Boundless Plain Holdings Ltd Acquires New Holdings in Alphabet Inc. $GOOGL

Key Points

• Boundless Plain Holdings initiated a new position in Alphabet, buying 24,500 shares valued at about $7.67 million. Alphabet now makes up 2.4% of the fund’s portfolio and is its 10th-largest holding.
• Several analysts remain bullish on Alphabet, with recent target hikes from firms including Robert W. Baird, Oppenheimer, and China Renaissance. The stock currently carries a Moderate Buy consensus and an average price target of $413.13.
• Alphabet reported strong quarterly results, posting EPS of $5.11 versus estimates of $2.64 on revenue of $109.9 billion, and it also raised its quarterly dividend to $0.22 per share.

Boundless Plain Holdings Ltd bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 24,500 shares of the information services provider's stock, valued at approximately $7,668,000. Alphabet accounts for 2.4% of Boundless Plain Holdings Ltd's investment portfolio, making the stock its 10th largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PMV Capital Advisers LLC acquired a new position in Alphabet during the 4th quarter valued at about $38,000. Kentucky Trust Co increased its position in Alphabet by 142.9% in the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock valued at $53,000 after acquiring an additional 100 shares during the period. iSAM Funds UK Ltd acquired a new stake in Alphabet in the 3rd quarter valued at approximately $53,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Alphabet in the 3rd quarter valued at approximately $53,000. Finally, Nvest Wealth Strategies Inc. acquired a new stake in Alphabet in the 4th quarter valued at approximately $69,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. DZ Bank restated a "buy" rating on shares of Alphabet in a research report on Monday, February 16th. Robert W. Baird raised their target price on Alphabet from $380.00 to $400.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Oppenheimer raised their target price on Alphabet from $425.00 to $445.00 and gave the company an "outperform" rating in a research report on Friday, May 15th. Tigress Financial set a $415.00 target price on Alphabet and gave the company a "strong-buy" rating in a research report on Thursday, February 19th. Finally, China Renaissance raised their target price on Alphabet from $400.00 to $485.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $413.13.

Alphabet Stock Performance

GOOGL opened at $368.53 on Friday. The firm has a market cap of $4.47 trillion, a PE ratio of 28.11, a P/E/G 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. The business has a fifty day simple moving average of $352.70 and a 200-day simple moving average of $327.81. Alphabet Inc. has a fifty-two week low of $162.00 and a fifty-two week high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share 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 analyst estimates of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. As a group, equities analysts predict that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 8th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. This is a boost from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio is 6.41%.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock's 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK 'conduct requirement'

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 1,050 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $393.26, for a total transaction of $412,923.00. Following the completion of the sale, the director directly owned 2,531 shares of the company's stock, valued at $995,341.06. This trade represents a 29.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $23.75, for a total value of $2,077,531.25. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is owned by insiders.

About Alphabet

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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