Noesis Capital Mangement Corp lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 0.9% during the 1st quarter, HoldingsChannel reports. The fund owned 166,502 shares of the information services provider’s stock after selling 1,467 shares during the period. Alphabet accounts for approximately 7.1% of Noesis Capital Mangement Corp’s portfolio, making the stock its biggest holding. Noesis Capital Mangement Corp’s holdings in Alphabet were worth $47,763,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Ridgeline Wealth Planning LLC boosted its holdings in shares of Alphabet by 5.2% during the first quarter. Ridgeline Wealth Planning LLC now owns 786 shares of the information services provider’s stock worth $226,000 after purchasing an additional 39 shares during the period. Vectors Research Management LLC grew its holdings in shares of Alphabet by 43.1% during the 1st quarter. Vectors Research Management LLC now owns 1,975 shares of the information services provider’s stock valued at $567,000 after acquiring an additional 595 shares in the last quarter. Rockport Wealth LLC increased its stake in shares of Alphabet by 5.7% in the first quarter. Rockport Wealth LLC now owns 1,414 shares of the information services provider’s stock worth $406,000 after acquiring an additional 76 shares during the last quarter. Wealthfront Advisers LLC raised its holdings in shares of Alphabet by 5.1% during the first quarter. Wealthfront Advisers LLC now owns 629,806 shares of the information services provider’s stock worth $180,666,000 after acquiring an additional 30,735 shares in the last quarter. Finally, Navigation Group LLC purchased a new position in Alphabet in the first quarter valued at about $4,137,000. 27.26% of the stock is owned by hedge funds and other institutional investors.
Alphabet News Roundup
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Bank of America and Wedbush remain bullish, with both highlighting strong cloud growth, AI monetization potential, and upside to the stock ahead of earnings. Alphabet could crush estimates on Cloud strength, Anthropic windfall: BofA
- Positive Sentiment: Analysts and investors are still pointing to accelerating Google Search and Google Cloud growth, while retail interest and institutional ownership remain strong ahead of the July 22 report.
- Positive Sentiment: Alphabet’s AI and cloud businesses remain central to the bullish thesis, with multiple articles noting that the company could benefit from rising AI infrastructure spend and strong earnings expectations.
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $2.43. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The company had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.96 billion. During the same quarter in the previous year, the firm posted $2.81 EPS. The business’s revenue was up 21.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 14.33 EPS for the current year.
Alphabet Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were issued a $0.22 dividend. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. This represents a $0.88 annualized dividend and a yield of 0.3%. Alphabet’s payout ratio is presently 6.71%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus set a $420.00 price target on Alphabet in a research note on Wednesday, May 20th. Phillip Securities lowered shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Wednesday, April 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research note on Monday, April 20th. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $395.00 to $460.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Freedom Capital cut Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $383.44.
Check Out Our Latest Analysis on GOOG
Insider Buying and Selling
In other news, CAO Marsida Saraci sold 449 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $341.72, for a total transaction of $153,432.28. Following the completion of the transaction, the chief accounting officer directly owned 27,348 shares of the company’s stock, valued at approximately $9,345,358.56. This trade represents a 1.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 159,415 shares of company stock worth $7,672,279. Insiders own 12.99% of the company’s stock.
About Alphabet
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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