Financial Solutions Advisory Group Inc. bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,137 shares of the information services provider’s stock, valued at approximately $614,000.
Several other hedge funds also recently made changes to their positions in GOOGL. Vanguard Group Inc. grew its holdings in shares of Alphabet by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock worth $165,567,398,000 after purchasing an additional 12,531,695 shares in the last quarter. State Street Corp raised its stake in Alphabet by 1.8% in the second quarter. State Street Corp now owns 229,954,269 shares of the information services provider’s stock valued at $40,524,841,000 after purchasing an additional 4,008,374 shares in the last quarter. Geode Capital Management LLC lifted its position in Alphabet by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 146,193,037 shares of the information services provider’s stock worth $45,625,595,000 after purchasing an additional 2,666,676 shares during the period. Norges Bank acquired a new stake in Alphabet during the fourth quarter worth about $30,534,239,000. Finally, Bank of America Corp DE grew its stake in Alphabet by 4.9% during the fourth quarter. Bank of America Corp DE now owns 69,108,183 shares of the information services provider’s stock worth $21,630,861,000 after buying an additional 3,218,852 shares in the last quarter. 40.03% of the stock is owned by institutional investors.
Insider Buying and Selling at Alphabet
In other news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 8,998 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider directly 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. Over the last three months, insiders sold 600,547 shares of company stock worth $16,255,540. 11.61% of the stock is currently owned by insiders.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced 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. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The company had revenue of $119.80 billion during the quarter, compared to analysts’ expectations of $117.07 billion. On average, equities analysts expect that Alphabet Inc. will post 20.51 EPS for the current fiscal year.
Alphabet Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be given a $0.22 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet’s dividend payout ratio (DPR) is currently 4.42%.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the stock. Susquehanna restated a “positive” rating and issued a $460.00 target price (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. DA Davidson set a $350.00 price objective on shares of Alphabet and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Freedom Capital upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. Guggenheim restated a “buy” rating and set a $450.00 target price (up from $375.00) on shares of Alphabet in a research note on Thursday, April 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $450.00 price target on shares of Alphabet in a research note on Wednesday, June 3rd. Six equities 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 company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $419.86.
Read Our Latest Research Report on GOOGL
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
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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