Praxis Capital Management LLC Purchases Shares of 3,705 Alphabet Inc. $GOOG

Praxis Capital Management LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOG) during the 4th quarter, Holdings Channel reports. The fund purchased 3,705 shares of the information services provider’s stock, valued at approximately $1,163,000. Alphabet accounts for approximately 4.2% of Praxis Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding.

Several other institutional investors and hedge funds also recently modified their holdings of GOOG. Kathmere Capital Management LLC lifted its stake in shares of Alphabet by 8.5% during the fourth quarter. Kathmere Capital Management LLC now owns 29,896 shares of the information services provider’s stock valued at $9,381,000 after buying an additional 2,341 shares during the period. Atlantic Union Bankshares Corp lifted its stake in shares of Alphabet by 31.3% during the third quarter. Atlantic Union Bankshares Corp now owns 354,529 shares of the information services provider’s stock valued at $86,345,000 after buying an additional 84,553 shares during the period. Baltimore Washington Financial Advisors Inc. lifted its stake in shares of Alphabet by 0.9% during the third quarter. Baltimore Washington Financial Advisors Inc. now owns 221,391 shares of the information services provider’s stock valued at $53,920,000 after buying an additional 2,009 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Alphabet by 7.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 60,739 shares of the information services provider’s stock valued at $19,060,000 after buying an additional 4,239 shares during the period. Finally, Steginsky Capital LLC increased its position in Alphabet by 1.0% during the third quarter. Steginsky Capital LLC now owns 680,588 shares of the information services provider’s stock worth $165,757,000 after purchasing an additional 6,523 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Key Stories Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Berkshire Hathaway’s $10 billion commitment to Alphabet supports the company’s AI strategy and signals strong long-term investor confidence. Berkshire invests extra $10 billion in Alphabet, deepening bet on AI
• Positive Sentiment: Some analysts say Google remains a key beneficiary of AI search growth, suggesting its core search and ad business may hold up better than feared. Google Is the Clear Beneficiary,’ Says Top Analyst as AI Search Takes Off
• Neutral Sentiment: Alphabet’s stakes in private AI-related companies such as Anthropic and exposure to future IPO optionality may add long-term upside, but this is not a near-term catalyst. Alphabet Stock Offers Exposure To SpaceX, Anthropic Before IPOs
• Negative Sentiment: The $80 billion stock sale raised concerns about dilution and the rising cost of Alphabet’s AI expansion, which is pressuring sentiment in the stock. Alphabet plans to raise $80 billion to pay for AI buildout
• Negative Sentiment: Reuters reported the EU may tighten cloud rules in strategic tenders, which could limit Google’s access to certain government contracts in Europe. EU cloud rules to curb Amazon, Google access to strategic tenders

Analyst Upgrades and Downgrades

Several brokerages recently commented on GOOG. Stifel Nicolaus set a $420.00 price target on shares of Alphabet in a research report on Wednesday, May 20th. Truist Financial set a $430.00 price target on shares of Alphabet in a research report on Monday. TD Cowen reaffirmed a “buy” rating on shares of Alphabet in a research report on Thursday, May 21st. UBS Group reaffirmed a “neutral” rating and set a $348.00 price target (up from $345.00) on shares of Alphabet in a research report on Thursday, February 12th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $345.00 price target on shares of Alphabet in a research report on Thursday, February 5th. Five research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $376.00.

Insider Buying and Selling

In other news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frances Arnold sold 102 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $381.00, for a total transaction of $38,862.00. Following the completion of the sale, the director directly owned 18,721 shares of the company’s stock, valued at $7,132,701. The trade was a 0.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 193,016 shares of company stock valued at $17,282,549. 12.99% of the stock is owned by corporate insiders.

Alphabet Price Performance

Alphabet stock opened at $358.39 on Wednesday. Alphabet Inc. has a 52-week low of $163.33 and a 52-week high of $404.47. The firm has a fifty day moving average of $344.61 and a 200-day moving average of $325.11. The firm has a market capitalization of $4.34 trillion, a P/E ratio of 27.34, a PEG ratio of 1.60 and a beta of 1.22. 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:GOOG) last released its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $2.43. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The company had revenue of $109.90 billion during the quarter, compared to analyst estimates of $106.96 billion. During the same quarter in the prior year, the business earned $2.81 earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. As a group, analysts predict that Alphabet Inc. will post 14.29 EPS for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 8th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 8th. This is an increase 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 currently 6.41%.

Alphabet Profile

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.