4,358 Shares in Alphabet Inc. $GOOGL Acquired by Axiom Investment Management LLC

Axiom Investment Management LLC bought a new stake in Alphabet Inc. (NASDAQ:GOOGL) during the 1st quarter, HoldingsChannel reports. The fund bought 4,358 shares of the information services provider’s stock, valued at approximately $1,253,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Alphabet during the fourth quarter valued at about $30,534,239,000. Cardano Risk Management B.V. grew its position in Alphabet by 855.3% in the 4th quarter. Cardano Risk Management B.V. now owns 14,525,280 shares of the information services provider’s stock valued at $4,546,413,000 after buying an additional 13,004,828 shares in the last quarter. Vanguard Group Inc. increased its stake in Alphabet by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock valued at $165,567,398,000 after buying an additional 12,531,695 shares during the period. Capital World Investors increased its stake in Alphabet by 28.0% during the 3rd quarter. Capital World Investors now owns 53,107,572 shares of the information services provider’s stock valued at $12,910,542,000 after buying an additional 11,605,785 shares during the period. Finally, Diamant Asset Management Inc. raised its position in shares of Alphabet by 28,950.0% during the 1st quarter. Diamant Asset Management Inc. now owns 9,291,926 shares of the information services provider’s stock worth $2,671,986,000 after buying an additional 9,259,940 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In other news, Director Frances Arnold sold 82 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $333.39, for a total transaction of $27,337.98. Following the completion of the sale, the director directly owned 18,914 shares of the company’s stock, valued at $6,305,738.46. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total value of $149,606.80. Following the completion of the transaction, the chief accounting officer owned 27,386 shares of the company’s stock, valued at $9,125,015.20. This trade represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 600,547 shares of company stock valued at $16,255,540. 11.61% of the stock is currently owned by company insiders.

Key Headlines 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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GOOGL shares. Mizuho upped their price target on shares of Alphabet from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. President Capital raised their price objective on shares of Alphabet from $375.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Barclays reissued an “overweight” rating and set a $425.00 target price (up from $405.00) on shares of Alphabet in a report on Thursday, July 23rd. Needham & Company LLC restated a “buy” rating and issued a $450.00 target price on shares of Alphabet in a research report on Wednesday, June 3rd. Finally, Dbs Bank increased their price target on Alphabet from $400.00 to $460.00 in a research note on Thursday, May 7th. Six investment analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $419.86.

Alphabet Trading Down 1.0%

Alphabet stock opened at $354.30 on Friday. The firm has a market cap of $4.33 trillion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24. Alphabet Inc. has a 1 year low of $196.60 and a 1 year high of $408.61. The firm’s 50 day moving average price is $355.68 and its two-hundred day moving average price is $340.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $6.22. The company had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. On average, research analysts predict that Alphabet Inc. will post 20.51 EPS for the current fiscal year.

Alphabet Announces Dividend

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