Essex Bank Reduces Position in Alphabet Inc. $GOOG

Key Points

• Essex Bank reduced its Alphabet stake by 13.6% in the first quarter, selling 4,744 shares and leaving it with 30,049 shares valued at about $8.62 million. Alphabet still ranked as the bank’s 9th largest holding and made up about 1.9% of its portfolio.
• Alphabet posted strong quarterly results, reporting $5.11 EPS versus $2.68 expected and revenue of $109.9 billion, up 21.8% year over year. The company also increased its quarterly dividend to $0.22 from $0.21.
• Analysts remain broadly positive, with Alphabet carrying an average “Buy” rating and a consensus target price of $376.78. However, some recent headlines around AI talent departures and delayed Gemini product releases have added pressure on sentiment.

Essex Bank trimmed its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 13.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,049 shares of the information services provider's stock after selling 4,744 shares during the period. Alphabet makes up about 1.9% of Essex Bank's portfolio, making the stock its 9th largest holding. Essex Bank's holdings in Alphabet were worth $8,620,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Imprint Wealth LLC acquired a new stake in Alphabet in the 3rd quarter valued at about $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Alphabet in the 4th quarter worth approximately $38,000. Lifetime Wealth Management P.C. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $38,000. Bard Associates Inc. bought a new stake in shares of Alphabet in the 4th quarter worth approximately $41,000. Finally, Towne Trust Company N.A lifted its stake 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 during the last quarter. 27.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

GOOG has been the subject of a number of research reports. Needham & Company LLC set a $400.00 target price on shares of Alphabet and gave the stock a "buy" rating in a report on Friday, March 13th. Freedom Capital cut Alphabet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Scotiabank reiterated an "outperform" rating and set a $450.00 price objective (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Alphabet in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. raised their price objective on Alphabet from $395.00 to $460.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $376.78.

Alphabet Trading Down 0.8%

NASDAQ GOOG opened at $342.19 on Friday. The firm's 50 day moving average price is $366.32 and its two-hundred day moving average price is $331.92. 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 Inc. has a twelve month low of $170.86 and a twelve month high of $404.47. The stock has a market cap of $4.15 trillion, a price-to-earnings ratio of 26.10, a PEG ratio of 1.48 and a beta of 1.22.

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

Alphabet Increases Dividend

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

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet will join the Dow Jones Industrial Average on June 29, replacing Verizon. That index upgrade can lift demand from index funds and reinforces Alphabet’s status as a blue-chip tech leader. Alphabet replacing Verizon in Dow Jones Industrial Average index
• Positive Sentiment: Google Finance launched a major overhaul with a new Android app, global portfolio-tracking tools, AI features, and real-time market data, adding another consumer-facing product update to Alphabet’s ecosystem. Google Finance Debuts App and Investment Tracking Capabilities
• Neutral Sentiment: Alphabet was cited in a proposed AI Bubble Transparency Act that would increase reporting on AI-related financing exposure. This is more of a policy backdrop than an immediate earnings impact, but it highlights rising scrutiny around the AI sector. New Bill: Senator Elizabeth Warren introduces S. 4743: AI Bubble Transparency Act
• Negative Sentiment: Investor sentiment has been hurt by reports that two more top AI researchers are leaving Google for Anthropic, extending a wave of departures that raises questions about talent retention and Alphabet’s competitive position in AI. Alphabet Shares Fall After Report on Further AI Talent Departures
• Negative Sentiment: Additional coverage says the AI talent exodus is continuing and that Gemini may be lagging rivals, which is fueling concern that Alphabet is losing momentum in one of its most important growth areas. AI researchers continue to leave Google for its rivals
• Negative Sentiment: Alphabet also faced a separate headline that Gemini 3.5 Pro’s release was delayed, adding to worries that product execution in AI is slipping while rivals move quickly. Alphabet Delays Release of Gemini 3.5 Pro AI Model

Insiders Place Their Bets

In other news, CAO Amie Thuener O'toole sold 617 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total value of $178,701.71. Following the transaction, the chief accounting officer owned 10,093 shares in the company, valued at $2,923,235.59. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John L. Hennessy sold 1,050 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was 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 $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 151,523 shares of company stock valued at $4,863,526. 12.99% of the stock is owned by insiders.

Alphabet Company 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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