Simplicity Wealth LLC lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 13.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,662 shares of the information services provider’s stock after acquiring an additional 4,953 shares during the quarter. Alphabet makes up approximately 0.7% of Simplicity Wealth LLC’s holdings, making the stock its 27th biggest position. Simplicity Wealth LLC’s holdings in Alphabet were worth $11,693,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOGL. Symmetry Partners LLC increased its stake in shares of Alphabet by 0.4% in the fourth quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock worth $2,476,000 after purchasing an additional 30 shares in the last quarter. Private Wealth Management Group LLC boosted its holdings in Alphabet by 1.2% in the 1st quarter. Private Wealth Management Group LLC now owns 2,540 shares of the information services provider’s stock worth $730,000 after buying an additional 30 shares during the period. Members Trust Co increased its stake in Alphabet by 0.5% in the 4th quarter. Members Trust Co now owns 6,434 shares of the information services provider’s stock worth $2,014,000 after buying an additional 31 shares in the last quarter. Altfest L J & Co. Inc. increased its stake in Alphabet by 0.4% in the 4th quarter. Altfest L J & Co. Inc. now owns 7,952 shares of the information services provider’s stock worth $2,489,000 after buying an additional 31 shares in the last quarter. Finally, Corus Family Wealth Advisors raised its holdings in Alphabet by 1.5% during the first quarter. Corus Family Wealth Advisors now owns 2,090 shares of the information services provider’s stock valued at $601,000 after acquiring an additional 31 shares during the period. Institutional investors own 40.03% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have commented on GOOGL shares. Piper Sandler reaffirmed an “overweight” rating and set a $445.00 price objective (up from $425.00) on shares of Alphabet in a research note on Monday, June 1st. Wolfe Research lowered their target price on shares of Alphabet from $390.00 to $360.00 and set an “outperform” rating for the company in a report on Friday, April 10th. China Renaissance lifted their price target on shares of Alphabet from $400.00 to $485.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Alphabet in a report on Tuesday, April 28th. Finally, Susquehanna reissued a “positive” rating and issued a $460.00 price objective (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $414.11.
Alphabet Price Performance
Shares of GOOGL stock opened at $351.99 on Tuesday. Alphabet Inc. has a twelve month low of $186.15 and a twelve month high of $408.61. The stock has a market capitalization of $4.26 trillion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 1.44 and a beta of 1.24. The stock has a fifty day simple moving average of $368.16 and a two-hundred day simple moving average of $338.41. 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:GOOGL – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, topping 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 firm had revenue of $109.90 billion during the quarter, compared to analysts’ expectations of $106.98 billion. On average, analysts predict that Alphabet Inc. will post 14.33 EPS for the current fiscal year.
Alphabet Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, June 8th. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is presently 6.71%.
Insider Activity
In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the completion of the sale, the insider owned 75,290 shares of the company’s stock, valued at $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 159,415 shares of company stock valued at $7,672,279. 11.61% of the stock is owned by company insiders.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google is reportedly developing a new AI server chip to make Gemini run more efficiently, which could improve performance and reduce infrastructure costs. Reuters: Google plans new chip to run Gemini models more efficiently
- Positive Sentiment: Shares were also lifted by reports that Alphabet’s AI chip initiative could strengthen its competitive position against Nvidia and support its broader AI rollout. Yahoo Finance: Alphabet stock gains on report of next-generation AI chip project
- Positive Sentiment: Analysts and market commentators say Alphabet’s upcoming Q2 results could be supported by Search ad strength, Cloud growth, and rising subscriptions, with expectations for an earnings surprise still elevated. Zacks: Will Alphabet’s Q2 Earnings Reignite the Tech Rally?
- Positive Sentiment: Wall Street analysts remain generally constructive on Alphabet ahead of earnings, with some notes suggesting meaningful upside from current levels. Zacks: Wall Street Analysts Think Alphabet (GOOGL) Is a Good Investment: Is It?
- Neutral Sentiment: Alphabet’s upcoming earnings report is expected to be a major event for the stock, with traders bracing for a potentially large move depending on guidance and AI capex plans. Investopedia: Here’s How Much Google Parent Alphabet’s Stock Is Seen Moving After Earnings Wednesday
- Neutral Sentiment: Several articles highlighted Alphabet as one of this week’s most closely watched earnings names, but these were largely preview pieces rather than new fundamental developments. Proactive Investors: Week ahead: Wall Street gears up for volatility as Big Tech earnings kick into high gear
- Negative Sentiment: One New York Times report criticized Google’s AI search features as potentially harming the open web, which could add regulatory and reputational pressure over time. NYT: How Google’s A.I. Search Is Imperiling the Open Web
- Negative Sentiment: Two securities-fraud investigation notices may create some headline overhang, although they are routine plaintiff-lawyer announcements and not evidence of new wrongdoing. Globe Newswire: Securities Fraud Investigation Into Alphabet Inc. (GOOG) Continues
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.
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