Evercore Wealth Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 714,008 shares of the information services provider's stock after selling 37,360 shares during the quarter. Alphabet comprises 3.2% of Evercore Wealth Management LLC's portfolio, making the stock its 6th biggest holding. Evercore Wealth Management LLC's holdings in Alphabet were worth $205,320,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the business. Brighton Jones LLC raised its position in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after buying an additional 506 shares during the period. Matrix Asset Advisors Inc. NY grew its stake in Alphabet by 17.6% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock valued at $685,000 after buying an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in Alphabet by 11.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock valued at $85,557,000 after buying an additional 48,805 shares during the last quarter. Finally, United Bank raised its holdings in Alphabet by 6.9% in the 2nd quarter. United Bank now owns 48,204 shares of the information services provider's stock valued at $8,495,000 after acquiring an additional 3,120 shares during the period. 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: Google is reportedly discussing a potential deal valued at more than $1.5 billion with AI coding-agent startup Mechanize. The arrangement could provide access to specialized talent and technology in a rapidly expanding AI application market. Google is in talks for a $1.5 billion-plus deal with AI coding agent startup Mechanize
- Positive Sentiment: Alphabet continues to benefit from strong fundamentals and AI-related growth opportunities, including its cloud business, advertising franchise and direct sales of custom Tensor Processing Units. Analysts remain broadly optimistic about the stock’s long-term growth prospects. Is Alphabet a Solid Growth Stock?
- Positive Sentiment: Alphabet-owned Waymo opened its Dallas robotaxi service to all residents and visitors, supporting the company’s effort to scale autonomous-driving operations. Waymo opens up robotaxi service in Dallas to everyone
- Neutral Sentiment: Demis Hassabis is moving from leading Google DeepMind into an Alphabet chief scientist role focused on long-term research and AI safety. Management described the move as a leadership realignment, but investors are weighing whether it could disrupt near-term product execution. Google shakes up AI leadership as DeepMind chief shifts role
- Negative Sentiment: Longtime chief scientist Jeff Dean and three other senior AI researchers are leaving Google to launch Discovery Loop, an AI startup focused on automated research and drug design. The departures intensify concerns over the loss of influential technical talent during the AI race. Google chief scientist Jeff Dean leaving in AI reshuffle
- Negative Sentiment: The leadership overhaul comes while Google’s latest flagship Gemini release remains delayed, increasing investor anxiety about product momentum and competitive positioning. Why is Alphabet stock falling?
- Negative Sentiment: A U.K. tribunal allowed a roughly $6.7 billion advertiser class action to proceed, adding to Alphabet’s regulatory and legal exposure in its search and advertising businesses. UK Tribunal Rejects Google Bid to Block Advertiser Class Action
Analysts Set New Price Targets
Several equities research analysts have issued reports on the stock. Jefferies Financial Group restated a "buy" rating on shares of Alphabet in a report on Monday, June 22nd. Bank of America increased their target price on Alphabet from $370.00 to $430.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Needham & Company LLC reissued a "buy" rating and set a $450.00 price target on shares of Alphabet in a report on Wednesday, June 3rd. DZ Bank upgraded Alphabet to a "strong-buy" rating in a research note on Thursday, July 23rd. Finally, Zacks Research raised Alphabet from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. 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 company's stock. Based on data from MarketBeat, Alphabet has an average rating of "Buy" and a consensus price target of $419.86.
Read Our Latest Stock Report on GOOGL
Insider Buying and Selling at Alphabet
In related news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $19.46, for a total transaction of $3,832,277.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 8,998 shares of the 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 sale, the insider owned 75,290 shares in the company, valued at $26,298,044.10. This represents a 10.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 600,547 shares of company stock valued at $16,255,540 in the last ninety days. 11.61% of the stock is currently owned by company insiders.
Alphabet Stock Performance
NASDAQ:GOOGL opened at $362.43 on Thursday. The company has a market cap of $4.43 trillion, a price-to-earnings ratio of 18.20, a PEG ratio of 1.06 and a beta of 1.24. Alphabet Inc. has a fifty-two week low of $193.67 and a fifty-two week high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72. The stock has a fifty day moving average price of $356.85 and a 200-day moving average price of $340.12.
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, topping analysts' consensus estimates of $2.89 by $6.22. The company had revenue of $119.80 billion for the quarter, compared to analysts' expectations of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. As a group, equities analysts anticipate that Alphabet Inc. will post 20.51 EPS for the current fiscal year.
Alphabet Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, September 4th. Alphabet's dividend payout ratio is presently 4.42%.
About Alphabet
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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.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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