Dock Street Asset Management Inc. Lowers Stake in Alphabet Inc. $GOOGL

Key Points

• Dock Street Asset Management cut its Alphabet stake by 61% in the first quarter, selling 13,945 shares and leaving it with 8,910 shares worth about $2.56 million.
• Alphabet has been getting a boost from major market and analyst support, including its addition to the Dow Jones Industrial Average and Jefferies’ reiterated Buy rating with a $445 price target.
• The company continues to show strong operating results, with its latest quarterly earnings beating estimates on both EPS and revenue, while also increasing its quarterly dividend to $0.22 per share.

Dock Street Asset Management Inc. decreased its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 61.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,910 shares of the information services provider's stock after selling 13,945 shares during the quarter. Alphabet accounts for about 0.3% of Dock Street Asset Management Inc.'s holdings, making the stock its 26th largest holding. Dock Street Asset Management Inc.'s holdings in Alphabet were worth $2,562,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Lifetime Wealth Management P.C. purchased a new position in shares of Alphabet during the 4th quarter valued at approximately $32,000. EMC Capital Management acquired a new stake in Alphabet in the 4th quarter valued at $33,000. PMV Capital Advisers LLC purchased a new stake in Alphabet in the 4th quarter worth $38,000. IFC & Insurance Marketing Inc. purchased a new stake in Alphabet in the 4th quarter worth $38,000. Finally, Bard Associates Inc. acquired a new position in Alphabet during the fourth quarter worth $52,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet officially joined the Dow Jones Industrial Average, replacing Verizon, which has sparked broad investor buying and index-fund demand. Reuters: Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Several reports note Alphabet’s stock rose on the Dow debut, reflecting renewed investor enthusiasm and momentum around the company’s large-cap tech and AI position. CNBC: Alphabet stock pops 4% on Dow debut, but the tech giant faces major AI questions
• Positive Sentiment: Jefferies reiterated a Buy rating on Alphabet with a $445 price target, suggesting Wall Street still sees meaningful upside despite the recent pullback. Yahoo Finance: Jefferies Maintain a Buy Rating on Alphabet (GOOGL)
• Neutral Sentiment: Alphabet also gained attention from fresh coverage highlighting its cloud and AI partnerships, including Google Cloud’s collaboration with the Philippine government on AI agents for public services. Yahoo Finance: Alphabet’s Google Cloud Partners with Philippine Government to Deploy AI Agents in Public Services
• Neutral Sentiment: Investors are also weighing concerns that strong AI demand is being constrained by limited compute capacity, which may cap near-term growth even as demand remains high. Reuters: Google limits Meta's use of its Gemini AI models, FT reports
• Negative Sentiment: Some articles point out that Alphabet has been under pressure recently due to AI-spending concerns and broader weakness in big tech, so the Dow inclusion may be helping offset a weak monthly trend. CNBC: Alphabet stock pops 4% on Dow debut, but the tech giant faces major AI questions

Alphabet Price Performance

GOOGL stock opened at $353.55 on Tuesday. Alphabet Inc. has a 1 year low of $172.77 and a 1 year high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The firm has a market capitalization of $4.28 trillion, a PE ratio of 26.97, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. The business has a 50 day simple moving average of $369.30 and a 200-day simple moving average of $333.27.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping the consensus estimate of $2.64 by $2.47. The business had revenue of $109.90 billion for 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%. Equities research analysts anticipate that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on GOOGL. HSBC reaffirmed a "buy" rating and set a $420.00 price objective (down from $435.00) on shares of Alphabet in a report on Tuesday, June 2nd. Truist Financial set a $430.00 price target on shares of Alphabet and gave the stock a "buy" rating in a research report on Friday, May 29th. Wolfe Research decreased their price target on shares of Alphabet from $390.00 to $360.00 and set an "outperform" rating on the stock in a research note on Friday, April 10th. Loop Capital lifted their price objective on Alphabet from $355.00 to $490.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Finally, Susquehanna reiterated a "positive" rating and set a $460.00 price objective (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $413.13.

Insider Activity at Alphabet

In other Alphabet news, CAO Marsida Saraci sold 449 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $341.72, for a total value of $153,432.28. Following the transaction, the chief accounting officer directly owned 27,348 shares in the company, valued at $9,345,358.56. The trade was a 1.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 1,050 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the sale, the director directly owned 1,481 shares of the company's stock, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 151,972 shares of company stock valued at $5,016,958 over the last ninety days. Corporate insiders own 11.61% of the company's stock.

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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