Alphabet Inc. $GOOGL is Urban Wealth Management LLC’s 6th Largest Position

Urban Wealth Management LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,398 shares of the information services provider’s stock after selling 1,398 shares during the period. Alphabet accounts for about 4.5% of Urban Wealth Management LLC’s holdings, making the stock its 6th biggest holding. Urban Wealth Management LLC’s holdings in Alphabet were worth $4,428,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new position in Alphabet in the third quarter valued at $416,217,000. NewEdge Wealth LLC increased its holdings in Alphabet by 11.8% during 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 during the period. World Investment Advisors raised its position in Alphabet by 9.2% in the 4th quarter. World Investment Advisors now owns 274,761 shares of the information services provider’s stock valued at $86,000,000 after purchasing an additional 23,107 shares in the last quarter. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust acquired a new stake in Alphabet in the 4th quarter valued at about $28,902,000. Finally, Private Advisory Group LLC boosted its stake in shares of Alphabet by 12.2% in the 4th quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider’s stock valued at $7,736,000 after buying an additional 2,678 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and set a $445.00 target price (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Mizuho boosted their price target on shares of Alphabet from $420.00 to $460.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Daiwa Securities Group upped their price objective on shares of Alphabet from $380.00 to $445.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $390.00 price objective (up from $345.00) on shares of Alphabet in a report on Thursday, April 30th. Finally, Evercore lifted their target price on Alphabet from $400.00 to $420.00 and gave the stock an “outperform” 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $413.90.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s addition to the Dow Jones Industrial Average is boosting visibility and may increase index-related demand for GOOGL. Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: Google’s Nano Banana 2 Lite launch could strengthen its AI product lineup by offering a faster, cheaper creation tool. Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: Visa and Google signing onto OpenUSD expands Alphabet’s footprint in digital payments infrastructure. Visa and Google Sign on to Use Money Movement Stablecoin OpenUSD
• Neutral Sentiment: Recent insider stock sales by Alphabet directors and executives appear routine and are not large enough on their own to change the investment thesis. Director Frances Arnold sold 112 shares of Alphabet stock
• Negative Sentiment: A Swedish court ordered Google to pay damages in an antitrust case, reinforcing legal risk around its shopping and search practices. Swedish court orders Google pay $1.46 bn for favoring its price comparisons
• Negative Sentiment: UK regulators are moving against app-store fees and payment restrictions, which could pressure Google’s app platform economics. UK targets Apple, Google app store fees for developers

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,050 shares of Alphabet stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the sale, the director owned 1,481 shares of the company’s stock, valued at $545,941.03. The trade was a 41.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $23.75, for a total transaction of $2,077,531.25. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 160,465 shares of company stock worth $8,020,511. 11.61% of the stock is currently owned by insiders.

Alphabet Stock Up 1.1%

GOOGL opened at $361.21 on Thursday. Alphabet Inc. has a 52 week low of $172.77 and a 52 week high of $408.61. The business has a 50 day moving average price of $370.08 and a two-hundred day moving average price of $333.88. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.38 trillion, a PE ratio of 27.55, a P/E/G ratio of 1.53 and a beta of 1.23.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, beating 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 company had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. As a group, research analysts anticipate that Alphabet Inc. will post 14.3 EPS for the current year.

Alphabet Increases Dividend

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

Alphabet Company 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.