Patten & Patten Inc. TN Cuts Position in Alphabet Inc. $GOOG

Patten & Patten Inc. TN reduced its holdings in Alphabet Inc. (NASDAQ:GOOG) by 3.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,923 shares of the information services provider’s stock after selling 3,156 shares during the period. Alphabet makes up 1.4% of Patten & Patten Inc. TN’s portfolio, making the stock its 13th largest holding. Patten & Patten Inc. TN’s holdings in Alphabet were worth $24,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nvest Wealth Strategies Inc. purchased a new position in shares of Alphabet in the 4th quarter worth $38,000. Imprint Wealth LLC purchased a new position in shares of Alphabet in the 3rd quarter worth $31,000. Manning & Napier Advisors LLC purchased a new position in shares of Alphabet in the 3rd quarter worth $32,000. Towne Trust Company N.A grew its stake in shares of Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock worth $42,000 after buying an additional 34 shares in the last quarter. Finally, Creative Capital Management Investments LLC grew its stake in shares of Alphabet by 1,438.5% in the 4th quarter. Creative Capital Management Investments LLC now owns 200 shares of the information services provider’s stock worth $63,000 after buying an additional 187 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $331.65, for a total value of $348,232.50. Following the completion of the sale, the director directly owned 3,581 shares of the company’s stock, valued at $1,187,638.65. The trade was a 22.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 47,574 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $301.45, for a total transaction of $14,341,182.30. Following the completion of the sale, the insider directly owned 13,227 shares of the company’s stock, valued at approximately $3,987,279.15. This trade represents a 78.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 157,953 shares of company stock worth $47,767,818 over the last quarter. 12.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of recent research reports. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Wednesday, April 15th. DZ Bank upgraded Alphabet to a “strong-buy” rating in a report on Monday, February 16th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Alphabet in a report on Tuesday, January 20th. KeyCorp set a $370.00 target price on Alphabet in a report on Thursday, February 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a report on Monday, April 20th. Six analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $363.40.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Bank of America and other analysts are expecting major Gemini AI announcements at Google I/O, which could reinforce Alphabet’s leadership in AI and support the stock. BofA Sends Blunt Message for Alphabet Investors Ahead of Google I/O
• Positive Sentiment: Oppenheimer raised its price target on Alphabet, and Erste Group also lifted earnings estimates, signaling stronger profit expectations ahead of Google I/O. Alphabet had its price target raised by Oppenheimer Holdings, Inc.
• Positive Sentiment: Several investors and funds, including Goldman Sachs and Egerton Capital, disclosed larger Alphabet stakes, suggesting continued institutional confidence. Fund Update: GOLDMAN SACHS GROUP INC Just Disclosed New Holdings
• Positive Sentiment: Reports that Google’s Gemini Flash model is quietly gaining AI customers and that Alphabet is expanding AI infrastructure point to improving enterprise demand for its AI products. Google has been quietly gaining AI customers, even before big releases next week
• Positive Sentiment: Alphabet completed a record 576.5 billion yen bond offering to fund AI capex, showing it still has strong access to capital for its infrastructure buildout. Alphabet completes record-breaking yen bond issuance
• Neutral Sentiment: News that Google is in talks with SpaceX to launch data centers into space is intriguing, but it is still early-stage and speculative. Google in Talks with SpaceX to Launch Data Centers into Space
• Neutral Sentiment: Isomorphic Labs raised $2.1 billion to use AI for drug discovery, which highlights Alphabet’s broader AI ecosystem, but the direct stock impact is limited for now. Isomorphic Labs Raises $2.1 Billion to End Disease With AI
• Negative Sentiment: Bill Ackman’s Pershing Square sharply cut its GOOG and GOOGL positions, adding to concern that some large investors may be taking profits after the run-up. Fund Update: Bill Ackman’s Pershing Square Capital Management, L.P. Just Disclosed New Holdings
• Negative Sentiment: Some commentary says Alphabet’s heavy AI and cloud spending is pressuring free cash flow, raising questions about near-term margins and valuation. 6.7% AA2 Bond Yield From Alphabet, But There Is a Catch

Alphabet Price Performance

GOOG stock opened at $393.32 on Monday. Alphabet Inc. has a 12 month low of $163.33 and a 12 month high of $399.93. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $327.44 and a 200 day moving average price of $317.31. The stock has a market cap of $4.77 trillion, a PE ratio of 30.00, a P/E/G ratio of 1.68 and a beta of 1.25.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 30th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $2.43. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion during the quarter, compared to analysts’ expectations of $106.96 billion. During the same quarter in the previous year, the business earned $2.81 EPS. Alphabet’s revenue was up 21.8% compared to the same quarter last year. Equities research analysts anticipate that Alphabet Inc. will post 14.29 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 8th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Monday, June 8th. This is an increase from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio (DPR) is presently 6.41%.

About Alphabet

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.