E. Ohman J or Asset Management AB lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 6.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 145,945 shares of the information services provider’s stock after selling 9,479 shares during the quarter. Alphabet accounts for about 1.1% of E. Ohman J or Asset Management AB’s investment portfolio, making the stock its 18th largest holding. E. Ohman J or Asset Management AB’s holdings in Alphabet were worth $41,866,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Imprint Wealth LLC acquired a new stake in shares of Alphabet in the third quarter worth $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Alphabet during the 4th quarter valued at $38,000. Lifetime Wealth Management P.C. purchased a new stake in Alphabet during the 4th quarter worth $38,000. Bard Associates Inc. purchased a new stake in Alphabet during the 4th quarter worth $41,000. Finally, Towne Trust Company N.A increased its holdings in Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock valued at $42,000 after purchasing an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the company. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Wednesday, April 15th. Citigroup reiterated a “market outperform” rating on shares of Alphabet in a research note on Monday. The Goldman Sachs Group reissued a “buy” rating and set a $450.00 price target on shares of Alphabet in a research report on Thursday, May 21st. Needham & Company LLC set a $400.00 price target on Alphabet and gave the stock a “buy” rating in a report on Friday, March 13th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $435.00 price objective on shares of Alphabet in a research report on Tuesday, June 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Buy” and a consensus price target of $376.78.
Insiders Place Their Bets
In related news, CAO Amie Thuener O’toole sold 617 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total value of $178,701.71. Following the completion of the sale, the chief accounting officer directly owned 10,093 shares of the company’s stock, valued at $2,923,235.59. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 stock was sold at an average price of $23.75, for a total value of $2,077,531.25. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 160,516 shares of company stock valued at $7,344,604. 12.99% of the stock is owned by company insiders.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Negative Sentiment: Key AI researchers have left Alphabet for competitors, intensifying worries that the company is losing critical talent needed to lead in generative AI. Reuters: Google DeepMind signs AI research deal with film studio A24
- Negative Sentiment: Investors are also worried that Alphabet’s aggressive AI spending plans, including a large equity raise to fund infrastructure and compute, could dilute shareholders and pressure free cash flow. Quiver Quantitative: Alphabet Slides as AI Funding Plan Fuels Dilution Worries
- Neutral Sentiment: Alphabet also announced a $75 million AI research partnership with A24, showing it is still investing in new AI use cases, but this was overshadowed by the talent-loss narrative. TechCrunch: Google DeepMind bets $75M on AI’s future in Hollywood with A24 deal
- Neutral Sentiment: Recent fundamentals remain strong, with Alphabet’s latest quarter beating expectations on both earnings and revenue, which helps offset some of the negative sentiment. Alphabet stock page
Alphabet Stock Down 5.1%
Shares of NASDAQ:GOOG opened at $348.78 on Tuesday. The firm has a market cap of $4.23 trillion, a PE ratio of 26.60, a price-to-earnings-growth ratio of 1.57 and a beta of 1.23. The company has a fifty day simple moving average of $364.96 and a 200 day simple moving average of $331.41. 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 Inc. has a 12-month low of $163.33 and a 12-month high of $404.47.
Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, topping the consensus estimate of $2.68 by $2.43. The company had revenue of $109.90 billion during the quarter, compared to analyst estimates of $106.96 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period last year, the business earned $2.81 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 14.3 EPS for the current fiscal year.
Alphabet Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 8th. This is a positive change from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is 6.71%.
Alphabet Profile
Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.
Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.
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