Ride-Hailing to Singapore
• Positive Sentiment: Options activity signals bullish positioning: Investors purchased roughly 520,000 Alphabet call options, above typical volume, indicating increased speculative interest in further upside.
• Neutral Sentiment: Ad-tech ruling avoids a breakup but imposes restrictions: A federal judge ordered Google to share more auction data with publishers and appoint an antitrust monitor, but rejected a forced breakup. Avoiding structural separation limits the immediate risk to Alphabet’s advertising business, while the behavioral remedies could pressure operations and margins. Tech Watchdogs Criticize Google Adtech Ruling
• Negative Sentiment: Higher rates and AI spending remain risks: The Federal Reserve’s rate increase and Alphabet’s heavy investment in AI infrastructure could keep pressure on free cash flow and valuation, even as Cloud backlog and AI demand remain strong.

Alphabet Profile

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet's largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

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.