Summitry LLC Sells 3,242 Shares of Alphabet Inc. $GOOG

Summitry LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 9.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 32,560 shares of the information services provider’s stock after selling 3,242 shares during the quarter. Summitry LLC’s holdings in Alphabet were worth $10,217,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Imprint Wealth LLC acquired a new position in shares of Alphabet in the third quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Alphabet during the fourth quarter worth $38,000. Towne Trust Company N.A increased its position in shares of Alphabet by 34.0% during the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock worth $42,000 after acquiring an additional 34 shares in the last quarter. Winnow Wealth LLC bought a new stake in shares of Alphabet during the third quarter worth $63,000. Finally, CBIZ Investment Advisory Services LLC increased its position in shares of Alphabet by 29.0% during the third quarter. CBIZ Investment Advisory Services LLC now owns 258 shares of the information services provider’s stock worth $63,000 after acquiring an additional 58 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphabet

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $393.26, for a total transaction of $412,923.00. Following the transaction, the director owned 2,531 shares of the company’s stock, valued at $995,341.06. The trade was a 29.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 193,016 shares of company stock valued at $17,282,549 in the last three months. 12.99% of the stock is currently owned by insiders.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s AI momentum remains strong, with reports that Gemini now has 900 million monthly users and Google Cloud demand continuing to expand, reinforcing the company’s long-term growth story.
• Positive Sentiment: Berkshire Hathaway added about $10 billion to the fundraising round, a notable vote of confidence that helped validate Alphabet’s AI investment strategy.
• Positive Sentiment: Alphabet also announced an expanded multi-year Google Cloud partnership with Lovable, suggesting further demand for its AI and cloud infrastructure. Article Title
• Neutral Sentiment: Wall Street commentary remains mostly constructive, with several firms reiterating buy ratings and price targets well above recent trading levels, suggesting analysts still see upside despite near-term volatility.
• Negative Sentiment: The huge capital raise has sparked concerns about dilution and heavier spending, and multiple reports said the stock fell after the funding news as investors questioned how quickly AI capex will translate into returns.
• Negative Sentiment: UK regulators imposed new rules requiring Google to let publishers opt out of AI search summaries and model training, a potential headwind for its AI search monetization and publisher relationships. Article Title
• Negative Sentiment: Some users and publishers are pushing back on Google’s AI search products, and the controversy around AI Overviews adds uncertainty around search traffic and engagement trends. Article Title

Wall Street Analyst Weigh In

GOOG has been the subject of several research reports. TD Cowen reissued a “buy” rating on shares of Alphabet in a research report on Thursday, May 21st. Pivotal Research reissued a “buy” rating and set a $470.00 price objective (up from $420.00) on shares of Alphabet in a research report on Wednesday, April 29th. Wells Fargo & Company reissued an “overweight” rating and set a $435.00 price objective on shares of Alphabet in a research report on Tuesday. Wedbush reissued an “outperform” rating and set a $370.00 price objective on shares of Alphabet in a research report on Thursday, February 5th. Finally, KeyCorp reissued an “overweight” rating on shares of Alphabet in a research report on Wednesday, May 20th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $376.00.

Alphabet Stock Performance

Shares of GOOG opened at $355.68 on Thursday. Alphabet Inc. has a 12 month low of $163.33 and a 12 month high of $404.47. The firm has a fifty day simple moving average of $346.94 and a 200 day simple moving average of $326.15. The stock has a market capitalization of $4.31 trillion, a price-to-earnings ratio of 27.13, a PEG ratio of 1.54 and a beta of 1.22. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 30th. The information services provider reported $5.11 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 business had revenue of $109.90 billion during the quarter, compared to analysts’ expectations of $106.96 billion. During the same quarter in the prior year, the company posted $2.81 earnings per share. The firm’s revenue was up 21.8% on a year-over-year basis. Research analysts forecast that Alphabet Inc. will post 14.28 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be issued a dividend of $0.22 per share. The ex-dividend date is Monday, June 8th. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet’s dividend payout ratio is currently 6.41%.

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.