Allworth Financial LP Grows Stock Position in Alphabet Inc. $GOOGL

Allworth Financial LP boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 21.5% during the fourth quarter, Holdings Channel reports. The firm owned 327,311 shares of the information services provider’s stock after acquiring an additional 57,932 shares during the quarter. Allworth Financial LP’s holdings in Alphabet were worth $102,448,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. CIBC Bancorp USA Inc. purchased a new stake in shares of Alphabet in the 3rd quarter worth $416,217,000. NewEdge Wealth LLC increased its stake in shares of Alphabet by 11.8% in the 4th quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock worth $277,696,000 after purchasing an additional 93,293 shares in the last quarter. Sovran Advisors LLC increased its stake in shares of Alphabet by 23.6% in the 3rd quarter. Sovran Advisors LLC now owns 22,219 shares of the information services provider’s stock worth $5,401,000 after purchasing an additional 4,241 shares in the last quarter. Belpointe Asset Management LLC increased its stake in shares of Alphabet by 5.4% in the 3rd quarter. Belpointe Asset Management LLC now owns 72,608 shares of the information services provider’s stock worth $17,652,000 after purchasing an additional 3,740 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Alphabet by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 1,666,577 shares of the information services provider’s stock worth $405,131,000 after purchasing an additional 60,831 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Down 1.0%

Shares of NASDAQ GOOGL opened at $376.37 on Tuesday. The firm’s 50-day moving average price is $347.16 and its 200-day moving average price is $325.75. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.56 trillion, a price-to-earnings ratio of 28.71, a P/E/G ratio of 1.63 and a beta of 1.26. Alphabet Inc. has a 12-month low of $162.00 and a 12-month high of $408.61.

Alphabet (NASDAQ:GOOGL) 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 net margin of 37.92% and a return on equity of 38.99%. The company had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. On average, equities research analysts anticipate that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

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

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Berkshire Hathaway’s $10 billion commitment gives Alphabet a high-profile endorsement and suggests long-term confidence in the company’s AI and cloud strategy. Alphabet plans to raise $80 billion for AI goals, Berkshire to invest $10 billion
• Positive Sentiment: Alphabet’s ownership stakes in major private AI companies like SpaceX and Anthropic could provide hidden upside if those firms eventually go public. Alphabet Stock Offers Exposure To SpaceX, Anthropic Before IPOs: What That Means For Investors
• Neutral Sentiment: Coverage of Alphabet’s expanding AI coding, hardware, and consumer-device strategy underscores the company’s push to compete more aggressively, but it does not appear to be the immediate stock-moving catalyst today. Microsoft and Google are late to AI coding, but ‘absolutely critical’ they compete for growth
• Negative Sentiment: Alphabet’s proposed $80 billion capital raise is raising dilution concerns and signaling much heavier near-term AI capex, which is pressuring the shares. Exclusive: EU cloud rules to curb Amazon, Google access to strategic tenders, draft document shows
• Negative Sentiment: Reports that EU cloud rules could restrict Google’s access to strategic government tenders add another regulatory overhang for the company’s cloud business. Alphabet to raise $80 billion in equity capital for AI spending

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,050 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $393.26, for a total transaction of $412,923.00. Following the transaction, the director directly owned 2,531 shares of the company’s stock, valued at approximately $995,341.06. This trade represents a 29.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 8,993 shares of the firm’s stock in a transaction that occurred on Friday, March 27th. The stock was sold at an average price of $275.89, for a total transaction of $2,481,078.77. Following the transaction, the insider directly owned 51,808 shares in the company, valued at approximately $14,293,309.12. This trade represents a 14.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 225,516 shares of company stock worth $27,142,399 over the last three months. 11.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GOOGL has been the subject of several recent analyst reports. Evercore upped their target price on shares of Alphabet from $400.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $445.00 target price (up from $425.00) on shares of Alphabet in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $450.00 target price on shares of Alphabet in a report on Wednesday, May 20th. Loop Capital increased their price objective on shares of Alphabet from $355.00 to $490.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Rothschild & Co Redburn increased their price objective on shares of Alphabet from $390.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $413.33.

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.