Alphabet Inc. $GOOGL Position Boosted by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 4.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,417 shares of the information services provider’s stock after purchasing an additional 2,244 shares during the quarter. Alphabet comprises about 1.2% of Icon Wealth Advisors LLC’s portfolio, making the stock its 22nd biggest holding. Icon Wealth Advisors LLC’s holdings in Alphabet were worth $17,561,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. PMV Capital Advisers LLC bought a new position in Alphabet in the 4th quarter worth approximately $38,000. IFC & Insurance Marketing Inc. bought a new position in Alphabet in the 4th quarter worth approximately $38,000. Bard Associates Inc. bought a new position in Alphabet in the 4th quarter worth approximately $52,000. Kentucky Trust Co grew its holdings in Alphabet by 142.9% in the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider’s stock worth $53,000 after buying an additional 100 shares in the last quarter. Finally, iSAM Funds UK Ltd bought a new position in Alphabet in the 3rd quarter worth approximately $53,000. 40.03% of the stock is owned by institutional investors.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s drone unit Wing expanded its Walmart partnership into seven more U.S. cities, pushing the service toward nearly 20 markets and signaling that drone delivery is moving from experiment to scalable business. Alphabet’s Most Overlooked Division Just Had a Big Week
• Positive Sentiment: Waymo launched a new $29.99 monthly membership program with perks for frequent riders, a move that suggests the robotaxi business is building recurring revenue on top of rapid ride-growth. Waymo launches premier subscription tier for $29.99 a month, starting in select cities
• Positive Sentiment: TD Cowen raised its price target on Alphabet, adding to the bullish analyst backdrop and supporting the view that the stock still has room to run. Alphabet (GOOGL) Among Our Good Stocks to Buy Now
• Positive Sentiment: Bank of America and other commentary highlighted Alphabet as a long-term AI beneficiary, especially as rising model costs could strengthen demand for Google Cloud and infrastructure. Anthropic’s Priciest AI Model Yet Is Here. Why Alphabet and Amazon Will Benefit.
• Neutral Sentiment: Alphabet sued an alleged Chinese cybercrime group accused of using Google’s AI tools to run scam operations, which shows the company is actively defending its platform but is not likely to move the stock much on its own. Google sues alleged Chinese cybercrime operation that used AI to send scam texts
• Neutral Sentiment: Some investors noted that Altimeter Capital fully exited its Alphabet stake in Q1, but this appears more like portfolio repositioning than a company-specific warning. Billionaire Brad Gerstner Dumped All of His Alphabet Then Bought 2 Stocks Nobody Expected

Analysts Set New Price Targets

A number of brokerages recently issued reports on GOOGL. Tigress Financial set a $415.00 price objective on Alphabet and gave the stock a “strong-buy” rating in a report on Thursday, February 19th. Susquehanna reissued a “positive” rating and issued a $460.00 price objective (up from $400.00) on shares of Alphabet in a report on Thursday, April 30th. Rothschild & Co Redburn increased their price objective on Alphabet from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Daiwa Securities Group upped their target price on Alphabet from $380.00 to $445.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $413.13.

Insider Activity at Alphabet

In other news, Director Frances Arnold sold 102 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $381.00, for a total value of $38,862.00. Following the completion of the sale, the director owned 18,721 shares in the company, valued at $7,132,701. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 617 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $289.63, for a total value of $178,701.71. Following the completion of the sale, the chief accounting officer owned 10,093 shares of the company’s stock, valued at $2,923,235.59. The trade was a 5.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 191,966 shares of company stock worth $16,963,968. 11.61% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $359.68 on Monday. Alphabet Inc. has a one year low of $162.00 and a one year high of $408.61. The stock has a fifty day moving average of $360.45 and a 200-day moving average of $330.34. The company has a market capitalization of $4.36 trillion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 1.54 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. As a group, equities analysts anticipate that Alphabet Inc. will post 14.3 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be given a dividend of $0.22 per share. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date is Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. Alphabet’s payout ratio is currently 6.71%.

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.