SkyOak Wealth LLC Sells 2,678 Shares of Alphabet Inc. $GOOGL

Key Points

• SkyOak Wealth LLC trimmed its Alphabet stake by 12.4% in the fourth quarter, selling 2,678 shares and leaving it with 18,904 shares worth about $5.9 million.
• Alphabet reported strong quarterly results, posting $5.11 EPS versus the $2.64 estimate and revenue of $109.9 billion, both ahead of analyst expectations.
• Analyst sentiment remains upbeat, with a consensus “Moderate Buy” rating and an average price target of $413.04, while the company also raised its quarterly dividend to $0.22 per share.

SkyOak Wealth LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 12.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,904 shares of the information services provider's stock after selling 2,678 shares during the quarter. SkyOak Wealth LLC's holdings in Alphabet were worth $5,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of GOOGL. CIBC Bancorp USA Inc. purchased a new position in shares of Alphabet during the 3rd quarter valued at $416,217,000. NewEdge Wealth LLC lifted its position in shares of Alphabet by 11.8% during the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider's stock valued at $277,696,000 after buying an additional 93,293 shares during the last quarter. Sovran Advisors LLC lifted its position in shares of Alphabet by 23.6% during the 3rd quarter. Sovran Advisors LLC now owns 22,219 shares of the information services provider's stock valued at $5,401,000 after buying an additional 4,241 shares during the last quarter. Belpointe Asset Management LLC lifted its position in shares of Alphabet by 5.4% during the 3rd quarter. Belpointe Asset Management LLC now owns 72,608 shares of the information services provider's stock valued at $17,652,000 after buying an additional 3,740 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in shares of Alphabet by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 1,666,577 shares of the information services provider's stock valued at $405,131,000 after buying an additional 60,831 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $361.85 on Wednesday. The business's 50-day moving average price is $347.16 and its two-hundred day moving average price is $325.75. Alphabet Inc. has a twelve month low of $162.00 and a twelve month high of $408.61. The stock has a market cap of $4.38 trillion, a P/E ratio of 27.60, a PEG ratio of 1.61 and a beta of 1.23. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, beating the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.98 billion. As a group, equities analysts predict that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Monday, June 8th. This is an increase from Alphabet's previous quarterly dividend of $0.21. Alphabet's payout ratio is 6.41%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GOOGL. Barclays reaffirmed a "buy" rating on shares of Alphabet in a research report on Friday, May 29th. Robert W. Baird upped their price target on Alphabet from $380.00 to $400.00 and gave the company an "outperform" rating in a research report on Thursday, April 30th. Wedbush increased their price objective on Alphabet from $360.00 to $370.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. JPMorgan Chase & Co. reissued a "buy" rating on shares of Alphabet in a report on Monday, May 4th. Finally, President Capital increased their price objective on Alphabet from $375.00 to $465.00 and gave the stock a "buy" rating in a report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $413.04.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Berkshire Hathaway’s $10 billion investment signals strong outside confidence in Alphabet’s AI and cloud strategy. Alphabet plans to raise $80 billion for AI goals, Berkshire to invest $10 billion
• Positive Sentiment: Analysts and commentators continue to argue that Alphabet remains a high-margin cash generator with attractive long-term earnings power. Google: AI Skeptics Proven Wrong as Business Booms
• Neutral Sentiment: Coverage of Alphabet’s expanding AI coding, hardware, and device strategy highlights broader growth opportunities, but it is not the main driver of today’s move. Microsoft and Google are late to AI coding, but 'absolutely critical' they compete for growth
• Negative Sentiment: The proposed $80 billion stock sale raises dilution concerns and underscores how expensive Alphabet’s AI race has become. Exclusive: EU cloud rules to curb Amazon, Google access to strategic tenders, draft document shows
• Negative Sentiment: Reports that EU cloud rules could restrict Google’s access to strategic government tenders add a regulatory overhang for the cloud business. Alphabet to raise $80 billion in equity capital for AI spending

Insider Transactions at Alphabet

In other Alphabet news, insider John Kent Walker sold 8,993 shares of the firm's stock in a transaction dated Friday, March 27th. The stock was sold at an average price of $275.89, for a total value of $2,481,078.77. Following the sale, the insider owned 51,808 shares of the company's stock, valued at $14,293,309.12. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm's 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. Over the last quarter, insiders have sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

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.