NewEdge Advisors LLC Reduces Stock Position in Alphabet Inc. $GOOGL

Key Points

• NewEdge Advisors reduced its Alphabet position by 8.9% in the first quarter, selling 126,473 shares and retaining 1.29 million shares valued at approximately $370.8 million. Alphabet remains the fund’s eighth-largest holding, while institutional investors and hedge funds own 40.03% of the stock.
• Alphabet reported strong quarterly results, with EPS of $9.11 versus the $2.89 consensus and revenue of $119.8 billion. Google Cloud growth, rising Gemini usage and new AI infrastructure partnerships continue to support the company’s AI expansion.
• Wall Street remains broadly bullish, with a consensus rating of “Buy” and an average price target of $419.86. Alphabet also declared a quarterly dividend of $0.22 per share, equal to an annualized $0.88 payout and a 0.2% yield.

NewEdge Advisors LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,289,339 shares of the information services provider's stock after selling 126,473 shares during the quarter. Alphabet makes up 1.3% of NewEdge Advisors LLC's holdings, making the stock its 8th biggest position. NewEdge Advisors LLC's holdings in Alphabet were worth $370,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Lifetime Wealth Management P.C. bought a new stake in shares of Alphabet during the 4th quarter worth about $32,000. EMC Capital Management acquired a new stake in Alphabet during the fourth quarter worth approximately $33,000. IFC & Insurance Marketing Inc. acquired a new stake in Alphabet during the fourth quarter worth approximately $38,000. Bard Associates Inc. bought a new stake in shares of Alphabet during the fourth quarter worth approximately $52,000. Finally, Kentucky Trust Co grew 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 valued at $53,000 after purchasing an additional 100 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Key Alphabet News

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 Stock Performance

Shares of Alphabet stock opened at $354.30 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.33 trillion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24. The company has a 50 day moving average of $355.68 and a 200-day moving average of $340.41. Alphabet Inc. has a 1-year low of $196.60 and a 1-year high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced 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. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The business had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. As a group, equities research analysts forecast that Alphabet Inc. will post 20.51 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 paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet's payout ratio is presently 4.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GOOGL. Robert W. Baird increased their target price on Alphabet from $380.00 to $400.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Canaccord Genuity Group increased their price objective on Alphabet from $415.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Morgan Stanley set a $400.00 target price on shares of Alphabet and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a research report on Friday, July 17th. Finally, The Goldman Sachs Group boosted their price target on Alphabet from $400.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $419.86.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 8,998 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 75,290 shares in the company, valued at $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 1,050 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the transaction, the director owned 1,481 shares of the company's stock, valued at $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 600,547 shares of company stock valued at $16,255,540 in the last quarter. Insiders own 11.61% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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