Summitry LLC cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,560 shares of the information services provider's stock after selling 3,242 shares during the period. Summitry LLC's holdings in Alphabet were worth $10,217,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Imprint Wealth LLC acquired a new position in Alphabet in the third quarter valued at about $31,000. Nvest Wealth Strategies Inc. acquired a new position in Alphabet in the fourth quarter valued at about $38,000. Towne Trust Company N.A boosted its position in Alphabet by 34.0% in the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock valued at $42,000 after buying an additional 34 shares in the last quarter. Winnow Wealth LLC acquired a new position in Alphabet in the third quarter valued at about $63,000. Finally, CBIZ Investment Advisory Services LLC boosted its position in Alphabet by 29.0% in the third quarter. CBIZ Investment Advisory Services LLC now owns 258 shares of the information services provider's stock valued at $63,000 after buying an additional 58 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have weighed in on GOOG. Oppenheimer boosted their target price on shares of Alphabet from $425.00 to $445.00 and gave the stock an "outperform" rating in a research note on Friday, May 15th. Wedbush reaffirmed an "outperform" rating and issued a $370.00 target price on shares of Alphabet in a research note on Thursday, February 5th. Stifel Nicolaus set a $420.00 target price on shares of Alphabet in a research note on Wednesday, May 20th. Scotiabank reaffirmed an "outperform" rating and issued a $450.00 target price (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $425.00 target price on shares of Alphabet in a research note on Thursday, April 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $376.00.
Check Out Our Latest Stock Report on GOOG
Trending Headlines about Alphabet
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet’s AI momentum remains strong, with reports that Gemini now has 900 million monthly users and Google Cloud demand continuing to expand, reinforcing the company’s long-term growth story.
- Positive Sentiment: Berkshire Hathaway added about $10 billion to the fundraising round, a notable vote of confidence that helped validate Alphabet’s AI investment strategy.
- Positive Sentiment: Alphabet also announced an expanded multi-year Google Cloud partnership with Lovable, suggesting further demand for its AI and cloud infrastructure. Article Title
- Neutral Sentiment: Wall Street commentary remains mostly constructive, with several firms reiterating buy ratings and price targets well above recent trading levels, suggesting analysts still see upside despite near-term volatility.
- Negative Sentiment: The huge capital raise has sparked concerns about dilution and heavier spending, and multiple reports said the stock fell after the funding news as investors questioned how quickly AI capex will translate into returns.
- Negative Sentiment: UK regulators imposed new rules requiring Google to let publishers opt out of AI search summaries and model training, a potential headwind for its AI search monetization and publisher relationships. Article Title
- Negative Sentiment: Some users and publishers are pushing back on Google’s AI search products, and the controversy around AI Overviews adds uncertainty around search traffic and engagement trends. Article Title
Alphabet Trading Down 0.8%
Shares of NASDAQ GOOG opened at $355.68 on Thursday. Alphabet Inc. has a 1-year low of $163.33 and a 1-year high of $404.47. The company has a market cap of $4.31 trillion, a PE ratio of 27.13, a P/E/G ratio of 1.54 and a beta of 1.22. 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 company has a 50-day moving average of $346.94 and a two-hundred day moving average of $326.15.
Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $2.43. The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. Alphabet's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.81 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 14.28 earnings per share for the current fiscal year.
Alphabet Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. This is a positive change from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. Alphabet's payout ratio is presently 6.41%.
Insider Buying and Selling at Alphabet
In related news, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $393.26, for a total transaction of $412,923.00. Following the completion of the sale, the director directly owned 2,531 shares of the company's stock, valued at $995,341.06. The trade was a 29.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Amie Thuener O'toole sold 617 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total transaction of $178,701.71. Following the sale, the chief accounting officer directly owned 10,093 shares of the company's stock, valued at approximately $2,923,235.59. This trade represents a 5.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 193,016 shares of company stock valued at $17,282,549 over the last 90 days. Company insiders own 12.99% of the company's stock.
About Alphabet
(
Free Report)
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.
Further Reading
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