Alphabet Inc. $GOOGL Shares Sold by 1ST Source Bank

1ST Source Bank lessened its stake in Alphabet Inc. (NASDAQ:GOOGL) by 3.5% in the fourth quarter, Holdings Channel reports. The fund owned 97,646 shares of the information services provider’s stock after selling 3,492 shares during the quarter. Alphabet makes up about 1.6% of 1ST Source Bank’s holdings, making the stock its 12th biggest holding. 1ST Source Bank’s holdings in Alphabet were worth $30,563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GOOGL. PMV Capital Advisers LLC acquired a new stake in Alphabet during the 4th quarter worth about $38,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Alphabet during the 3rd quarter worth about $53,000. Kentucky Trust Co lifted its holdings in shares of Alphabet by 142.9% during the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider’s stock valued at $53,000 after buying an additional 100 shares during the last quarter. iSAM Funds UK Ltd acquired a new stake in shares of Alphabet during the 3rd quarter valued at about $53,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Alphabet during the 3rd quarter valued at about $63,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Down 3.9%

GOOGL stock opened at $361.85 on Wednesday. Alphabet Inc. has a twelve month low of $162.00 and a twelve month high of $408.61. The company has a market cap of $4.38 trillion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 1.61 and a beta of 1.23. The business’s 50-day simple moving average is $347.16 and its 200 day simple moving average is $325.75. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, topping the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The business had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. On average, research analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be issued a dividend of $0.22 per share. 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%. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s payout ratio is 6.41%.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Berkshire Hathaway’s $10 billion investment signals strong outside confidence in Alphabet’s AI and cloud strategy. Alphabet plans to raise $80 billion for AI goals, Berkshire to invest $10 billion
• Positive Sentiment: Analysts and commentators continue to argue that Alphabet remains a high-margin cash generator with attractive long-term earnings power. Google: AI Skeptics Proven Wrong as Business Booms
• Neutral Sentiment: Coverage of Alphabet’s expanding AI coding, hardware, and device strategy highlights broader growth opportunities, but it is not the main driver of today’s move. Microsoft and Google are late to AI coding, but ‘absolutely critical’ they compete for growth
• Negative Sentiment: The proposed $80 billion stock sale raises dilution concerns and underscores how expensive Alphabet’s AI race has become. 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 a regulatory overhang for the cloud business. Alphabet to raise $80 billion in equity capital for AI spending

Insider Activity

In related news, Director Frances Arnold sold 102 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $381.00, for a total value of $38,862.00. Following the completion of the transaction, the director owned 18,721 shares in the company, valued at $7,132,701. The trade was a 0.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several research reports. New Street Research lifted their price target on Alphabet from $380.00 to $450.00 and gave the company a “buy” rating in a report on Monday, May 4th. Dbs Bank lifted their price target on Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. CICC Research boosted their target price on Alphabet from $388.00 to $407.91 and gave the stock an “outperform” rating in a report on Friday, May 1st. Piper Sandler reissued an “overweight” rating and issued a $445.00 price target (up from $425.00) on shares of Alphabet in a research report on Monday. Finally, The Goldman Sachs Group boosted their target price on shares of Alphabet from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $413.04.

Alphabet 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.