Cane Capital Partners LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 17.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,510 shares of the information services provider's stock after selling 10,521 shares during the quarter. Alphabet accounts for approximately 6.9% of Cane Capital Partners LLC's holdings, making the stock its biggest position. Cane Capital Partners LLC's holdings in Alphabet were worth $17,336,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Alphabet by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider's stock valued at $165,567,398,000 after acquiring an additional 12,531,695 shares during the last quarter. State Street Corp increased its holdings in shares of Alphabet by 1.8% in the 2nd quarter. State Street Corp now owns 229,954,269 shares of the information services provider's stock worth $40,524,841,000 after buying an additional 4,008,374 shares during the last quarter. Geode Capital Management LLC boosted its stake in Alphabet by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider's stock worth $45,625,595,000 after buying an additional 2,666,676 shares during the period. Norges Bank purchased a new position in Alphabet during the 4th quarter valued at $30,534,239,000. Finally, Bank of America Corp DE boosted its position in Alphabet by 4.9% in the 4th quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider's stock valued at $21,630,861,000 after buying an additional 3,218,852 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Down 1.4%
Alphabet stock opened at $342.00 on Thursday. The firm has a 50 day moving average price of $350.61 and a 200 day moving average price of $341.58. Alphabet Inc. has a fifty-two week low of $205.65 and a fifty-two week high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72. The company has a market capitalization of $4.18 trillion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced 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. The company had revenue of $119.80 billion during the quarter, compared to analysts' expectations of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. Research analysts expect that Alphabet Inc. will post 20.51 earnings per share for the current year.
Alphabet Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be paid a $0.22 dividend. 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 payout ratio is currently 4.42%.
Insider Activity
In related news, insider John Kent Walker sold 8,998 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the transaction, the insider owned 75,290 shares of the company's stock, valued at $26,298,044.10. This represents a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total value of $149,606.80. Following the completion of the transaction, the chief accounting officer owned 27,386 shares in the company, valued at approximately $9,125,015.20. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 451,945 shares of company stock worth $12,382,714. 11.61% of the stock is currently owned by company insiders.
Key Stories Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Berkshire Hathaway increased its Alphabet stake by 83% to approximately $37.8 billion, providing a significant endorsement from a major long-term investor and reinforcing confidence in Alphabet’s search, cloud and AI businesses. Berkshire Boosts Its Bet: This AI Hyperscaler Is Now a Top-3 Holding
- Positive Sentiment: Google is expanding Gemini Enterprise into regulated industries, including legal and financial services, creating potential for higher-value recurring cloud and AI revenue as enterprises adopt specialized agents. What Alphabet's Gemini Enterprise Push Into Regulated Industries Means For Shareholders
- Positive Sentiment: Alphabet-owned Waymo plans to enter Germany with driverless rides in 2027, offering a potential long-term growth avenue and demonstrating progress toward international commercialization. Waymo to launch driverless rides in Germany in 2027
- Neutral Sentiment: Google introduced new Gemini Live voice capabilities intended to let users complete multiple tasks without choosing among separate AI tools. The feature may improve engagement, although its near-term financial impact is unclear. Google's Gemini has a branding problem
- Negative Sentiment: A settlement involving Meta and U.S. state attorneys general has renewed scrutiny of how YouTube protects children and teenagers. Investors are concerned that similar requirements could impose substantial compliance costs or financial obligations on Alphabet. Why is Alphabet stock down today?
- Negative Sentiment: Alphabet moved its AI-responsibility team out of DeepMind, prompting concerns among researchers about independence and the team’s ability to identify risks in new models. The development adds governance and reputational uncertainty to the company’s aggressive AI rollout. Google Moves AI-Responsibility Team Out of DeepMind Lab
- Negative Sentiment: Reports that Nvidia-based AI server prices may rise by more than 15% could increase Alphabet’s infrastructure costs, adding pressure to margins as the company continues heavy AI capital spending. Alphabet Spends About 60 Cents of Every Technical Infrastructure Dollar on Servers
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. Guggenheim reissued a "buy" rating and set a $450.00 price target (up from $375.00) on shares of Alphabet in a research report on Thursday, April 30th. Citigroup reaffirmed an "outperform" rating on shares of Alphabet in a report on Monday, May 4th. Needham & Company LLC reissued a "buy" rating and set a $450.00 price target on shares of Alphabet in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Alphabet in a research report on Monday, May 4th. Finally, Canaccord Genuity Group raised their target price on Alphabet from $415.00 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 issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $420.19.
Check Out Our Latest Stock Analysis on GOOGL
Alphabet Profile
(
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.
See Also
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).
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