Parrish Capital LLC Has $4 Million Position in Alphabet Inc. $GOOGL

Key Points

• Parrish Capital reduced its Alphabet stake by 21.1% in the second quarter, selling 2,991 shares and retaining 11,182 shares valued at approximately $4.0 million. Alphabet remains the firm’s third-largest holding.
• Wall Street remains broadly positive, with a consensus “Buy” rating and an average price target of $422.16; individual targets cited range from $350 to $465.
• Alphabet reported strong quarterly results, including $119.8 billion in revenue and $9.11 in earnings per share, while AI-chip sales and Waymo’s international expansion provide growth opportunities. Key risks include increased AI infrastructure spending, higher interest rates and ongoing ad-tech regulatory restrictions.

Parrish Capital LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 21.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,182 shares of the information services provider's stock after selling 2,991 shares during the quarter. Alphabet accounts for 3.2% of Parrish Capital LLC's holdings, making the stock its 3rd biggest holding. Parrish Capital LLC's holdings in Alphabet were worth $3,996,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of GOOGL. Invesco Ltd. grew its stake in Alphabet by 0.5% during the fourth quarter. Invesco Ltd. now owns 45,394,474 shares of the information services provider's stock worth $14,208,470,000 after buying an additional 208,362 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Alphabet by 1.6% in the 4th quarter. Fisher Asset Management LLC now owns 38,106,033 shares of the information services provider's stock valued at $11,927,189,000 after buying an additional 583,078 shares in the last quarter. Amundi lifted its holdings in shares of Alphabet by 4.6% during the 2nd quarter. Amundi now owns 33,203,350 shares of the information services provider's stock worth $11,865,809,000 after acquiring an additional 1,457,371 shares during the period. Nuveen LLC boosted its position in shares of Alphabet by 1.7% during the 4th quarter. Nuveen LLC now owns 29,166,806 shares of the information services provider's stock worth $9,129,210,000 after acquiring an additional 478,848 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Alphabet by 10.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,724,321 shares of the information services provider's stock worth $6,334,186,000 after acquiring an additional 1,631,721 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company set a $411.00 price objective on shares of Alphabet and gave the company an "overweight" rating in a research report on Thursday, July 23rd. BMO Capital Markets set a $465.00 price target on Alphabet and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Morgan Stanley set a $400.00 price target on Alphabet and gave the stock an "overweight" rating in a report on Thursday, July 23rd. DA Davidson set a $350.00 price objective on Alphabet and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Finally, Zacks Research lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Five research analysts have rated the stock with a Strong Buy rating, forty-five have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $422.16.

Insiders Place Their Bets

In other news, CAO Marsida Saraci sold 449 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the completion of the transaction, the chief accounting officer owned 27,386 shares of the company's stock, valued at approximately $9,125,015.20. This trade represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 82 shares of Alphabet stock in a transaction on Friday, August 28th. The stock was sold at an average price of $337.71, for a total transaction of $27,692.22. Following the transaction, the director owned 18,995 shares in the company, valued at approximately $6,414,801.45. This trade represents a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 450,875 shares of company stock valued at $11,984,482 in the last ninety days. 11.61% of the stock is currently owned by insiders.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: AI chip sales add a new revenue stream: Alphabet began recognizing revenue from sales of its internally developed AI chip systems in the second quarter. Investors may view the business as both a potential growth driver and a way to monetize Google’s technology infrastructure. 2 Stocks to Buy as Google Starts Selling Its AI Chips
• Positive Sentiment: Analyst raises price target: Tigress Financial Partners increased its price target for GOOGL to $485, reflecting confidence in Alphabet’s Search, Cloud, YouTube, Gemini and custom-chip opportunities. Alphabet Price Target Raised to $485
• Positive Sentiment: Waymo expands internationally: Alphabet’s autonomous-driving unit plans to launch an all-electric robotaxi service in Singapore by 2028, strengthening the long-term investment case for Alphabet’s “Other Bets” portfolio. Waymo to Bring Autonomous Ride-Hailing to Singapore
• Positive Sentiment: Options activity signals bullish positioning: Investors purchased roughly 520,000 Alphabet call options, above typical volume, indicating increased speculative interest in further upside.
• Neutral Sentiment: Ad-tech ruling avoids a breakup but imposes restrictions: A federal judge ordered Google to share more auction data with publishers and appoint an antitrust monitor, but rejected a forced breakup. Avoiding structural separation limits the immediate risk to Alphabet’s advertising business, while the behavioral remedies could pressure operations and margins. Tech Watchdogs Criticize Google Adtech Ruling
• Negative Sentiment: Higher rates and AI spending remain risks: The Federal Reserve’s rate increase and Alphabet’s heavy investment in AI infrastructure could keep pressure on free cash flow and valuation, even as Cloud backlog and AI demand remain strong.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $349.54 on Monday. Alphabet Inc. has a 52-week low of $235.84 and a 52-week high of $408.61. The company has a market capitalization of $4.27 trillion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 1.01 and a beta of 1.22. 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 fifty day moving average of $345.20 and a 200-day moving average of $345.18.

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

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Monday, September 7th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, September 4th. Alphabet's payout ratio is 4.42%.

About Alphabet

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet's largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.

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