GK Wealth Management LLC Has $4.15 Million Stake in Alphabet Inc. $GOOGL

Key Points

• GK Wealth Management increased its Alphabet stake by 778.4% in the second quarter, purchasing 10,283 additional shares. Its 11,604 shares were valued at approximately $4.15 million and represented 2.2% of its portfolio.
• Alphabet reported strong quarterly results, with earnings of $9.11 per share versus the $2.89 consensus estimate and revenue of $119.8 billion. The company also declared a quarterly dividend of $0.22 per share.
• Analysts remain broadly bullish, with Alphabet receiving a consensus “Buy” rating and an average price target of $419.86, compared with a recent share price of $343.54.

GK Wealth Management LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 778.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,604 shares of the information services provider's stock after purchasing an additional 10,283 shares during the period. Alphabet makes up 2.2% of GK Wealth Management LLC's investment portfolio, making the stock its 10th largest holding. GK Wealth Management LLC's holdings in Alphabet were worth $4,147,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EMC Capital Management bought a new stake in shares of Alphabet during the 4th quarter valued at about $33,000. Lifetime Wealth Management P.C. bought a new position in shares of Alphabet in the 4th quarter worth approximately $32,000. IFC & Insurance Marketing Inc. purchased a new position in shares of Alphabet during the 4th quarter worth $38,000. Bard Associates Inc. purchased a new position in shares of Alphabet during the 4th quarter valued at about $52,000. Finally, Kentucky Trust Co boosted its position in shares of Alphabet by 142.9% in the fourth quarter. Kentucky Trust Co now owns 170 shares of the information services provider's stock worth $53,000 after purchasing an additional 100 shares during the period. Institutional investors own 40.03% of the company's stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $343.54 on Thursday. The stock has a market cap of $4.20 trillion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 0.96 and a beta of 1.24. 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 $354.63 and a 200-day moving average price of $340.94. Alphabet Inc. has a one year low of $196.60 and a one year high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $2.89 by $6.22. The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. Equities analysts expect that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Announces Dividend

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 given a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. Alphabet's payout ratio is 4.42%.

Key Headlines Impacting Alphabet

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

Insider Activity

In related news, Director Frances Arnold sold 82 shares of Alphabet stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $333.39, for a total transaction of $27,337.98. Following the completion of the transaction, the director directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 8,998 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the transaction, the insider owned 75,290 shares in the company, valued at $26,298,044.10. The trade was a 10.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 540,470 shares of company stock worth $14,873,168. Insiders own 11.61% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $450.00 price objective on shares of Alphabet in a report on Wednesday, June 3rd. Barclays reaffirmed an "overweight" rating and set a $425.00 price objective (up from $405.00) on shares of Alphabet in a report on Thursday, July 23rd. Piper Sandler reissued an "overweight" rating and issued a $395.00 target price (down from $445.00) on shares of Alphabet in a report on Thursday, July 23rd. Jefferies Financial Group reissued a "buy" rating on shares of Alphabet in a report on Monday, June 22nd. Finally, Susquehanna reaffirmed a "positive" rating and set a $460.00 price target (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Alphabet currently has an average rating of "Buy" and a consensus target price of $419.86.

Alphabet Company Profile

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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