Spinnaker Trust Cuts Stake in Alphabet Inc. $GOOGL

Key Points

• Spinnaker Trust trimmed its Alphabet stake by 2.9% in the first quarter, selling 1,419 shares and ending with 47,394 shares valued at about $13.6 million.
• Several institutional investors and insiders made moves in Alphabet, with insiders selling 160,465 shares over the last 90 days. Company insiders still own 11.61% of the stock, and institutional investors hold 40.03%.
• Alphabet remains well supported by analysts and fundamentals: multiple firms reiterated Buy/Overweight ratings, the stock beat quarterly EPS and revenue estimates, and the company raised its dividend to $0.22 per share.

Spinnaker Trust lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,394 shares of the information services provider's stock after selling 1,419 shares during the quarter. Spinnaker Trust's holdings in Alphabet were worth $13,629,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its stake in shares of Alphabet by 8.3% during the first quarter. SJS Investment Consulting Inc. now owns 15,607 shares of the information services provider's stock valued at $4,488,000 after buying an additional 1,196 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its holdings in shares of Alphabet by 4.7% in the first quarter. Moss Adams Wealth Advisors LLC now owns 42,392 shares of the information services provider's stock worth $12,190,000 after purchasing an additional 1,890 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. bought a new position in shares of Alphabet in the first quarter worth approximately $284,000. Private Wealth Management Group LLC increased its stake in shares of Alphabet by 1.2% in the first quarter. Private Wealth Management Group LLC now owns 2,540 shares of the information services provider's stock worth $730,000 after buying an additional 30 shares during the period. Finally, WMG Financial Advisors LLC increased its stake in shares of Alphabet by 1.7% in the first quarter. WMG Financial Advisors LLC now owns 4,375 shares of the information services provider's stock worth $1,258,000 after buying an additional 75 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 8,998 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the transaction, the insider owned 75,290 shares in the company, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $341.72, for a total transaction of $153,432.28. Following the sale, the chief accounting officer owned 27,348 shares in the company, valued at approximately $9,345,358.56. The trade was a 1.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 160,465 shares of company stock valued at $8,020,511. Company insiders own 11.61% of the company's stock.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Investors are highlighting Alphabet as a top AI stock, with billionaire Jeffrey Talpins reportedly naming it a preferred AI idea, reinforcing confidence in the company’s long-term AI upside. Alphabet Inc. (GOOGL) Is A Top AI Stock To Buy According To Billionaire Jeffrey Talpins
• Positive Sentiment: Google Cloud is being touted as a major growth engine, with commentary suggesting it may be “driving the train” for Alphabet thanks to strong cloud momentum and a large backlog, which supports the bull case for revenue and margin expansion. Is Google Cloud Officially Driving the Train?
• Positive Sentiment: Alphabet was featured as a “final trade” on CNBC, and several bullish pieces point to continued investor interest in the stock after strong gains over the past year. Netflix, Alphabet, Nike And A Consumer Defensive Stock On CNBC's ‘Final Trades'
• Neutral Sentiment: Articles noting Alphabet’s strong stock performance and asking whether it is too late to buy may keep the stock in focus, but they mainly reflect momentum rather than a new fundamental catalyst. Down Over 10% From Its All-Time High, Is Now the Perfect Time to Buy Alphabet Stock?
• Negative Sentiment: Regulatory pressure remains a drag after Europe’s final €4.1 billion Android antitrust ruling, which adds to legal risk around Alphabet’s mobile and search ecosystem. Alphabet (GOOGL) Faces Final €4.1b Android Antitrust Ruling In Europe
• Negative Sentiment: Privacy-related reporting that Google is expanding AI training using user-uploaded media could raise user trust and regulatory concerns, even if it also supports AI model development. If you use Google, you're training its AI. Here's how to opt out.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of analyst reports. KeyCorp reiterated an "overweight" rating and set a $425.00 target price on shares of Alphabet in a report on Wednesday, May 20th. Piper Sandler reaffirmed an "overweight" rating and set a $445.00 price target (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Citigroup reaffirmed an "outperform" rating on shares of Alphabet in a research report on Monday, May 4th. Rothschild & Co Redburn lifted their price objective on Alphabet from $390.00 to $430.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Finally, Roth Capital reissued a "buy" rating on shares of Alphabet in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $413.54.

Alphabet Stock Up 1.4%

Alphabet stock traded up $5.15 on Tuesday, hitting $371.61. 4,065,557 shares of the stock traded hands, compared to its average volume of 32,626,334. Alphabet Inc. has a 1 year low of $172.77 and a 1 year high of $408.61. The firm has a market cap of $4.50 trillion, a P/E ratio of 28.34, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The business's fifty day simple moving average is $371.05 and its 200 day simple moving average is $334.60.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.64 by $2.47. 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 $106.98 billion. As a group, sell-side analysts forecast that Alphabet Inc. will post 14.32 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, June 8th. This is a positive change from Alphabet's previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. Alphabet's dividend payout ratio (DPR) is presently 6.71%.

Alphabet Company 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.

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