Front Street Capital Management Inc. Has $1.11 Million Stock Position in Alphabet Inc. $GOOGL

Key Points

• Front Street Capital Management cut its Alphabet position by 34.9% in the second quarter, selling 1,675 shares and retaining 3,122 shares valued at approximately $1.11 million. Institutional investors and hedge funds collectively own 40.03% of Alphabet.
• Alphabet reported quarterly EPS of $9.11, well above the $2.89 consensus estimate, while revenue reached $119.8 billion. Analysts maintain a consensus “Buy” rating with an average price target of $420.19.
• Alphabet is expanding its AI infrastructure and commercial partnerships: Google Cloud and Accenture are launching a 1,000-engineer enterprise AI unit, while Alphabet is also pursuing nuclear power support for data centers and expanding AI trials with Cathay Pacific.

Front Street Capital Management Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 34.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,122 shares of the information services provider's stock after selling 1,675 shares during the period. Front Street Capital Management Inc.'s holdings in Alphabet were worth $1,106,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOGL. EMC Capital Management acquired a new stake in Alphabet in the 4th quarter valued at approximately $33,000. Lifetime Wealth Management P.C. acquired a new stake in Alphabet during the fourth quarter worth $32,000. IFC & Insurance Marketing Inc. bought a new position in shares of Alphabet during the 4th quarter worth about $38,000. Bard Associates Inc. bought a new position in shares of Alphabet during the 4th quarter worth about $52,000. Finally, Graney & King LLC boosted its position in shares of Alphabet by 38.5% during the 2nd quarter. Graney & King LLC now owns 180 shares of the information services provider's stock valued at $64,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, CAO Marsida Saraci sold 449 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total value of $149,606.80. Following the sale, the chief accounting officer owned 27,386 shares in the company, valued at $9,125,015.20. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 451,925 shares of company stock worth $12,371,544. Insiders own 11.61% of the company's stock.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google's revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $338.36 on Wednesday. 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 50 day moving average price of $348.34 and a 200 day moving average price of $343.37. The stock has a market capitalization of $4.14 trillion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. Alphabet Inc. has a 52 week low of $233.23 and a 52 week high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $119.80 billion during the quarter, compared to analysts' expectations of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Analysts predict that Alphabet Inc. will post 20.5 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be issued 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 dividend payout ratio (DPR) is currently 4.42%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. UBS Group cut their price objective on Alphabet from $400.00 to $379.00 and set a "neutral" rating for the company in a research report on Thursday, July 23rd. Morgan Stanley set a $400.00 price objective on shares of Alphabet and gave the stock an "overweight" rating in a report on Thursday, July 23rd. DZ Bank upgraded shares of Alphabet to a "strong-buy" rating in a research report on Thursday, July 23rd. HSBC reissued a "buy" rating and set a $420.00 price target (down from $435.00) on shares of Alphabet in a research note on Tuesday, June 2nd. Finally, Wedbush reissued an "outperform" rating and issued a $445.00 price target on shares of Alphabet in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Strong Buy rating, forty-five have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $420.19.

About Alphabet

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet's largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.

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