Evolutionary Tree Capital Management LLC Sells 5,867 Shares of Alphabet Inc. $GOOGL

Evolutionary Tree Capital Management LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 28.4% during the 1st quarter, HoldingsChannel reports. The firm owned 14,768 shares of the information services provider’s stock after selling 5,867 shares during the quarter. Alphabet comprises about 8.0% of Evolutionary Tree Capital Management LLC’s investment portfolio, making the stock its biggest position. Evolutionary Tree Capital Management LLC’s holdings in Alphabet were worth $4,247,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Strategic Wealth Advisors LLC lifted its stake 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 acquiring an additional 27 shares during the period. Rockbridge Investment Management LCC boosted its holdings in Alphabet by 0.5% in the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider’s stock valued at $1,570,000 after acquiring an additional 27 shares during the last quarter. Cadia Private Client LLC increased its position in Alphabet by 1.1% in the first quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider’s stock worth $744,000 after purchasing an additional 28 shares during the period. Midwest Professional Planners LTD. increased its position in Alphabet by 1.2% in the first quarter. Midwest Professional Planners LTD. now owns 2,364 shares of the information services provider’s stock worth $680,000 after purchasing an additional 29 shares during the period. Finally, Symmetry Partners LLC raised its holdings in Alphabet by 0.4% during the 4th quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock worth $2,476,000 after purchasing an additional 30 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GOOGL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $420.00 target price (down from $435.00) on shares of Alphabet in a research note on Thursday, July 23rd. Susquehanna reissued a “positive” rating and set a $460.00 price target (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. DZ Bank upgraded shares of Alphabet to a “strong-buy” rating in a report on Thursday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $393.00 price objective on shares of Alphabet in a research note on Thursday, July 23rd. Finally, Robert W. Baird lifted their target price on shares of Alphabet from $380.00 to $400.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Six investment analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $419.86.

Key Stories Impacting Alphabet

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

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $19.46, for a total transaction of $3,832,277.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 8,998 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider owned 75,290 shares in the company, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 600,547 shares of company stock worth $16,255,540 over the last quarter. 11.61% of the stock is currently owned by company insiders.

Alphabet Trading Down 1.0%

NASDAQ GOOGL opened at $354.30 on Friday. Alphabet Inc. has a one year low of $196.60 and a one year high of $408.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. The firm has a market cap of $4.33 trillion, a P/E ratio of 17.80, a P/E/G ratio of 1.00 and a beta of 1.24. The stock’s 50-day moving average is $355.68 and its 200-day moving average is $340.41.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The business had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Sell-side analysts anticipate that Alphabet Inc. will post 20.51 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

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.