Trivest Advisors Ltd Sells 77,800 Shares of Alphabet Inc. $GOOG

Key Points

• Trivest Advisors Ltd cut its Alphabet stake by 35.4% in the first quarter, selling 77,800 shares and leaving it with 142,200 shares worth about $40.8 million.
• Alphabet reported a strong quarterly beat, posting $9.11 EPS versus $2.88 expected and $119.8 billion in revenue versus $117.06 billion expected, with revenue up 24.2% year over year.
• The company also raised its quarterly dividend to $0.22 per share from $0.21, while analysts remain broadly bullish with a consensus Buy rating and an average price target of $386.88.

Trivest Advisors Ltd reduced its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 35.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 142,200 shares of the information services provider's stock after selling 77,800 shares during the quarter. Alphabet makes up 2.9% of Trivest Advisors Ltd's portfolio, making the stock its 9th biggest position. Trivest Advisors Ltd's holdings in Alphabet were worth $40,791,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Nvest Wealth Strategies Inc. bought a new position in Alphabet in the fourth quarter worth about $38,000. Lifetime Wealth Management P.C. acquired a new position in Alphabet in the fourth quarter valued at approximately $38,000. Imprint Wealth LLC bought a new position in shares of Alphabet during the third quarter valued at approximately $31,000. Bard Associates Inc. bought a new position in shares of Alphabet during the fourth quarter valued at approximately $41,000. Finally, Towne Trust Company N.A raised its position in shares of Alphabet by 34.0% during the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider's stock worth $42,000 after purchasing an additional 34 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Down 1.2%

Alphabet stock opened at $341.91 on Thursday. Alphabet Inc. has a 52 week low of $188.70 and a 52 week high of $404.47. The stock has a market cap of $4.14 trillion, a price-to-earnings ratio of 26.08, a PEG ratio of 1.43 and a beta of 1.23. The company's 50-day moving average price is $363.69 and its two-hundred day moving average price is $337.49. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.88 by $6.23. The company had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.06 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business's revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.31 EPS. On average, analysts expect that Alphabet Inc. will post 14.34 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were issued a dividend of $0.22 per share. 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. This represents a $0.88 annualized dividend and a yield of 0.3%. Alphabet's dividend payout ratio is presently 6.71%.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates, driven by strong search, ads, and especially Google Cloud growth. S&P 500, Nasdaq close lower ahead of technology earnings
• Positive Sentiment: Google Cloud growth accelerated sharply on AI demand, reinforcing the case that Alphabet’s AI investments are translating into revenue. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: YouTube ad revenue rose 13%, adding another sign that Alphabet’s core advertising business remains resilient. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion
• Positive Sentiment: Google said Gemini has reached 950 million monthly active users, suggesting improving traction in consumer AI. Google's Gemini app nips at ChatGPT's heels as it nears 1 billion users

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the transaction, the director directly owned 1,481 shares of the company's stock, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction on 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 approximately $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 159,415 shares of company stock valued at $7,672,279 over the last three months. 12.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Truist Financial set a $430.00 price objective on Alphabet in a research report on Monday, June 1st. KeyCorp set a $445.00 target price on Alphabet in a research report on Friday, July 10th. TD Cowen raised their target price on Alphabet from $450.00 to $475.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. Pivotal Research reissued a "buy" rating and set a $470.00 price target (up from $420.00) on shares of Alphabet in a report on Wednesday, April 29th. Finally, UBS Group set a $430.00 price target on shares of Alphabet in a research report on Thursday, July 16th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of "Buy" and an average target price of $386.88.

Alphabet Company 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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