Clio Asset Management LLC Invests $3.76 Million in Alphabet Inc. $GOOGL

Key Points

• Clio Asset Management opened a new position in Alphabet, buying 13,074 shares worth about $3.76 million in the first quarter. Alphabet now makes up roughly 3.2% of the firm’s holdings.
• Alphabet’s latest quarterly results beat expectations, with EPS of $5.11 versus the $2.64 estimate and revenue of $109.9 billion versus the $106.98 billion forecast. Analysts still expect strong full-year earnings growth.
• The company also raised its quarterly dividend to $0.22 per share from $0.21, while Wall Street remains broadly bullish with a Moderate Buy consensus and an average price target of $413.90.

Clio Asset Management LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,074 shares of the information services provider's stock, valued at approximately $3,760,000. Alphabet accounts for about 3.2% of Clio Asset Management LLC's holdings, making the stock its 14th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Lifetime Wealth Management P.C. purchased a new stake in shares of Alphabet during the 4th quarter worth $32,000. EMC Capital Management acquired a new stake in Alphabet in the fourth quarter valued at $33,000. PMV Capital Advisers LLC purchased a new stake in Alphabet during the 4th quarter worth about $38,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Alphabet during the 4th quarter worth about $38,000. Finally, Bard Associates Inc. purchased a new position in shares of Alphabet in the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $361.21 on Thursday. Alphabet Inc. has a one year low of $172.77 and a one year high of $408.61. The stock has a market capitalization of $4.38 trillion, a price-to-earnings ratio of 27.55, a PEG ratio of 1.53 and a beta of 1.24. The company has a 50-day simple moving average of $370.08 and a 200-day simple moving average of $333.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.98 billion. On average, analysts predict that Alphabet Inc. will post 14.3 EPS for the current year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a dividend of $0.22 per share. This is a boost from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Monday, June 8th. Alphabet's dividend payout ratio is 6.71%.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s addition to the Dow Jones Industrial Average is boosting visibility and may increase index-related demand for GOOGL. Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Google’s Nano Banana 2 Lite launch could strengthen its AI product lineup by offering a faster, cheaper creation tool. Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: Visa and Google signing onto OpenUSD expands Alphabet’s footprint in digital payments infrastructure. Visa and Google Sign on to Use Money Movement Stablecoin OpenUSD
• Neutral Sentiment: Recent insider stock sales by Alphabet directors and executives appear routine and are not large enough on their own to change the investment thesis. Director Frances Arnold sold 112 shares of Alphabet stock
• Negative Sentiment: A Swedish court ordered Google to pay damages in an antitrust case, reinforcing legal risk around its shopping and search practices. Swedish court orders Google pay $1.46 bn for favoring its price comparisons
• Negative Sentiment: UK regulators are moving against app-store fees and payment restrictions, which could pressure Google’s app platform economics. UK targets Apple, Google app store fees for developers

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GOOGL shares. JPMorgan Chase & Co. restated a "buy" rating on shares of Alphabet in a research note on Monday, May 4th. Jefferies Financial Group restated a "buy" rating on shares of Alphabet in a report on Monday, June 22nd. Cantor Fitzgerald lifted their price target on shares of Alphabet from $395.00 to $465.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Loop Capital upped their price objective on shares of Alphabet from $355.00 to $490.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Finally, New Street Research lifted their target price on Alphabet from $450.00 to $455.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $413.90.

Insider Transactions at Alphabet

In other news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $393.26, for a total transaction of $412,923.00. Following the transaction, the director owned 2,531 shares in the company, valued at approximately $995,341.06. This trade represents a 29.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 160,465 shares of company stock worth $8,020,511 over the last quarter. 11.61% of the stock is currently owned by corporate insiders.

Alphabet Profile

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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