Montchanin Asset Management LLC Invests $2.83 Million in Alphabet Inc. $GOOGL

Key Points

• Montchanin Asset Management initiated a $2.83 million Alphabet position, purchasing 9,840 shares; Alphabet now represents about 2.9% of the firm’s portfolio. Other institutional investors have also increased their holdings, with institutions collectively owning 40.03% of the stock.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $419.86. Alphabet recently beat quarterly expectations, reporting $9.11 in EPS and $119.8 billion in revenue.
• Alphabet shares opened at $354.30, down 1%, while insiders sold roughly $16.3 million of stock over the past 90 days. The company also declared a quarterly dividend of $0.22 per share, equivalent to a 0.2% yield.

Montchanin Asset Management LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,840 shares of the information services provider's stock, valued at approximately $2,830,000. Alphabet comprises about 2.9% of Montchanin Asset Management LLC's investment portfolio, making the stock its 11th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in GOOGL. Brighton Jones LLC increased its position in Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after purchasing an additional 4,110 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after buying an additional 506 shares during the period. Matrix Asset Advisors Inc. NY increased its holdings in shares of Alphabet by 17.6% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock worth $685,000 after buying an additional 581 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Alphabet by 11.2% during 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 period. Finally, United Bank lifted its holdings in Alphabet by 6.9% in the second 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 last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 8,998 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 value of $3,832,277.26. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 600,547 shares of company stock valued at $16,255,540 in the last 90 days. Company insiders own 11.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wolfe Research cut their target price on Alphabet from $390.00 to $360.00 and set an "outperform" rating for the company in a research note on Friday, April 10th. Citigroup reiterated an "outperform" rating on shares of Alphabet in a report on Monday, May 4th. Oppenheimer boosted their price objective on shares of Alphabet from $425.00 to $445.00 and gave the company an "outperform" rating in a report on Friday, May 15th. The Goldman Sachs Group increased their target price on shares of Alphabet from $400.00 to $450.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Alphabet in a research report on Monday, June 22nd. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $419.86.

Alphabet Stock Down 1.0%

Shares of NASDAQ:GOOGL opened at $354.30 on Friday. The firm has a market capitalization of $4.33 trillion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.00 and a beta of 1.24. Alphabet Inc. has a 1 year low of $196.60 and a 1 year high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. The firm's 50-day moving average is $355.68 and its two-hundred day moving average is $340.41.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $2.89 by $6.22. The business had revenue of $119.80 billion during the quarter, compared to analyst estimates 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 20.51 EPS for the current 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 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 0.2%. Alphabet's dividend payout ratio is 4.42%.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google's AI business is booming, so why are DeepMind's biggest names quitting?
• Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
• Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal

Alphabet 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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