NewEdge Advisors LLC Increases Stake in Alphabet Inc. $GOOG

Key Points

• NewEdge Advisors increased its Alphabet stake by 7.6% in the second quarter, adding 54,291 shares for a total of 769,336 shares valued at approximately $271.8 million. Institutional investors collectively own 27.26% of Alphabet.
• Wall Street remains broadly bullish, with a consensus “Buy” rating and an average price target of $415.55; analysts cited targets ranging from $411 to $475.
• Alphabet reported strong quarterly results, with adjusted earnings of $9.11 per share and revenue of $119.8 billion, while revenue rose 24.2% year over year. The company also declared a quarterly dividend of $0.22 per share.

NewEdge Advisors LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 769,336 shares of the information services provider's stock after purchasing an additional 54,291 shares during the quarter. Alphabet accounts for approximately 0.8% of NewEdge Advisors LLC's portfolio, making the stock its 18th largest holding. NewEdge Advisors LLC's holdings in Alphabet were worth $271,829,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GOOG. Readystate Asset Management LP acquired a new position in shares of Alphabet in the second quarter worth about $45,352,000. Auto Owners Insurance Co boosted its position in Alphabet by 38,409.2% during the fourth quarter. Auto Owners Insurance Co now owns 179,836,276 shares of the information services provider's stock worth $5,643,262,000 after purchasing an additional 179,369,280 shares in the last quarter. J. Stern & Co. LLP grew its holdings in Alphabet by 28,482.8% in the fourth quarter. J. Stern & Co. LLP now owns 112,091,870 shares of the information services provider's stock valued at $35,174,429,000 after purchasing an additional 111,699,704 shares during the period. Norges Bank purchased a new stake in shares of Alphabet in the fourth quarter valued at approximately $18,093,665,000. Finally, Cardano Risk Management B.V. raised its stake in shares of Alphabet by 850.3% during the 4th quarter. Cardano Risk Management B.V. now owns 17,692,600 shares of the information services provider's stock worth $5,551,938,000 after buying an additional 15,830,754 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Stifel Nicolaus set a $420.00 price target on shares of Alphabet in a report on Wednesday, May 20th. Wells Fargo & Company decreased their price target on shares of Alphabet from $418.00 to $411.00 and set an "overweight" rating on the stock in a research note on Thursday, July 23rd. Royal Bank Of Canada reiterated a "buy" rating and set a $475.00 price objective on shares of Alphabet in a research note on Thursday, July 23rd. JPMorgan Chase & Co. dropped their price target on Alphabet from $460.00 to $420.00 and set an "overweight" rating for the company in a research report on Thursday, July 23rd. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Alphabet in a research note on Thursday, July 23rd. Six equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $415.55.

Alphabet Stock Up 1.5%

Shares of NASDAQ GOOG opened at $335.45 on Friday. The company has a market capitalization of $4.10 trillion, a P/E ratio of 16.85, a P/E/G ratio of 0.96 and a beta of 1.21. 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 company has a 50 day simple moving average of $344.76 and a 200-day simple moving average of $341.64. Alphabet Inc. has a 1 year low of $236.68 and a 1 year high of $404.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, topping the consensus estimate of $2.87 by $6.24. The company had revenue of $119.80 billion during the quarter, compared to analyst estimates of $116.53 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Alphabet's revenue was up 24.2% compared to the same quarter last year. During the same quarter last year, the firm posted $2.31 earnings per share. On average, equities research analysts predict that Alphabet Inc. will post 20.52 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's payout ratio is currently 4.42%.

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 82 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $337.71, for a total value of $27,692.22. Following the completion of the sale, the director directly owned 18,995 shares of the company's stock, valued at $6,414,801.45. The trade was a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $18.90, for a total value of $2,232,808.20. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 451,925 shares of company stock valued at $12,371,544 over the last 90 days. 12.99% of the stock is owned by corporate insiders.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google completed its acquisition of AI-agent startup Mechanize in a deal reportedly valued at more than $1.5 billion. Mechanize’s former CEO and other employees have joined Google, strengthening Alphabet’s capabilities in autonomous AI agents. Google completes its deal for AI startup Mechanize
• Positive Sentiment: Alphabet is broadening Gemini’s commercial reach. Google Cloud launched Gemini Enterprise for Financial Services in preview, with Deutsche Bank as an early proving ground, while a new Accenture partnership will train up to 1,000 engineers to implement Gemini applications for enterprise customers. Google Cloud launches AI agents for banking
• Positive Sentiment: Google’s AI tools are gaining traction in media and creative software. Avid Technology said it is working with Google to accelerate creative workflows, while Gemini is increasingly being positioned as a competitor to Adobe’s tools. Google helps Avid accelerate the creative process with AI
• Positive Sentiment: Alphabet’s planned €13 billion Finland AI infrastructure investment, supported by a long-term nuclear power agreement, could provide more predictable energy costs for data centers and strengthen Google Cloud and TPU capacity. Analysts also see TPU sales as a potential source of additional Cloud growth. Alphabet’s TPU sales could drive Google Cloud upside
• Neutral Sentiment: Alphabet faces a continuing securities-fraud investigation by the Law Offices of Frank R. Cruz. The announcement is an investor solicitation and does not establish wrongdoing, but it could add headline and litigation risk. Securities fraud investigation into Alphabet continues
• Negative Sentiment: Investors remain concerned about Alphabet’s roughly $200 billion AI capital-spending plans, potential electricity and data-center costs, and competition from OpenAI, Anthropic and Meta. A proposed U.S. bill could also require large data-center operators such as Alphabet to absorb more power-infrastructure costs.

Alphabet Profile

Alphabet Inc is a technology holding company best known as the parent company of Google. It was established in 2015 as part of a corporate restructuring intended to separate Google's core internet businesses from a collection of other ventures. Google remains Alphabet's largest business and serves users, advertisers, businesses and developers worldwide.

Google's principal products and services include its internet search engine, online advertising platforms, YouTube, Android, Chrome, Google Maps, Google Play and Google Photos.

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