Redwood Grove Capital LLC lessened its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 72,081 shares of the information services provider’s stock after selling 9,600 shares during the quarter. Alphabet makes up about 6.5% of Redwood Grove Capital LLC’s holdings, making the stock its 3rd biggest holding. Redwood Grove Capital LLC’s holdings in Alphabet were worth $25,468,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Auto Owners Insurance Co grew its stake in Alphabet by 38,409.2% during the 4th quarter. Auto Owners Insurance Co now owns 179,836,276 shares of the information services provider’s stock valued at $5,643,262,000 after acquiring an additional 179,369,280 shares in the last quarter. J. Stern & Co. LLP lifted its position in shares of Alphabet by 28,482.8% in the fourth quarter. J. Stern & Co. LLP now owns 112,091,870 shares of the information services provider’s stock worth $35,174,429,000 after purchasing an additional 111,699,704 shares in the last quarter. Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $18,093,665,000. Cardano Risk Management B.V. boosted its holdings in shares of Alphabet by 850.3% during the fourth quarter. Cardano Risk Management B.V. now owns 17,692,600 shares of the information services provider’s stock worth $5,551,938,000 after purchasing an additional 15,830,754 shares during the period. Finally, Vanguard Group Inc. grew its position in Alphabet by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 421,013,782 shares of the information services provider’s stock valued at $132,114,125,000 after purchasing an additional 8,128,234 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.
Insiders Place Their Bets
In related news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 82 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $337.71, for a total value of $27,692.22. Following the completion of the transaction, the director directly owned 18,995 shares in the company, valued at $6,414,801.45. The trade was a 0.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 451,925 shares of company stock valued at $12,371,544 over the last quarter. Insiders own 12.99% of the company’s stock.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $6.24. The business had revenue of $119.80 billion during the quarter, compared to analyst estimates of $116.53 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Alphabet’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.31 EPS. Equities analysts expect that Alphabet Inc. will post 20.5 EPS for the current fiscal year.
Alphabet Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, September 4th. Alphabet’s dividend payout ratio (DPR) is 4.42%.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Analysts remain constructive on Alphabet’s outlook. Citizens analyst Andrew Boone expects the stock to reach a new all-time high over the next year, while recent GOOG targets have a median of $455, well above recent trading levels. Wall Street analyst sets Google price target
- Positive Sentiment: Alphabet’s record cloud growth, Gemini development and expanding AI infrastructure continue to support the bullish case. Investors are debating whether the company’s large AI spending program will produce durable growth, but some analysts view the recent pullback as an opportunity. One Mag 7 stock to watch
- Positive Sentiment: Meta- and Google-backed Jio Platforms received regulatory approval for an Indian IPO, potentially creating value for Alphabet’s investment and increasing visibility into one of its strategic holdings. Jio Platforms receives IPO approval
- Neutral Sentiment: Director Frances Arnold sold 82 shares for approximately $27,700, reducing her position by only 0.43%. The small transaction is unlikely to materially change Alphabet’s investment outlook, though broader insider activity has consisted entirely of sales during the past six months. Alphabet SEC insider filing
- Negative Sentiment: Investors are increasingly concerned that Meta’s AI-powered advertising products could challenge Google Search’s advertising dominance. OpenAI’s reported $1 billion advertising run rate adds to fears that competition for digital-ad budgets is intensifying. Bernstein warns on Meta competition
- Negative Sentiment: Regulatory pressure remains a major overhang. Google avoided a potential European penalty by changing search rules, while a £260 million U.K. app-store settlement adds another direct cost and highlights continuing scrutiny of its business practices. Google changes European search rules
- Negative Sentiment: Alphabet’s aggressive AI capital expenditures are raising concerns about free-cash-flow pressure and future margins, particularly as investors compare its spending strategy with Amazon’s. Alphabet and Amazon AI capital spending
- Negative Sentiment: Google Maps’ decision to display “Lake America” for U.S. users has triggered backlash in Canada, creating reputational and political risk, although the immediate financial impact appears limited. Google Maps Lake America controversy
Analyst Upgrades and Downgrades
GOOG has been the subject of a number of research analyst reports. HSBC set a $515.00 target price on shares of Alphabet in a research report on Friday, August 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $395.00 price target (down from $445.00) on shares of Alphabet in a research note on Thursday, July 23rd. Citigroup reissued a “market outperform” rating on shares of Alphabet in a research report on Friday, August 14th. DZ Bank upgraded Alphabet to a “strong-buy” rating in a research note on Thursday, July 23rd. Finally, Phillip Securities raised Alphabet from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, July 27th. Six research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and a consensus target price of $415.55.
Get Our Latest Stock Analysis on GOOG
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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