Trail Ridge Investment Advisors LLC Decreases Stock Holdings in Alphabet Inc. $GOOGL

Trail Ridge Investment Advisors LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 42.3% during the second quarter, HoldingsChannel.com reports. The fund owned 2,750 shares of the information services provider’s stock after selling 2,017 shares during the quarter. Trail Ridge Investment Advisors LLC’s holdings in Alphabet were worth $983,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Capstone Wealth Management Inc. purchased a new position in shares of Alphabet in the 2nd quarter worth about $216,000. D.B. Root & Company LLC increased its holdings in Alphabet by 1.5% during the second quarter. D.B. Root & Company LLC now owns 10,764 shares of the information services provider’s stock worth $3,847,000 after buying an additional 163 shares during the last quarter. GSG Advisors LLC raised its position in Alphabet by 0.4% in the second quarter. GSG Advisors LLC now owns 8,041 shares of the information services provider’s stock worth $2,874,000 after acquiring an additional 36 shares during the period. Asset One Wealth Management LLC raised its position in Alphabet by 1.6% in the second quarter. Asset One Wealth Management LLC now owns 26,116 shares of the information services provider’s stock worth $9,687,000 after acquiring an additional 409 shares during the period. Finally, Investor s Fiduciary Advisor Network LLC raised its position in Alphabet by 4.8% in the second quarter. Investor s Fiduciary Advisor Network LLC now owns 6,473 shares of the information services provider’s stock worth $2,313,000 after acquiring an additional 296 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google’s revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $450.00 price target on shares of Alphabet in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a research note on Friday, July 17th. Piper Sandler restated an “overweight” rating and issued a $395.00 target price (down from $445.00) on shares of Alphabet in a research note on Thursday, July 23rd. HSBC reaffirmed a “buy” rating and set a $420.00 price target (down from $435.00) on shares of Alphabet in a research report on Tuesday, June 2nd. Finally, UBS Group decreased their price objective on Alphabet from $400.00 to $379.00 and set a “neutral” rating for the company in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Buy” and an average price target of $420.19.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 1,050 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the transaction, the director owned 1,481 shares of the company’s stock, valued at approximately $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 451,925 shares of company stock valued at $12,371,544 in the last ninety days. Corporate insiders own 11.61% of the company’s stock.

Alphabet Trading Down 0.0%

Shares of GOOGL opened at $338.36 on Wednesday. Alphabet Inc. has a twelve month low of $233.23 and a twelve month high of $408.61. The stock has a market cap of $4.14 trillion, a PE ratio of 16.99, a P/E/G ratio of 0.98 and a beta of 1.22. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $348.34 and its 200-day moving average price is $343.37.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The business had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $117.07 billion. On average, equities analysts forecast that Alphabet Inc. will post 20.5 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, September 4th. Alphabet’s payout ratio is presently 4.42%.

Alphabet Profile

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet’s largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.