Beacon Bank & Trust trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,729 shares of the information services provider's stock after selling 3,463 shares during the period. Alphabet makes up about 2.0% of Beacon Bank & Trust's portfolio, making the stock its 13th biggest position. Beacon Bank & Trust's holdings in Alphabet were worth $17,772,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the business. Lifetime Wealth Management P.C. acquired a new stake in shares of Alphabet during the 4th quarter worth approximately $32,000. EMC Capital Management acquired a new position in shares of Alphabet in the 4th quarter valued at $33,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Alphabet in the 4th quarter valued at $38,000. Bard Associates Inc. purchased a new stake in Alphabet during the fourth quarter worth $52,000. Finally, iSAM Funds UK Ltd purchased a new stake in Alphabet during the third quarter worth $53,000. 40.03% of the stock is owned by hedge funds and other institutional investors.
Key Alphabet News
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.
Analyst Ratings Changes
GOOGL has been the subject of a number of recent analyst reports. President Capital lifted their price objective on shares of Alphabet from $375.00 to $465.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Barclays restated an "overweight" rating and set a $425.00 target price (up from $405.00) on shares of Alphabet in a research report on Thursday, July 23rd. Zacks Research lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Dbs Bank upped their price target on Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. Finally, Oppenheimer increased their price target on Alphabet from $425.00 to $445.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. Six analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $420.19.
View Our Latest Stock Report on GOOGL
Alphabet Trading Up 1.2%
Shares of NASDAQ GOOGL opened at $344.82 on Friday. Alphabet Inc. has a twelve month low of $201.30 and a twelve month high of $408.61. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $352.00 and a 200-day simple moving average of $341.37. The stock has a market capitalization of $4.22 trillion, a PE ratio of 17.32, a PEG ratio of 0.96 and a beta of 1.24.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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. On average, equities analysts forecast that Alphabet Inc. will post 20.51 earnings per share for the current year.
Alphabet Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. Alphabet's dividend payout ratio is 4.42%.
Insider Buying and Selling at Alphabet
In other news, Director Frances Arnold sold 82 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $333.39, for a total transaction of $27,337.98. Following the sale, the director owned 18,914 shares of the company's stock, valued at approximately $6,305,738.46. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 8,998 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the completion of the transaction, the insider directly owned 75,290 shares of the company's stock, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 451,945 shares of company stock worth $12,382,714 over the last ninety days. Company insiders own 11.61% of the company's stock.
Alphabet Company 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.
Further Reading
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.
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