Union Heritage Capital LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 184.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,520 shares of the information services provider's stock after acquiring an additional 14,600 shares during the period. Alphabet accounts for about 2.4% of Union Heritage Capital LLC's holdings, making the stock its 14th biggest position. Union Heritage Capital LLC's holdings in Alphabet were worth $6,476,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Strategic Wealth Advisors LLC lifted its position in shares of Alphabet by 6.0% in the 1st quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider's stock worth $137,000 after purchasing an additional 27 shares during the period. Rockbridge Investment Management LCC raised its stake in Alphabet by 0.5% in the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider's stock worth $1,570,000 after buying an additional 27 shares in the last quarter. Midwest Professional Planners LTD. raised its stake in Alphabet by 1.2% in the first quarter. Midwest Professional Planners LTD. now owns 2,364 shares of the information services provider's stock worth $680,000 after buying an additional 29 shares in the last quarter. Symmetry Partners LLC lifted its holdings in Alphabet by 0.4% in the fourth quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider's stock worth $2,476,000 after buying an additional 30 shares during the period. Finally, Private Wealth Management Group LLC lifted its holdings in 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. Institutional investors own 40.03% of the company's stock.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google's AI business is booming, so why are DeepMind's biggest names quitting?
- Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
- Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal
Insiders Place Their Bets
In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of Alphabet stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total value of $2,232,808.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 8,998 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the transaction, the insider owned 75,290 shares of the company's stock, valued at $26,298,044.10. This represents a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 600,547 shares of company stock worth $16,255,540 in the last 90 days. 11.61% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research analysts have weighed in on GOOGL shares. Citizens Jmp reiterated a "market outperform" rating and set a $515.00 target price on shares of Alphabet in a report on Wednesday, July 22nd. The Goldman Sachs Group lifted their price target on Alphabet from $400.00 to $450.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Robert W. Baird increased their price objective on Alphabet from $380.00 to $400.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Arete Research raised their price objective on Alphabet from $405.00 to $425.00 and gave the company a "buy" rating in a research report on Monday, May 18th. Finally, Canaccord Genuity Group boosted their target price on shares of Alphabet from $415.00 to $450.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $419.86.
Get Our Latest Analysis on Alphabet
Alphabet Stock Down 1.0%
Shares of Alphabet stock opened at $354.30 on Friday. The company has a 50-day simple moving average of $355.68 and a two-hundred day simple moving average of $340.41. The stock has a market capitalization of $4.33 trillion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.00 and a beta of 1.24. Alphabet Inc. has a 52-week low of $196.60 and a 52-week high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $6.22. The firm had revenue of $119.80 billion for the quarter, compared to analysts' expectations of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. On average, analysts anticipate that Alphabet Inc. will post 20.51 EPS for the current fiscal year.
Alphabet Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, September 4th. Alphabet's dividend payout ratio (DPR) is currently 4.42%.
About Alphabet
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Free Report)
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.
See Also
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