Alphabet Inc. $GOOGL Shares Sold by Keel Point LLC

Keel Point LLC lessened its position in Alphabet Inc. (NASDAQ:GOOGL) by 27.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 48,045 shares of the information services provider’s stock after selling 18,110 shares during the quarter. Alphabet accounts for approximately 0.9% of Keel Point LLC’s portfolio, making the stock its 21st biggest position. Keel Point LLC’s holdings in Alphabet were worth $13,816,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. NewEdge Wealth LLC raised its stake 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 increased its holdings in Alphabet by 2.6% during the 1st quarter. PFG Investments LLC now owns 89,299 shares of the information services provider’s stock worth $25,679,000 after purchasing an additional 2,269 shares during the period. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust acquired a new stake in Alphabet in the 4th quarter valued at about $28,902,000. W.G. Shaheen & Associates DBA Whitney & Co raised its position in Alphabet by 17.1% in the 4th quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 118,966 shares of the information services provider’s stock valued at $37,236,000 after purchasing an additional 17,415 shares in the last quarter. Finally, KLCM Advisors Inc. increased its stake in shares of Alphabet by 66.1% during the fourth quarter. KLCM Advisors Inc. now owns 22,877 shares of the information services provider’s stock worth $7,161,000 after buying an additional 9,105 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $18.90, for a total transaction of $2,232,808.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Marsida Saraci sold 449 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the completion of the sale, the chief accounting officer owned 27,386 shares of the company’s stock, valued at $9,125,015.20. This trade represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 600,547 shares of company stock valued at $16,255,540 over the last 90 days. 11.61% of the stock is owned by corporate insiders.

Alphabet Trading Down 1.0%

Shares of GOOGL stock opened at $354.30 on Friday. Alphabet Inc. has a twelve month low of $196.60 and a twelve month high of $408.61. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $355.68 and its two-hundred day moving average is $340.41. The company has a market capitalization of $4.33 trillion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $6.22. The company had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Equities analysts forecast that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet’s dividend payout ratio is 4.42%.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google’s AI business is booming, so why are DeepMind’s biggest names quitting?
• Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
• Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Alphabet from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Daiwa Securities Group lifted their price objective on shares of Alphabet from $380.00 to $445.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Jefferies Financial Group reiterated a “buy” rating on shares of Alphabet in a research note on Monday, June 22nd. Truist Financial set a $420.00 price target on Alphabet and gave the company a “buy” rating in a research note on Thursday, July 23rd. Finally, Phillip Securities raised Alphabet from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, July 27th. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $419.86.

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.