Riverbend Wealth Management LLC Has $3.08 Million Holdings in Alphabet Inc. $GOOGL

Key Points

• Riverbend Wealth Management trimmed its Alphabet stake by 13% in the first quarter, selling 1,592 shares and leaving it with 10,697 shares worth about $3.08 million. Alphabet still ranked as the firm’s 9th-largest holding and made up about 1.8% of the portfolio.
• Despite some selling by this fund and recent insider sales, institutional interest in Alphabet remains strong, with major holders like Vanguard, Berkshire Hathaway, and Norges Bank maintaining large positions. Overall, institutional investors and hedge funds own about 40.03% of the stock.
• Wall Street remains broadly positive on Alphabet, with multiple analysts raising price targets and the stock carrying a “Moderate Buy” consensus target of about $413.54. The company also beat quarterly earnings expectations, but ongoing antitrust and regulatory risks in Europe continue to weigh on sentiment.

Riverbend Wealth Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,697 shares of the information services provider's stock after selling 1,592 shares during the period. Alphabet accounts for about 1.8% of Riverbend Wealth Management LLC's portfolio, making the stock its 9th biggest position. Riverbend Wealth Management LLC's holdings in Alphabet were worth $3,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Alphabet in the fourth quarter worth $30,534,239,000. Berkshire Hathaway Inc bought a new stake in Alphabet during the third quarter worth about $4,338,397,000. Cardano Risk Management B.V. lifted its position in Alphabet by 855.3% during the fourth quarter. Cardano Risk Management B.V. now owns 14,525,280 shares of the information services provider's stock worth $4,546,413,000 after purchasing an additional 13,004,828 shares during the period. Vanguard Group Inc. grew its stake in Alphabet by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider's stock worth $165,567,398,000 after buying an additional 12,531,695 shares in the last quarter. Finally, Capital World Investors grew its stake in Alphabet by 28.0% during the third quarter. Capital World Investors now owns 53,107,572 shares of the information services provider's stock worth $12,910,542,000 after buying an additional 11,605,785 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Several recent stories highlight Alphabet’s AI and cloud momentum, including Google Cloud traction with enterprise customers like Jack Henry and growing use of Google’s cloud tech by Italy’s Intesa Sanpaolo, which supports the bull case for future growth. Article Title
• Positive Sentiment: Jim Cramer argued that Alphabet still looks cheap, reinforcing a valuation-supportive narrative for GOOGL after its pullback. Article Title
• Positive Sentiment: Wall Street sentiment remains constructive, with Wells Fargo keeping an overweight rating and multiple analysts maintaining buy recommendations, which may help support the stock. Article Title
• Neutral Sentiment: Alphabet’s insider selling by John Kent Walker appears routine and is not, by itself, a major fundamental concern for investors. Article Title
• Neutral Sentiment: Coverage around Alphabet’s growing role in AI-powered shopping, robotaxis, and other ecosystem developments adds to the long-term story, but these are more thesis-supportive than immediate catalysts. Article Title
• Negative Sentiment: The biggest drag is the EU Supreme Court decision upholding Alphabet’s €4.1 billion Android antitrust fine, which reinforces legal and regulatory overhangs for the stock. Article Title
• Negative Sentiment: A separate Swedish court ruling ordered Alphabet to pay nearly $2 billion in a price-comparison dispute, adding to the sense that antitrust and competition risks remain active. Article Title

Analysts Set New Price Targets

Several brokerages have recently commented on GOOGL. Cantor Fitzgerald boosted their target price on shares of Alphabet from $395.00 to $465.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Rothschild & Co Redburn increased their price target on shares of Alphabet from $390.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Freedom Capital cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. HSBC restated a "buy" rating and set a $420.00 price objective (down from $435.00) on shares of Alphabet in a research report on Tuesday, June 2nd. Finally, Evercore upped their target price on Alphabet from $400.00 to $420.00 and gave the stock an "outperform" rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $413.54.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 8,998 shares of the company's stock in a transaction dated Monday, June 29th. The stock was 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 of the company's stock, valued at $26,298,044.10. This represents a 10.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The disclosure for this sale is available in the SEC filing. Insiders sold 160,465 shares of company stock worth $8,020,511 in the last ninety days. Insiders own 11.61% of the company's stock.

Alphabet Stock Performance

Shares of Alphabet stock opened at $359.91 on Monday. The firm's 50 day moving average is $371.05 and its 200 day moving average is $334.60. The firm has a market capitalization of $4.36 trillion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. Alphabet Inc. has a 1 year low of $172.77 and a 1 year high of $408.61. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating the consensus estimate of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. Equities research analysts forecast that Alphabet Inc. will post 14.32 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio is currently 6.71%.

About Alphabet

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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