Solitude Financial Services Increases Position in Alphabet Inc. $GOOG

Key Points

• Solitude Financial Services boosted its Alphabet stake by 142.7% in the first quarter, buying 3,261 additional shares and ending with 5,547 shares worth about $1.59 million.
• Wall Street remains broadly bullish on Alphabet, with analysts maintaining a Buy consensus and an average price target of $376.78; JPMorgan and Goldman Sachs recently raised or reiterated positive ratings and higher targets.
• Alphabet’s latest quarter showed strong fundamentals, with earnings and revenue both beating expectations, though the stock has also faced some negative sentiment around AI talent losses and concerns over aggressive AI spending.

Solitude Financial Services grew its position in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 142.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,547 shares of the information services provider's stock after purchasing an additional 3,261 shares during the quarter. Alphabet makes up about 0.5% of Solitude Financial Services' investment portfolio, making the stock its 22nd largest position. Solitude Financial Services' holdings in Alphabet were worth $1,591,000 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 business. Brighton Jones LLC grew its stake in shares of Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock valued at $22,901,000 after buying an additional 6,410 shares during the last quarter. Worldquant Millennium Advisors LLC increased its stake in shares of Alphabet by 76.2% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,865,304 shares of the information services provider's stock valued at $330,886,000 after buying an additional 806,681 shares during the period. Darwin Wealth Management LLC bought a new position in Alphabet in the 2nd quarter worth $658,000. Financial Advisors Network Inc. increased its position in shares of Alphabet by 7.7% during the second quarter. Financial Advisors Network Inc. now owns 7,945 shares of the information services provider's stock valued at $1,409,000 after buying an additional 565 shares during the period. Finally, Ausdal Financial Partners Inc. grew its holdings in shares of Alphabet by 10.7% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 37,310 shares of the information services provider's stock worth $6,618,000 after acquiring an additional 3,616 shares during the period. Institutional investors own 27.26% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Alphabet from $395.00 to $460.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Freedom Capital lowered Alphabet from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. KeyCorp reissued an "overweight" rating on shares of Alphabet in a report on Wednesday, May 20th. The Goldman Sachs Group reiterated a "buy" rating and set a $450.00 price objective on shares of Alphabet in a research report on Thursday, May 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $425.00 target price on shares of Alphabet in a report on Thursday, April 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $376.78.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the sale, the director owned 1,481 shares in the company, valued at $545,941.03. This represents a 41.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 160,516 shares of company stock valued at $7,344,604 in the last three months. Corporate insiders own 12.99% of the company's stock.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Negative Sentiment: Key AI researchers have left Alphabet for competitors, intensifying worries that the company is losing critical talent needed to lead in generative AI. Reuters: Google DeepMind signs AI research deal with film studio A24
• Negative Sentiment: Investors are also worried that Alphabet’s aggressive AI spending plans, including a large equity raise to fund infrastructure and compute, could dilute shareholders and pressure free cash flow. Quiver Quantitative: Alphabet Slides as AI Funding Plan Fuels Dilution Worries
• Neutral Sentiment: Alphabet also announced a $75 million AI research partnership with A24, showing it is still investing in new AI use cases, but this was overshadowed by the talent-loss narrative. TechCrunch: Google DeepMind bets $75M on AI's future in Hollywood with A24 deal
• Neutral Sentiment: Recent fundamentals remain strong, with Alphabet’s latest quarter beating expectations on both earnings and revenue, which helps offset some of the negative sentiment. Alphabet stock page

Alphabet Trading Down 5.1%

Alphabet stock opened at $348.78 on Tuesday. 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 stock has a market cap of $4.23 trillion, a P/E ratio of 26.60, a PEG ratio of 1.57 and a beta of 1.22. The firm's 50 day moving average price is $364.96 and its 200-day moving average price is $331.41. Alphabet Inc. has a 1 year low of $163.33 and a 1 year high of $404.47.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 EPS for the quarter, topping 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 business had revenue of $109.90 billion for the quarter, compared to analysts' expectations of $106.96 billion. During the same quarter in the previous year, the company earned $2.81 EPS. The business's quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts predict that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. Alphabet's dividend payout ratio is presently 6.71%.

Alphabet Profile

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.

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