Evergreen Wealth Management LLC Cuts Stake in Alphabet Inc. $GOOGL

Evergreen Wealth Management LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 18.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,219 shares of the information services provider’s stock after selling 6,519 shares during the quarter. Alphabet comprises about 4.6% of Evergreen Wealth Management LLC’s investment portfolio, making the stock its 5th biggest position. Evergreen Wealth Management LLC’s holdings in Alphabet were worth $9,146,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Symmetry Partners LLC raised its position in Alphabet by 0.4% during the fourth quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock worth $2,476,000 after acquiring an additional 30 shares in the last quarter. Members Trust Co raised its position in Alphabet by 0.5% during the fourth quarter. Members Trust Co now owns 6,434 shares of the information services provider’s stock worth $2,014,000 after acquiring an additional 31 shares in the last quarter. Altfest L J & Co. Inc. raised its position in Alphabet by 0.4% during the fourth quarter. Altfest L J & Co. Inc. now owns 7,952 shares of the information services provider’s stock worth $2,489,000 after acquiring an additional 31 shares in the last quarter. Insight 2811 Inc. raised its position in Alphabet by 1.0% during the fourth quarter. Insight 2811 Inc. now owns 3,124 shares of the information services provider’s stock worth $978,000 after acquiring an additional 32 shares in the last quarter. Finally, LJI Wealth Management LLC raised its position in Alphabet by 0.4% during the fourth quarter. LJI Wealth Management LLC now owns 7,265 shares of the information services provider’s stock worth $2,274,000 after acquiring an additional 32 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 1.0%

GOOGL opened at $368.53 on Friday. The company’s 50 day moving average is $352.70 and its 200-day moving average is $327.81. Alphabet Inc. has a 1-year low of $162.00 and a 1-year high of $408.61. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.47 trillion, a P/E ratio of 28.11, a PEG ratio of 1.59 and a beta of 1.23.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping the consensus estimate of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. Equities research analysts predict that Alphabet Inc. will post 14.29 earnings per share 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 given a dividend of $0.22 per share. The ex-dividend date is Monday, June 8th. This represents a $0.88 annualized dividend and a yield of 0.2%. This is a boost from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio is 6.41%.

Insider Buying and Selling at Alphabet

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction that occurred 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 sale, the director owned 2,531 shares in the company, valued at approximately $995,341.06. This represents a 29.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 193,016 shares of company stock worth $17,282,549 over the last quarter. Insiders own 11.61% of the company’s stock.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock’s 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK ‘conduct requirement’

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GOOGL shares. Phillip Securities increased their price objective on shares of Alphabet from $340.00 to $395.00 and gave the company a “moderate buy” rating in a research report on Wednesday, April 15th. Loop Capital increased their price objective on shares of Alphabet from $355.00 to $490.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Friday, May 29th. Wolfe Research dropped their price objective on shares of Alphabet from $390.00 to $360.00 and set an “outperform” rating on the stock in a research report on Friday, April 10th. Finally, Canaccord Genuity Group increased their price objective on shares of Alphabet from $415.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $413.13.

Alphabet Company 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.