Washington Trust Advisors Inc. lessened its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 147,961 shares of the information services provider’s stock after selling 1,931 shares during the period. Alphabet accounts for 3.6% of Washington Trust Advisors Inc.’s investment portfolio, making the stock its 6th biggest position. Washington Trust Advisors Inc.’s holdings in Alphabet were worth $50,911,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in GOOGL. XXI Wealth LLC grew its position in shares of Alphabet by 21.1% in the 3rd quarter. XXI Wealth LLC now owns 13,817 shares of the information services provider’s stock worth $4,754,000 after buying an additional 2,407 shares during the last quarter. BIP Wealth LLC increased its stake in shares of Alphabet by 2.0% during the third quarter. BIP Wealth LLC now owns 25,423 shares of the information services provider’s stock valued at $8,747,000 after buying an additional 508 shares during the period. River Street Advisors LLC raised its holdings in shares of Alphabet by 4.3% during the third quarter. River Street Advisors LLC now owns 23,211 shares of the information services provider’s stock valued at $7,986,000 after acquiring an additional 967 shares in the last quarter. MLP3 LLC raised its holdings in shares of Alphabet by 61.2% during the third quarter. MLP3 LLC now owns 2,463 shares of the information services provider’s stock valued at $847,000 after acquiring an additional 935 shares in the last quarter. Finally, Private Wealth Partners LLC raised its holdings in shares of Alphabet by 2.0% during the third quarter. Private Wealth Partners LLC now owns 273,959 shares of the information services provider’s stock valued at $94,264,000 after acquiring an additional 5,307 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.
Alphabet Trading Down 1.4%
GOOGL opened at $279.84 on Friday. The stock has a market cap of $3.42 trillion, a PE ratio of 14.61, a PEG ratio of 0.83 and a beta of 1.21. The company has a quick ratio of 2.64, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average of $339.07 and a 200-day moving average of $340.17. Alphabet Inc. has a 52 week low of $270.70 and a 52 week high of $408.61.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The information services provider reported $2.12 earnings per share for the quarter, missing the consensus estimate of $3.02 by ($0.90). The firm had revenue of $127.58 billion for the quarter, compared to the consensus estimate of $127.96 billion. Alphabet had a net margin of 50.03% and a return on equity of 43.33%. Equities research analysts predict that Alphabet Inc. will post 20.40 earnings per share for the current fiscal year.
Alphabet News Roundup
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google Cloud revenue more than doubled year over year to approximately $30.7 billion, while its backlog reached $561 billion. The results support Alphabet’s position as a major beneficiary of enterprise AI demand. Alphabet’s Cloud Business Just Doubled
- Positive Sentiment: Several analysts remain constructive after the selloff. Guggenheim and Needham reaffirmed “buy” ratings with $450 targets, while Citigroup and Wells Fargo retained bullish ratings and projected substantial upside despite lowering their targets.
- Positive Sentiment: Alphabet’s AI ecosystem could gain from rising demand for cloud capacity and specialized chips. Waymo is also expanding internationally through a partnership with Toyota, although the business remains small relative to Alphabet’s core operations. Waymo taps Toyota to supply robotaxis
- Neutral Sentiment: Multiple securities law firms publicized class-action lawsuits and lead-plaintiff deadlines tied to alleged disclosures about Alphabet’s Gemini AI development. These notices add headline risk, but their direct financial impact remains uncertain.
- Negative Sentiment: Alphabet reported adjusted earnings of $2.12 per share, below consensus near $2.94-$3.02, while revenue of $127.6 billion also missed expectations. Search and other revenue grew about 12% to roughly $63 billion, but fell short of forecasts, reinforcing fears that AI-generated answers and “AI mode” searches may monetize less effectively than traditional Search.
- Negative Sentiment: AI infrastructure spending caused free cash flow to remain negative by roughly $9.1 billion for a second consecutive quarter. Investors are questioning whether the enormous capital outlays will produce adequate returns and whether Alphabet may need additional debt or equity financing.
- Negative Sentiment: An unrealized loss on Alphabet’s SpaceX investment reduced quarterly earnings by approximately $0.55 per share, while an EU antitrust fine further pressured results. Analysts including RBC, Wells Fargo, Citigroup, Wedbush, KeyCorp and Cantor Fitzgerald lowered price targets, even though most maintained positive ratings.
Analyst Ratings Changes
Several analysts recently weighed in on the stock. Yorkville Ives began coverage on shares of Alphabet in a report on Monday, October 5th. They issued an “outperform” rating and a $400.00 price target on the stock. Truist Financial decreased their price objective on shares of Alphabet from $420.00 to $410.00 and set a “buy” rating for the company in a report on Thursday. Wall Street Zen lowered shares of Alphabet from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. KeyCorp dropped their target price on shares of Alphabet from $410.00 to $385.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $375.00 target price (down from $400.00) on shares of Alphabet in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, forty-six have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $410.46.
Get Our Latest Report on GOOGL
Insider Buying and Selling
In other news, Director Frances Arnold sold 83 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total transaction of $28,257.35. Following the sale, the director owned 19,076 shares in the company, valued at approximately $6,494,424.20. The trade was a 0.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 247 shares of company stock worth $79,238 over the last ninety days. Company insiders own 11.61% of the company’s stock.
About Alphabet
Alphabet Inc is a technology holding company best known for its Google subsidiary. Google operates a global internet-services business centered on online search, digital advertising, YouTube, Android, Chrome, Google Maps, Google Play, and a broad range of cloud-based productivity and collaboration tools.
Google Cloud provides infrastructure, data analytics, cybersecurity, artificial intelligence, and enterprise software services to businesses, governments, and other organizations. Alphabet also develops consumer hardware, including Pixel devices and products for connected homes, while investing in emerging businesses through its “Other Bets” segment, including autonomous transportation and life sciences initiatives.
Alphabet was established in 2015 as part of a corporate restructuring that made Google a subsidiary and provided a separate structure for its expanding portfolio of businesses.
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