New Age Alpha Advisors LLC Sells 4,645 Shares of Alphabet Inc. $GOOGL

New Age Alpha Advisors LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 4.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,439 shares of the information services provider’s stock after selling 4,645 shares during the quarter. Alphabet comprises approximately 1.3% of New Age Alpha Advisors LLC’s investment portfolio, making the stock its 8th biggest position. New Age Alpha Advisors LLC’s holdings in Alphabet were worth $29,559,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in GOOGL. CIBC Bancorp USA Inc. bought a new stake in Alphabet during the third quarter worth $416,217,000. NewEdge Wealth LLC lifted its stake in Alphabet by 11.8% during the fourth 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 during the last quarter. Sovran Advisors LLC lifted its stake in Alphabet by 23.6% during the third 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 during the last quarter. Belpointe Asset Management LLC lifted its stake in Alphabet by 5.4% during the third 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 during the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Alphabet by 3.8% during the third 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 during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the subject of several recent analyst reports. New Street Research upped their target price on Alphabet from $450.00 to $455.00 and gave the stock a “buy” rating in a research note on Friday. Citizens Jmp restated a “market outperform” rating and set a $515.00 target price on shares of Alphabet in a research note on Wednesday, May 20th. The Goldman Sachs Group upped their target price on Alphabet from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Robert W. Baird upped their target price on Alphabet from $380.00 to $400.00 and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Finally, HSBC restated a “buy” rating and set a $420.00 target price (down from $435.00) on shares of Alphabet in a research note on Tuesday, June 2nd. Two equities 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $413.13.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 617 shares of the stock in a transaction on 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 in the company, valued at $2,923,235.59. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frances Arnold sold 102 shares of the stock in a transaction 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 sale, the director owned 18,721 shares of the company’s stock, valued at $7,132,701. The trade was a 0.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 193,016 shares of company stock valued at $17,282,549 over the last ninety days. 11.61% of the stock is currently owned by corporate insiders.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock’s 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK ‘conduct requirement’

Alphabet Price Performance

Shares of GOOGL opened at $368.53 on Monday. Alphabet Inc. has a 52 week low of $162.00 and a 52 week high of $408.61. The stock has a market capitalization of $4.47 trillion, a price-to-earnings ratio of 28.11, a PEG ratio of 1.58 and a beta of 1.23. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The stock has a fifty day moving average of $352.70 and a 200-day moving average of $328.11.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion during the quarter, compared to analysts’ expectations of $106.98 billion. As a group, sell-side analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

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

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.