GK Wealth Management LLC Boosts Stock Holdings in Alphabet Inc. $GOOGL

GK Wealth Management LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 778.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,604 shares of the information services provider’s stock after buying an additional 10,283 shares during the period. Alphabet accounts for about 2.2% of GK Wealth Management LLC’s portfolio, making the stock its 10th largest position. GK Wealth Management LLC’s holdings in Alphabet were worth $4,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Alphabet by 11.9% in the 2nd quarter. GAMMA Investing LLC now owns 174,106 shares of the information services provider’s stock worth $62,220,000 after acquiring an additional 18,578 shares in the last quarter. Grant Private Wealth Management Inc boosted its holdings in shares of Alphabet by 4.1% in the second quarter. Grant Private Wealth Management Inc now owns 23,245 shares of the information services provider’s stock valued at $8,307,000 after purchasing an additional 914 shares during the period. Crescent Sterling Ltd. purchased a new stake in shares of Alphabet in the second quarter valued at approximately $259,000. Central Pacific Bank Trust Division grew its stake in Alphabet by 10.7% in the second quarter. Central Pacific Bank Trust Division now owns 44,960 shares of the information services provider’s stock worth $16,067,000 after purchasing an additional 4,340 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. bought a new position in Alphabet in the second quarter worth approximately $6,106,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOGL opened at $343.54 on Thursday. The business’s 50-day moving average is $354.63 and its two-hundred day moving average is $340.94. Alphabet Inc. has a 1 year low of $196.60 and a 1 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 capitalization of $4.20 trillion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 0.96 and a beta of 1.24.

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

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Investors 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 yield of 0.3%. Alphabet’s dividend payout ratio is presently 4.42%.

Analyst Ratings Changes

A number of brokerages have weighed in on GOOGL. Needham & Company LLC reaffirmed a “buy” rating and set a $450.00 target price on shares of Alphabet in a research report on Wednesday, June 3rd. Stifel Nicolaus set a $420.00 price target on Alphabet and gave the company a “buy” rating in a research note on Thursday, April 30th. The Goldman Sachs Group lifted their price objective on Alphabet from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Daiwa Securities Group upped their price objective on shares of Alphabet from $380.00 to $445.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Piper Sandler reiterated an “overweight” rating and set a $395.00 target price (down from $445.00) on shares of Alphabet in a report on Thursday, July 23rd. Six research 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $419.86.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s Gemini app has surpassed 1 billion monthly active users, strengthening the case that the company’s AI investments are gaining broad consumer adoption. Google’s Gemini app surges to one billion users
• Positive Sentiment: Ryanair signed a five-year Google Cloud agreement to deploy Gemini, DeepMind and Workspace tools across its 35,000 employees, providing another example of enterprise AI monetization. Ryanair signs five-year Google Cloud deal
• Positive Sentiment: Analysts continue to view Alphabet as an attractive AI and cloud investment, citing strong Google Cloud margins and valuation support following its strong second-quarter results. Google Cloud margins supported Alphabet’s stock
• Positive Sentiment: Alphabet unveiled Pixel 11 phones, the Pixel Watch 5, a $29 Pixel Tag and additional Gemini features, expanding its hardware ecosystem and opportunities to distribute AI services. Google unveils Pixel 11 lineup and Gemini features

Insider Activity

In other news, Director Frances Arnold sold 82 shares of the 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 owned 18,914 shares in the company, valued at approximately $6,305,738.46. This represents a 0.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $3,142,911.42. Following the completion of the sale, the insider directly owned 75,290 shares of the company’s stock, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 540,470 shares of company stock valued at $14,873,168 in the last ninety days. 11.61% of the stock is currently owned by insiders.

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.