Oppenheimer Asset Management Inc. Has $106.86 Million Holdings in Alphabet Inc. $GOOGL

Key Points

• Oppenheimer Asset Management reduced its Alphabet stake by 4.3% in the second quarter, selling 13,360 shares and retaining 299,023 shares worth approximately $106.86 million. Alphabet remains 1.1% of its portfolio, while institutional investors and hedge funds own 40.03% of the stock.
• Analysts remain broadly bullish on Alphabet: six rate it a Strong Buy and 44 rate it a Buy, producing a consensus rating of Buy and an average price target of $420.19. Recent targets range as high as $445.
• Alphabet reported quarterly EPS of $9.11, exceeding estimates by $6.22, while revenue reached $119.80 billion versus the $117.07 billion consensus. The company also announced a quarterly dividend of $0.22 per share, equal to a 0.3% annualized yield.

Oppenheimer Asset Management Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 299,023 shares of the information services provider's stock after selling 13,360 shares during the quarter. Alphabet comprises 1.1% of Oppenheimer Asset Management Inc.'s investment portfolio, making the stock its 13th biggest holding. Oppenheimer Asset Management Inc.'s holdings in Alphabet were worth $106,862,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently made changes to their positions in the company. Strategic Wealth Advisors LLC raised its position in shares of Alphabet by 6.0% during the first quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider's stock worth $137,000 after purchasing an additional 27 shares during the period. Rockbridge Investment Management LCC lifted its holdings in shares of Alphabet by 0.5% in the 1st quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider's stock worth $1,570,000 after purchasing an additional 27 shares in the last quarter. Ruggaard & Associates LLC grew its position in Alphabet by 0.9% in the 1st quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider's stock valued at $840,000 after purchasing an additional 27 shares during the period. Cadia Private Client LLC grew its position in Alphabet by 1.1% in the 1st quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider's stock valued at $744,000 after purchasing an additional 28 shares during the period. Finally, Evansbrook LLC increased its stake in Alphabet by 0.3% during the 1st quarter. Evansbrook LLC now owns 9,522 shares of the information services provider's stock valued at $2,738,000 after purchasing an additional 28 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOOGL. Stifel Nicolaus set a $420.00 target price on shares of Alphabet and gave the stock a "buy" rating in a report on Thursday, April 30th. CICC Research boosted their price objective on Alphabet from $388.00 to $407.91 and gave the stock an "outperform" rating in a report on Friday, May 1st. Royal Bank Of Canada restated an "outperform" rating and issued a $425.00 target price on shares of Alphabet in a report on Thursday, July 23rd. DA Davidson set a $350.00 price target on Alphabet and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Finally, Oppenheimer increased their price target on Alphabet from $425.00 to $445.00 and gave the company an "outperform" rating in a research report on Friday, May 15th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Buy" and a consensus target price of $420.19.

Alphabet Stock Performance

NASDAQ GOOGL opened at $344.82 on Friday. Alphabet Inc. has a 52-week low of $201.30 and a 52-week high of $408.61. The company has a 50-day simple moving average of $352.00 and a 200 day simple moving average of $341.37. 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 company has a market capitalization of $4.22 trillion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.96 and a beta of 1.24.

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

Alphabet Dividend Announcement

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

Insider Activity

In other news, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $333.20, for a total transaction of $149,606.80. Following the completion of the sale, the chief accounting officer owned 27,386 shares in the company, valued at approximately $9,125,015.20. This trade represents a 1.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the transaction, the director directly owned 1,481 shares of the company's stock, valued at approximately $545,941.03. This represents a 41.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 451,945 shares of company stock worth $12,382,714 in the last three months. Insiders own 11.61% of the company's stock.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Rosenblatt upgraded Alphabet to “strong buy” and reiterated a $410 price target, implying substantial upside and reinforcing the bullish view following Alphabet’s strong earnings report. Alphabet upgraded by Rosenblatt Securities
• Positive Sentiment: Alphabet’s AI spending continues to attract major customers and suppliers. Marvell’s custom-chip agreement includes a warrant structure that would require up to $120 billion of cumulative purchases from Google for full vesting, signaling the potentially enormous scale of Alphabet’s TPU and AI infrastructure buildout. Google’s Marvell warrant
• Positive Sentiment: Waymo received approval to operate up to thousands of commercial robotaxis in Nevada and opened its lower-cost next-generation vehicle to riders in Los Angeles, Phoenix, and San Francisco. Lower production and operating costs could improve the long-term economics of Alphabet’s autonomous-driving unit. Waymo Nevada robotaxi approval
• Positive Sentiment: Alphabet’s earnings momentum remains a support for the stock. The company recently exceeded consensus estimates for both adjusted earnings and revenue, while analysts and prominent investors—including Berkshire Hathaway—continue to highlight Alphabet’s AI positioning and valuation.

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.

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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