Dynamic Advisor Solutions LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,095 shares of the information services provider's stock after selling 9,246 shares during the quarter. Alphabet accounts for 1.1% of Dynamic Advisor Solutions LLC's holdings, making the stock its 14th biggest position. Dynamic Advisor Solutions LLC's holdings in Alphabet were worth $39,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NewEdge Wealth LLC raised its holdings in Alphabet by 11.8% in the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider's stock valued at $277,696,000 after buying an additional 93,293 shares during the last quarter. PFG Investments LLC grew its holdings in Alphabet by 2.6% during the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider's stock worth $25,679,000 after acquiring an additional 2,269 shares during the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust bought a new stake in Alphabet during the 4th quarter worth approximately $28,902,000. W.G. Shaheen & Associates DBA Whitney & Co increased its position in Alphabet by 17.1% in the 4th quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 118,966 shares of the information services provider's stock valued at $37,236,000 after acquiring an additional 17,415 shares during the period. Finally, KLCM Advisors Inc. increased its position in Alphabet by 66.1% in the 4th quarter. KLCM Advisors Inc. now owns 22,877 shares of the information services provider's stock valued at $7,161,000 after acquiring an additional 9,105 shares during the period. 40.03% of the stock is currently owned by institutional investors.
Alphabet Price Performance
Shares of NASDAQ GOOGL opened at $343.54 on Thursday. Alphabet Inc. has a twelve month low of $196.60 and a twelve month high of $408.61. The firm has a fifty day simple moving average of $354.63 and a 200 day simple moving average of $340.94. The company has a market capitalization of $4.20 trillion, a PE ratio of 17.25, a P/E/G ratio of 0.96 and a beta of 1.24. 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 issued its quarterly 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. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The business had revenue of $119.80 billion for the quarter, compared to analysts' expectations of $117.07 billion. On average, sell-side analysts forecast that Alphabet Inc. will post 20.51 EPS for the current year.
Alphabet Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet's payout ratio is currently 4.42%.
Insiders Place Their Bets
In related news, insider John Kent Walker sold 8,998 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the completion of the sale, the insider owned 75,290 shares of the company's stock, valued at $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Frances Arnold sold 82 shares of Alphabet stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $333.39, for a total value of $27,337.98. Following the completion of the sale, the director owned 18,914 shares of the company's stock, valued at approximately $6,305,738.46. The trade was a 0.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 540,470 shares of company stock worth $14,873,168 in the last quarter. 11.61% of the stock is currently owned by company insiders.
More Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet’s Gemini app has surpassed 1 billion monthly active users, strengthening the case that the company’s AI investments are gaining broad consumer adoption. Google's Gemini app surges to one billion users
- Positive Sentiment: Ryanair signed a five-year Google Cloud agreement to deploy Gemini, DeepMind and Workspace tools across its 35,000 employees, providing another example of enterprise AI monetization. Ryanair signs five-year Google Cloud deal
- Positive Sentiment: Analysts continue to view Alphabet as an attractive AI and cloud investment, citing strong Google Cloud margins and valuation support following its strong second-quarter results. Google Cloud margins supported Alphabet's stock
- Positive Sentiment: Alphabet unveiled Pixel 11 phones, the Pixel Watch 5, a $29 Pixel Tag and additional Gemini features, expanding its hardware ecosystem and opportunities to distribute AI services. Google unveils Pixel 11 lineup and Gemini features
Analysts Set New Price Targets
GOOGL has been the topic of a number of recent research reports. Loop Capital lifted their price target on shares of Alphabet from $355.00 to $490.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Oppenheimer raised their target price on Alphabet from $425.00 to $445.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. Evercore lifted their target price on Alphabet from $400.00 to $420.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Wells Fargo & Company set a $411.00 price target on Alphabet and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Finally, UBS Group decreased their price target on Alphabet from $400.00 to $379.00 and set a "neutral" rating for the company in a research note on Thursday, July 23rd. Six investment 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 currently has a consensus rating of "Buy" and an average price target of $419.86.
Check Out Our Latest Stock Analysis on Alphabet
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.
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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