Spinnaker Trust Sells 1,419 Shares of Alphabet Inc. $GOOGL

Spinnaker Trust trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.9% in the 1st quarter, Holdings Channel reports. The firm owned 47,394 shares of the information services provider’s stock after selling 1,419 shares during the period. Spinnaker Trust’s holdings in Alphabet were worth $13,629,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC boosted its stake in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after buying an additional 506 shares during the last quarter. Matrix Asset Advisors Inc. NY grew its holdings in shares of Alphabet by 17.6% in the second quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider’s stock worth $685,000 after acquiring an additional 581 shares during the period. Sequoia Financial Advisors LLC grew its holdings in shares of Alphabet by 11.2% in the second quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider’s stock worth $85,557,000 after acquiring an additional 48,805 shares during the period. Finally, United Bank increased its position in Alphabet by 6.9% during the second quarter. United Bank now owns 48,204 shares of the information services provider’s stock valued at $8,495,000 after acquiring an additional 3,120 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL traded up $5.15 during trading hours on Tuesday, hitting $371.61. 4,065,557 shares of the stock traded hands, compared to its average volume of 32,626,334. The company has a market cap of $4.50 trillion, a price-to-earnings ratio of 28.34, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. Alphabet Inc. has a 1 year low of $172.77 and a 1 year high of $408.61. The stock has a 50 day moving average price of $371.05 and a 200 day moving average price of $334.60. 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 announced its quarterly earnings data on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating the consensus estimate of $2.64 by $2.47. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $109.90 billion for the quarter, compared to the consensus estimate of $106.98 billion. Sell-side analysts forecast that Alphabet Inc. will post 14.32 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 8th were given a $0.22 dividend. The ex-dividend date 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 0.2%. Alphabet’s dividend payout ratio (DPR) is presently 6.71%.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Investors are highlighting Alphabet as a top AI stock, with billionaire Jeffrey Talpins reportedly naming it a preferred AI idea, reinforcing confidence in the company’s long-term AI upside. Alphabet Inc. (GOOGL) Is A Top AI Stock To Buy According To Billionaire Jeffrey Talpins
• Positive Sentiment: Google Cloud is being touted as a major growth engine, with commentary suggesting it may be “driving the train” for Alphabet thanks to strong cloud momentum and a large backlog, which supports the bull case for revenue and margin expansion. Is Google Cloud Officially Driving the Train?
• Positive Sentiment: Alphabet was featured as a “final trade” on CNBC, and several bullish pieces point to continued investor interest in the stock after strong gains over the past year. Netflix, Alphabet, Nike And A Consumer Defensive Stock On CNBC’s ‘Final Trades’
• Neutral Sentiment: Articles noting Alphabet’s strong stock performance and asking whether it is too late to buy may keep the stock in focus, but they mainly reflect momentum rather than a new fundamental catalyst. Down Over 10% From Its All-Time High, Is Now the Perfect Time to Buy Alphabet Stock?
• Negative Sentiment: Regulatory pressure remains a drag after Europe’s final €4.1 billion Android antitrust ruling, which adds to legal risk around Alphabet’s mobile and search ecosystem. Alphabet (GOOGL) Faces Final €4.1b Android Antitrust Ruling In Europe
• Negative Sentiment: Privacy-related reporting that Google is expanding AI training using user-uploaded media could raise user trust and regulatory concerns, even if it also supports AI model development. If you use Google, you’re training its AI. Here’s how to opt out.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 8,998 shares of the company’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the transaction, the insider owned 75,290 shares of the company’s stock, valued at $26,298,044.10. This represents a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $341.72, for a total value of $153,432.28. Following the sale, the chief accounting officer owned 27,348 shares of the company’s stock, valued at $9,345,358.56. This represents a 1.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 160,465 shares of company stock valued at $8,020,511. 11.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GOOGL shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Alphabet in a report on Tuesday, April 28th. JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a research note on Monday, May 4th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $390.00 price target (up from $345.00) on shares of Alphabet in a research report on Thursday, April 30th. Citigroup reissued an “outperform” rating on shares of Alphabet in a report on Monday, May 4th. Finally, BMO Capital Markets boosted their target price on shares of Alphabet from $410.00 to $435.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $413.54.

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.