Alphabet Inc. $GOOGL Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,245,455 shares of the information services provider’s stock after selling 25,647 shares during the period. Alphabet comprises 1.8% of Glenmede Trust Co. NA’s portfolio, making the stock its 6th largest holding. Glenmede Trust Co. NA’s holdings in Alphabet were worth $358,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC increased its stake in Alphabet by 6.0% in the 1st 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 grew 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 purchasing an additional 27 shares during the last quarter. Ruggaard & Associates LLC increased its position in shares of Alphabet by 0.9% in the first quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider’s stock valued at $840,000 after buying an additional 27 shares in the last quarter. Cadia Private Client LLC raised its stake in shares of Alphabet by 1.1% during 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, Midwest Professional Planners LTD. boosted its position in shares of Alphabet by 1.2% in the 1st quarter. Midwest Professional Planners LTD. now owns 2,364 shares of the information services provider’s stock worth $680,000 after buying an additional 29 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOOGL has been the subject of several recent research reports. Phillip Securities upgraded shares of Alphabet from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, July 27th. Evercore lifted their price objective on Alphabet from $400.00 to $420.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, April 28th. Rothschild & Co Redburn increased their target price on Alphabet from $390.00 to $430.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $390.00 price target (up from $345.00) on shares of Alphabet in a research report on Thursday, April 30th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $419.86.

Alphabet Stock Down 1.0%

Shares of NASDAQ GOOGL opened at $354.30 on Friday. 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 200 day moving average price is $340.41. The firm has a market cap of $4.33 trillion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24. 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 issued its quarterly 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 return on equity of 51.32% and a net margin of 54.77%.The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. As a group, sell-side analysts anticipate that Alphabet Inc. will post 20.51 earnings per share for the current year.

Alphabet Dividend Announcement

The firm 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 is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.2%. Alphabet’s dividend payout ratio is 4.42%.

Insider Buying and Selling

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $19.46, for a total transaction of $3,832,277.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 1,050 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the transaction, the director owned 1,481 shares in the company, valued at $545,941.03. The trade was a 41.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 600,547 shares of company stock worth $16,255,540. 11.61% of the stock is owned by company insiders.

Trending Headlines about 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

About Alphabet

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.