SEB Asset Management AB acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,507,039 shares of the information services provider’s stock, valued at approximately $432,309,000. Alphabet comprises 1.8% of SEB Asset Management AB’s portfolio, making the stock its 8th largest holding.
A number of other hedge funds also recently added to or reduced their stakes in GOOG. Nvest Wealth Strategies Inc. purchased a new stake in shares of Alphabet during the fourth quarter worth approximately $38,000. Lifetime Wealth Management P.C. acquired a new stake in shares of Alphabet during the fourth quarter worth $38,000. Imprint Wealth LLC purchased a new position in Alphabet in the 3rd quarter valued at $31,000. Bard Associates Inc. purchased a new position in Alphabet in the 4th quarter valued at $41,000. Finally, Towne Trust Company N.A increased its stake in Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock valued at $42,000 after buying an additional 34 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.
Trending Headlines about Alphabet
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
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Free Report) last posted 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 business had revenue of $119.80 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.31 EPS. As a group, analysts predict that Alphabet Inc. will post 14.34 earnings per share for the current fiscal year.
Alphabet Increases Dividend
The business also recently disclosed 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. This is an increase from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, June 8th. Alphabet’s payout ratio is presently 6.71%.
Wall Street Analyst Weigh In
A number of equities analysts have commented on the stock. Scotiabank restated an “outperform” rating and set a $450.00 price objective (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Phillip Securities downgraded shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Wednesday, April 15th. Raymond James Financial reiterated a “strong-buy” rating and set a $425.00 price target on shares of Alphabet in a research note on Thursday, April 30th. Stifel Nicolaus set a $420.00 price target on shares of Alphabet in a report on Wednesday, May 20th. Finally, KeyCorp set a $445.00 price objective on shares of Alphabet in a research report on Friday, July 10th. Five research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $383.44.
View Our Latest Research Report on Alphabet
Insider Activity at Alphabet
In other Alphabet news, CAO Marsida Saraci sold 449 shares of the company’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 transaction, the chief accounting officer directly owned 27,348 shares in the company, valued at approximately $9,345,358.56. This represents a 1.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frances Arnold sold 112 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total transaction of $39,343.36. Following the completion of the transaction, the director directly owned 18,833 shares of the company’s stock, valued at approximately $6,615,656.24. This trade represents a 0.59% 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 in the last ninety days. Company insiders own 12.99% of the company’s stock.
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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