Pine Valley Investments Ltd Liability Co Sells 2,091 Shares of Alphabet Inc. $GOOGL

Pine Valley Investments Ltd Liability Co reduced its position in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,423 shares of the information services provider’s stock after selling 2,091 shares during the period. Alphabet comprises approximately 1.1% of Pine Valley Investments Ltd Liability Co’s holdings, making the stock its 18th largest position. Pine Valley Investments Ltd Liability Co’s holdings in Alphabet were worth $23,702,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GOOGL. Strategic Wealth Advisors LLC lifted its holdings in shares of Alphabet by 6.0% during the first quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider’s stock valued at $137,000 after purchasing an additional 27 shares in the last quarter. Rockbridge Investment Management LCC increased its holdings in Alphabet by 0.5% in the 1st quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider’s stock worth $1,570,000 after buying an additional 27 shares in the last quarter. Ruggaard & Associates LLC raised its position in Alphabet by 0.9% in the 1st quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider’s stock worth $840,000 after buying an additional 27 shares during the last quarter. Cadia Private Client LLC raised its position in Alphabet by 1.1% in the 1st quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider’s stock worth $744,000 after buying an additional 28 shares during the last quarter. Finally, Evansbrook LLC lifted its stake in Alphabet by 0.3% during the 1st quarter. Evansbrook LLC now owns 9,522 shares of the information services provider’s stock valued at $2,738,000 after acquiring an additional 28 shares during the period. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $354.30 on Monday. The stock has a 50-day moving average price of $355.68 and a 200 day moving average price of $340.49. The stock has a market capitalization of $4.33 trillion, a P/E ratio of 17.80, a P/E/G ratio of 0.99 and a beta of 1.24. Alphabet Inc. has a 12-month low of $196.60 and a 12-month high of $408.61. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The firm had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Equities research analysts forecast that Alphabet Inc. will post 20.51 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet’s payout ratio is presently 4.42%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GOOGL shares. Barclays reiterated an “overweight” rating and issued a $425.00 price target (up from $405.00) on shares of Alphabet in a research note on Thursday, July 23rd. DA Davidson set a $350.00 target price on shares of Alphabet and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Oppenheimer boosted their target price on shares of Alphabet from $425.00 to $445.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Morgan Stanley set a $400.00 price target on Alphabet and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $450.00 price objective on shares of Alphabet in a report on Wednesday, June 3rd. Six investment analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $419.86.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 8,998 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the transaction, the insider owned 75,290 shares in the company, valued at $26,298,044.10. The trade was 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 link. Also, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total transaction of $2,232,808.20. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 600,547 shares of company stock valued at $16,255,540. Insiders own 11.61% of the company’s stock.

More Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google’s AI business is booming, so why are DeepMind’s biggest names quitting?
• Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
• Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal

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.