CCM Investment Advisers LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 132,216 shares of the information services provider's stock after selling 4,552 shares during the period. Alphabet accounts for 3.6% of CCM Investment Advisers LLC's holdings, making the stock its biggest position. CCM Investment Advisers LLC's holdings in Alphabet were worth $38,020,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the business. Hobbs Group Advisors LLC increased its holdings in shares of Alphabet by 4.1% in the first quarter. Hobbs Group Advisors LLC now owns 11,701 shares of the information services provider's stock valued at $3,365,000 after purchasing an additional 466 shares during the last quarter. January Capital Advisors LLC bought a new position in shares of Alphabet in the first quarter valued at about $550,000. Union Heritage Capital LLC lifted its stake in shares of Alphabet by 184.3% during the 1st quarter. Union Heritage Capital LLC now owns 22,520 shares of the information services provider's stock worth $6,476,000 after buying an additional 14,600 shares during the last quarter. Leigh Baldwin & CO. LLC lifted its stake in shares of Alphabet by 2.1% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 4,887 shares of the information services provider's stock worth $1,405,000 after buying an additional 100 shares during the last quarter. Finally, FinArc Investments Inc. bought a new stake in shares of Alphabet during the 1st quarter worth about $4,776,000. Institutional investors and hedge funds own 40.03% of the company's stock.
Analyst Ratings Changes
Several research firms have weighed in on GOOGL. China Renaissance increased their price target on shares of Alphabet from $400.00 to $485.00 and gave the company a "buy" rating in a report on Monday, May 4th. Wells Fargo & Company set a $411.00 price objective on Alphabet and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Loop Capital upped their target price on Alphabet from $355.00 to $490.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Citizens Jmp reiterated a "market outperform" rating and set a $515.00 target price on shares of Alphabet in a research note on Wednesday, July 22nd. Finally, Wall Street Zen cut Alphabet from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Six analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $419.86.
Get Our Latest Research Report on Alphabet
Alphabet Stock Down 1.0%
GOOGL stock opened at $354.30 on Friday. The company has a market cap of $4.33 trillion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.00 and a beta of 1.24. The business has a 50-day simple moving average of $355.68 and a 200 day simple moving average of $340.41. Alphabet Inc. has a 52 week low of $196.60 and a 52 week high of $408.61. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $2.89 by $6.22. The business had revenue of $119.80 billion during the quarter, compared to analysts' expectations of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Sell-side analysts anticipate that Alphabet Inc. will post 20.51 EPS for the current fiscal year.
Alphabet Dividend Announcement
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 given a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. Alphabet's dividend payout ratio (DPR) is currently 4.42%.
Insider Activity at Alphabet
In other Alphabet news, insider John Kent Walker sold 8,998 shares of the firm's 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 sale, the insider owned 75,290 shares of the company's stock, valued at approximately $26,298,044.10. This trade represents a 10.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 1,050 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the sale, the director directly owned 1,481 shares in the company, valued at approximately $545,941.03. This represents a 41.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 600,547 shares of company stock valued at $16,255,540 over the last three months. 11.61% of the stock is owned by insiders.
Key Stories Impacting Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google's AI business is booming, so why are DeepMind's biggest names quitting?
- Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
- Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal
About Alphabet
(
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.
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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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