Sit Investment Associates Inc. Sells 10,325 Shares of Alphabet Inc. $GOOG

Key Points

• Sit Investment Associates Inc. cut its Alphabet position by 10.9% in the fourth quarter, selling 10,325 shares and leaving it with 84,125 shares worth about $26.4 million.
• Several other institutions also added to Alphabet, including new or larger stakes from Tempo Wealth, Thryve Wealth Management, Mariner Investment Group, and MidFirst Bank, signaling continued hedge fund interest in the stock.
• Alphabet remains backed by strong fundamentals and analyst sentiment: it beat quarterly earnings estimates, raised its dividend, and has a consensus Buy rating with multiple firms citing upside tied to AI and cloud growth.

Sit Investment Associates Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,125 shares of the information services provider's stock after selling 10,325 shares during the quarter. Sit Investment Associates Inc.'s holdings in Alphabet were worth $26,398,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Tempo Wealth LLC bought a new position in shares of Alphabet during the fourth quarter valued at about $4,371,000. Thryve Wealth Management LLC bought a new stake in Alphabet in the 4th quarter worth about $2,576,000. Mariner Investment Group LLC purchased a new stake in Alphabet in the 4th quarter valued at about $109,830,000. KW Wealth Management LLC increased its stake in Alphabet by 1.9% in the 4th quarter. KW Wealth Management LLC now owns 7,829 shares of the information services provider's stock valued at $2,457,000 after buying an additional 144 shares during the last quarter. Finally, MidFirst Bank bought a new position in shares of Alphabet during the 4th quarter worth approximately $8,841,000. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet continues to draw bullish attention as investors highlight accelerating Google Cloud growth, improving margins, and a very large backlog that suggests strong demand for AI and cloud services. Alphabet: Google Cloud Is Outperforming Azure And AWS; $462 Billion Backlog Requires More AI Investments
• Positive Sentiment: Berkshire Hathaway reportedly increased its Alphabet stake significantly, which is being read as a strong vote of confidence in GOOG’s long-term outlook. Berkshire Hathaway Expands Alphabet (GOOGL) Stake to 58M Shares as Ackman Exits
• Positive Sentiment: Alphabet’s major AI and data-center investments, including a reported $1.5 billion Alabama campus expansion and broader capex plans, are supporting the view that the company is buying future growth. Alphabet (GOOGL) Announces $1.5 Billion Investment Across 2026 And 2027 To Expand Its Alabama Data Center Campus

Wall Street Analysts Forecast Growth

GOOG has been the topic of a number of research analyst reports. Wells Fargo & Company restated an "overweight" rating and issued a $435.00 target price on shares of Alphabet in a research note on Tuesday, June 2nd. KeyCorp reaffirmed an "overweight" rating on shares of Alphabet in a research report on Wednesday, May 20th. The Goldman Sachs Group reissued a "buy" rating and issued a $450.00 price objective on shares of Alphabet in a research report on Thursday, May 21st. Oppenheimer upped their price objective on Alphabet from $425.00 to $445.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Finally, Stifel Nicolaus set a $420.00 target price on Alphabet in a research report on Wednesday, May 20th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Alphabet has an average rating of "Buy" and a consensus target price of $376.78.

Alphabet Price Performance

Alphabet stock opened at $367.46 on Friday. The firm has a market capitalization of $4.45 trillion, a P/E ratio of 28.03, a PEG ratio of 1.57 and a beta of 1.22. Alphabet Inc. has a one year low of $163.33 and a one year high of $404.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.92 and a quick ratio of 1.92. The business has a fifty day moving average price of $364.31 and a 200-day moving average price of $331.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 EPS for the quarter, beating the consensus estimate of $2.68 by $2.43. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The company had revenue of $109.90 billion during the quarter, compared to analysts' expectations of $106.96 billion. During the same quarter in the previous year, the company earned $2.81 earnings per share. Alphabet's revenue for the quarter was up 21.8% on a year-over-year basis. As a group, equities research analysts forecast that Alphabet Inc. will post 14.3 EPS for the current 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 issued a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 8th. This is an increase from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. Alphabet's payout ratio is currently 6.71%.

Insider Transactions at Alphabet

In related news, Director Frances Arnold sold 102 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $381.00, for a total value of $38,862.00. Following the sale, the director owned 18,721 shares in the company, valued at approximately $7,132,701. This trade represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 160,516 shares of company stock valued at $7,344,604. Corporate insiders own 12.99% of the company's stock.

About Alphabet

Alphabet Inc NASDAQ: GOOG is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as "Other Bets." Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company's history.

Alphabet's core business centers on internet search and advertising, with Google Search and the company's ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.

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.