Horizon Investments LLC Decreases Position in Alphabet Inc. $GOOG

Key Points

• Horizon Investments LLC reduced its Alphabet stake by 14.4% in the fourth quarter, selling 13,523 shares and leaving it with 80,251 shares valued at about $25.2 million.
• Alphabet reported strong quarterly results, posting EPS of $5.11 versus estimates of $2.68 and revenue of $109.9 billion, up 21.8% from a year earlier.
• The company also raised its quarterly dividend to $0.22 per share from $0.21, while analysts maintain an overall Buy rating with an average price target of $362.73.

Horizon Investments LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,251 shares of the information services provider's stock after selling 13,523 shares during the period. Horizon Investments LLC's holdings in Alphabet were worth $25,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Alphabet by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 421,013,782 shares of the information services provider's stock worth $132,114,125,000 after buying an additional 8,128,234 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Alphabet by 8.6% in the third quarter. JPMorgan Chase & Co. now owns 99,529,742 shares of the information services provider's stock worth $24,240,469,000 after buying an additional 7,904,434 shares during the period. Danske Bank A S purchased a new stake in shares of Alphabet in the third quarter worth approximately $678,198,000. Holocene Advisors LP purchased a new stake in shares of Alphabet in the second quarter worth approximately $455,745,000. Finally, Alliancebernstein L.P. raised its holdings in shares of Alphabet by 5.8% in the third quarter. Alliancebernstein L.P. now owns 40,032,291 shares of the information services provider's stock worth $9,749,864,000 after buying an additional 2,209,203 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Down 2.6%

Shares of NASDAQ:GOOG opened at $386.77 on Tuesday. Alphabet Inc. has a 52-week low of $157.58 and a 52-week high of $398.37. The stock has a market cap of $4.69 trillion, a P/E ratio of 29.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.25. The business's 50 day moving average is $320.46 and its 200 day moving average is $313.53. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (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 company had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.96 billion. During the same quarter in the prior year, the firm earned $2.81 earnings per share. Alphabet's revenue was up 21.8% compared to the same quarter last year. Sell-side analysts predict that Alphabet Inc. will post 14.29 EPS for the current year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.2%. This is an increase from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. Alphabet's payout ratio is currently 6.41%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GOOG shares. Sanford C. Bernstein reiterated a "market perform" rating and issued a $345.00 price target on shares of Alphabet in a report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $370.00 price target on shares of Alphabet in a report on Tuesday, January 20th. UBS Group reiterated a "neutral" rating and issued a $348.00 price target (up from $345.00) on shares of Alphabet in a report on Thursday, February 12th. KeyCorp set a $370.00 price target on Alphabet in a report on Thursday, February 5th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $375.00 price target on shares of Alphabet in a report on Thursday, January 15th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $362.73.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google said it likely stopped a hacker group from using AI to plan a large-scale cyberattack, underscoring the strength of its cybersecurity capabilities and reducing the risk of a major breach. Reuters: Hackers pushing innovation in AI-enabled hacking operations, Google says
• Positive Sentiment: Investor commentary remained upbeat on Alphabet’s AI, cloud, and Gemini momentum, with some coverage arguing the company could challenge Nvidia as the world’s most valuable company. MSN: Alphabet could overtake Nvidia as world's largest company
• Neutral Sentiment: Google Finance is expanding in Europe, adding another AI-focused product initiative, but this is more of a long-term growth story than an immediate stock-moving catalyst. PYMNTS: Google Finance Continues AI-Focused Expansion With EU Launch

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 47,574 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $301.45, for a total value of $14,341,182.30. Following the transaction, the insider owned 13,227 shares of the company's stock, valued at $3,987,279.15. This represents a 78.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 955 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $298.00, for a total value of $284,590.00. Following the completion of the transaction, the chief accounting officer directly owned 9,918 shares in the company, valued at approximately $2,955,564. This trade represents a 8.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,553 shares of company stock worth $47,951,856 in the last ninety days. 12.99% of the stock is owned by company insiders.

Alphabet 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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