Dock Street Asset Management Inc. Sells 10,485 Shares of Alphabet Inc. $GOOG

Key Points

• Dock Street Asset Management trimmed its Alphabet stake by 4.7% in the first quarter, selling 10,485 shares and ending with 212,815 shares worth about $61.0 million. Alphabet remains its fourth-largest holding.
• Insider selling continued at Alphabet, with CAO Amie Thuener O'Toole and Director Frances Arnold both selling shares recently. Company insiders have sold 151,523 shares worth $4.86 million over the last 90 days.
• Alphabet’s latest quarterly results were strong, with EPS of $5.11 beating estimates and revenue rising 21.8% year over year to $109.9 billion. Analysts remain broadly bullish, with a consensus Buy rating and an average price target of $376.78.

Dock Street Asset Management Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 4.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,815 shares of the information services provider's stock after selling 10,485 shares during the quarter. Alphabet accounts for approximately 6.4% of Dock Street Asset Management Inc.'s holdings, making the stock its 4th biggest holding. Dock Street Asset Management Inc.'s holdings in Alphabet were worth $61,048,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GOOG. Imprint Wealth LLC bought a new stake in Alphabet in the third quarter valued at about $31,000. Nvest Wealth Strategies Inc. acquired a new position in Alphabet in the fourth quarter worth about $38,000. Lifetime Wealth Management P.C. bought a new position in Alphabet during the fourth quarter worth about $38,000. Bard Associates Inc. bought a new position in Alphabet during the fourth quarter worth about $41,000. Finally, Towne Trust Company N.A boosted its holdings in Alphabet by 34.0% during the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock valued at $42,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O'toole sold 617 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $289.63, for a total transaction of $178,701.71. Following the sale, the chief accounting officer directly owned 10,093 shares of the company's stock, valued at $2,923,235.59. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frances Arnold sold 102 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $381.00, for a total value of $38,862.00. Following the completion of the transaction, the director owned 18,721 shares in the company, valued at $7,132,701. The trade was a 0.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 151,523 shares of company stock worth $4,863,526 in the last 90 days. Corporate insiders own 12.99% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on GOOG. Pivotal Research restated a "buy" rating and set a $470.00 target price (up from $420.00) on shares of Alphabet in a research report on Wednesday, April 29th. Needham & Company LLC set a $400.00 price target on Alphabet and gave the company a "buy" rating in a research report on Friday, March 13th. Scotiabank reiterated an "outperform" rating and set a $450.00 price objective (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Truist Financial set a $430.00 price objective on Alphabet in a report on Monday, June 1st. Finally, KeyCorp restated an "overweight" rating on shares of Alphabet in a research note on Wednesday, May 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $376.78.

Alphabet Stock Down 2.2%

NASDAQ GOOG opened at $334.71 on Friday. The stock's 50 day simple moving average is $366.33 and its 200 day simple moving average is $331.94. Alphabet Inc. has a one year low of $172.71 and a one year high of $404.47. The firm has a market cap of $4.06 trillion, a PE ratio of 25.53, a price-to-earnings-growth ratio of 1.43 and a beta of 1.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $2.43. The firm had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.81 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a $0.22 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, June 8th. Alphabet's dividend payout ratio (DPR) is presently 6.71%.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s advertising business is still growing, with one analyst note pointing to rising ad revenues and AI-driven ad tools as a source of further upside. Alphabet Benefits From Rising Advertising Revenues: More Upside Ahead?
• Positive Sentiment: Wedbush said the recent sell-off in big tech and AI names looks more like a buying opportunity than a broken AI thesis, and included Alphabet among the core beneficiaries of the AI trend. Wedbush brushes off tech sell-off as buying chance in multi-year AI bull run
• Positive Sentiment: Alphabet continues to get bullish long-term commentary from investors who see it as a strong growth and AI compounder, helped by Google Cloud momentum and AI monetization potential. Alphabet: Still A Top-Tier AI Compounder
• Neutral Sentiment: Alphabet is set to join the Dow Jones Industrial Average, which is a notable index inclusion but not an immediate fundamental catalyst. Alphabet Set to Join Dow Jones Industrial Average as Verizon Exits Index (GOOG)
• Neutral Sentiment: A new bill would study data-center energy and water measurement standards, which could eventually affect Alphabet’s cloud and AI infrastructure, but it does not create immediate regulation. New Bill: Representative Suhas Subramanyam introduces H.R. 9372: Data Infrastructure Energy Measurement and Standards Act
• Negative Sentiment: Investor concern is centered on Google’s AI talent exodus, with reports of more researchers leaving for rivals like Anthropic, raising worries about execution in Gemini and broader AI competitiveness. Alphabet Shares Fall After Report on Further AI Talent Departures
• Negative Sentiment: A separate report said Google is taking a tougher stance with publishers to secure broader content access for AI training, while publishers warn that traffic declines are already hurting them, adding to regulatory and relationship risk. Google looks to bleed publishers with new AI partnerships that would cull their content
• Negative Sentiment: Several articles this week continued to highlight weakness in the “all-in on AI” trade and pressure on Alphabet shares tied to AI talent losses and competitive fears. Ranking the FAANG Stocks From Most to Least Attractive, Based on Future Cash Flow

Alphabet Profile

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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