Glenmede Trust Co. NA Sells 25,647 Shares of Alphabet Inc. $GOOGL

Glenmede Trust Co. NA lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 2.0% in the first quarter, HoldingsChannel reports. The firm owned 1,245,455 shares of the information services provider’s stock after selling 25,647 shares during the period. Alphabet comprises about 1.8% of Glenmede Trust Co. NA’s portfolio, making the stock its 6th largest holding. Glenmede Trust Co. NA’s holdings in Alphabet were worth $358,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Brighton Jones LLC raised its holdings in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock worth $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock valued at $2,826,000 after buying an additional 506 shares during the period. Matrix Asset Advisors Inc. NY boosted its holdings in shares of Alphabet by 17.6% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider’s stock valued at $685,000 after buying an additional 581 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of Alphabet by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider’s stock valued at $85,557,000 after buying an additional 48,805 shares during the last quarter. Finally, United Bank raised its stake in Alphabet by 6.9% during the second quarter. United Bank now owns 48,204 shares of the information services provider’s stock worth $8,495,000 after acquiring an additional 3,120 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GOOGL. Wall Street Zen lowered Alphabet from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. CICC Research boosted their price objective on Alphabet from $388.00 to $407.91 and gave the company an “outperform” rating in a research report on Friday, May 1st. China Renaissance upped their price target on shares of Alphabet from $400.00 to $485.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Robert W. Baird lifted their price target on Alphabet from $380.00 to $400.00 and gave the company an “outperform” rating in a report on Thursday, April 30th. Finally, DA Davidson set a $350.00 price target on Alphabet and gave the company a “neutral” rating in a report on Thursday, July 23rd. Six research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $419.86.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $354.30 on Friday. Alphabet Inc. has a 1 year low of $196.60 and a 1 year high of $408.61. The firm has a market cap of $4.33 trillion, a P/E ratio of 17.80, a PEG ratio of 0.99 and a beta of 1.24. The stock has a fifty day moving average price of $355.68 and a two-hundred day moving average price of $340.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72.

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

Alphabet Announces Dividend

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

More Alphabet News

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

Insider Buying and Selling at Alphabet

In related news, CAO Marsida Saraci sold 449 shares of the stock in a transaction that occurred on 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 directly owned 27,386 shares of the company’s stock, valued at $9,125,015.20. This represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frances Arnold sold 82 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $333.39, for a total transaction of $27,337.98. Following the sale, the director owned 18,914 shares of the company’s stock, valued at $6,305,738.46. The trade was a 0.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 600,547 shares of company stock valued at $16,255,540 over the last 90 days. Insiders own 11.61% of the company’s stock.

About Alphabet

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.