Sitrin Capital Management LLC decreased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 25.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,190 shares of the information services provider's stock after selling 6,957 shares during the period. Alphabet accounts for about 3.2% of Sitrin Capital Management LLC's investment portfolio, making the stock its 10th biggest position. Sitrin Capital Management LLC's holdings in Alphabet were worth $7,215,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bryn Mawr Trust Advisors LLC grew its stake in Alphabet by 0.5% in the second quarter. Bryn Mawr Trust Advisors LLC now owns 157,055 shares of the information services provider's stock worth $56,127,000 after purchasing an additional 767 shares in the last quarter. Plan Group Financial LLC raised its position in Alphabet by 15.9% during the 2nd quarter. Plan Group Financial LLC now owns 4,160 shares of the information services provider's stock valued at $1,487,000 after purchasing an additional 572 shares in the last quarter. Dockside LLC raised its position in Alphabet by 189.1% during the 2nd quarter. Dockside LLC now owns 8,324 shares of the information services provider's stock valued at $2,975,000 after purchasing an additional 17,665 shares in the last quarter. Smith Group Asset Management LLC lifted its holdings in shares of Alphabet by 9.0% in the 2nd quarter. Smith Group Asset Management LLC now owns 286,318 shares of the information services provider's stock worth $102,321,000 after buying an additional 23,698 shares during the period. Finally, Essential Planning LLC. lifted its holdings in shares of Alphabet by 1.3% in the 2nd quarter. Essential Planning LLC. now owns 3,729 shares of the information services provider's stock worth $1,333,000 after buying an additional 47 shares during the period. Institutional investors own 40.03% of the company's stock.
Alphabet Price Performance
Shares of GOOGL stock opened at $344.82 on Friday. Alphabet Inc. has a 1-year low of $201.30 and a 1-year high of $408.61. The stock's 50-day moving average is $352.00 and its 200 day moving average is $341.37. The company has a market cap of $4.22 trillion, a P/E ratio of 17.32, a PEG ratio of 0.96 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $6.22. The business had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Research analysts predict that Alphabet Inc. will post 20.51 earnings per share for the current fiscal year.
Alphabet Announces Dividend
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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet's payout ratio is presently 4.42%.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on GOOGL shares. JPMorgan Chase & Co. reissued a "buy" rating on shares of Alphabet in a research report on Monday, May 4th. Morgan Stanley set a $400.00 price objective on shares of Alphabet and gave the stock an "overweight" rating in a research note on Thursday, July 23rd. Barclays reiterated an "overweight" rating and set a $425.00 target price (up from $405.00) on shares of Alphabet in a report on Thursday, July 23rd. Needham & Company LLC reissued a "buy" rating and set a $450.00 target price on shares of Alphabet in a research report on Wednesday, June 3rd. Finally, Wells Fargo & Company set a $411.00 price target on shares of Alphabet and gave the company an "overweight" rating in a report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Alphabet has a consensus rating of "Buy" and an average price target of $420.19.
View Our Latest Stock Report on Alphabet
Insider Activity
In related news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the transaction, the director owned 1,481 shares in the company, valued at $545,941.03. The trade was a 41.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 8,998 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider directly owned 75,290 shares of the company's stock, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 451,945 shares of company stock worth $12,382,714 in the last quarter. 11.61% of the stock is currently owned by corporate insiders.
More Alphabet News
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
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Free Report)
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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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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