Absher Wealth Management LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 15.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,995 shares of the information services provider’s stock after selling 17,390 shares during the period. Alphabet comprises approximately 3.2% of Absher Wealth Management LLC’s investment portfolio, making the stock its 16th largest holding. Absher Wealth Management LLC’s holdings in Alphabet were worth $27,029,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in GOOGL. NewEdge Wealth LLC lifted its position in shares of Alphabet by 11.8% in the fourth quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock valued at $277,696,000 after acquiring an additional 93,293 shares in the last quarter. PFG Investments LLC boosted its stake in shares of Alphabet by 2.6% in the first quarter. PFG Investments LLC now owns 89,299 shares of the information services provider’s stock worth $25,679,000 after acquiring an additional 2,269 shares during the last quarter. World Investment Advisors increased its position in shares of Alphabet by 9.2% during the fourth quarter. World Investment Advisors now owns 274,761 shares of the information services provider’s stock worth $86,000,000 after purchasing an additional 23,107 shares in the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust purchased a new stake in shares of Alphabet during the fourth quarter worth approximately $28,902,000. Finally, Private Advisory Group LLC raised its stake in Alphabet by 12.2% in the 4th quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider’s stock valued at $7,736,000 after purchasing an additional 2,678 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.
Insider Buying and Selling
In other news, Director Frances Arnold sold 112 shares of the firm’s stock in a transaction that occurred on 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 sale, the director owned 18,833 shares in the company, valued at $6,615,656.24. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider directly owned 75,290 shares in the company, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 159,415 shares of company stock worth $7,672,279 over the last ninety days. 11.61% of the stock is currently owned by insiders.
Alphabet Stock Down 1.5%
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $2.64 by $6.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.07 billion. As a group, equities analysts forecast that Alphabet Inc. will post 14.34 EPS for the current year.
Alphabet Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. Alphabet’s payout ratio is presently 6.71%.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on GOOGL shares. Stifel Nicolaus set a $420.00 price objective on Alphabet and gave the company a “buy” rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, April 28th. Piper Sandler reiterated an “overweight” rating and issued a $445.00 target price (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Royal Bank Of Canada set a $425.00 price target on shares of Alphabet and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Finally, Susquehanna restated a “positive” rating and set a $460.00 price target (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $414.54.
Read Our Latest Research Report on GOOGL
More Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates by a wide margin, signaling strong underlying business momentum. Alphabet (GOOGL) Beats Q2 Earnings and Revenue Estimates
- Positive Sentiment: Google Cloud’s 82% growth suggests Alphabet’s AI spending is translating into faster cloud demand and improving monetization. Google quarterly cloud revenue growth beats expectations
- Positive Sentiment: YouTube ad revenue growth and strength across search and advertising add evidence that core businesses are still healthy. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion, Helping To Drive Strong Report By Parent Alphabet
Alphabet 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.
See Also
- Five stocks we like better than Alphabet
- Could Truth API Become Trump Media’s First Meaningful Revenue Driver?
- Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying
- Moog Is More Than a Missile Maker, and Wall Street Is Noticing
- A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
