Pine Valley Investments Ltd Liability Co Sells 2,091 Shares of Alphabet Inc. $GOOGL

Pine Valley Investments Ltd Liability Co cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.5% during the first quarter, HoldingsChannel reports. The firm owned 82,423 shares of the information services provider’s stock after selling 2,091 shares during the period. Alphabet accounts for about 1.1% of Pine Valley Investments Ltd Liability Co’s holdings, making the stock its 18th largest position. Pine Valley Investments Ltd Liability Co’s holdings in Alphabet were worth $23,702,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC raised its stake in shares of Alphabet by 6.0% during the first quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider’s stock valued at $137,000 after acquiring an additional 27 shares in the last quarter. Rockbridge Investment Management LCC grew its stake 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 worth $1,570,000 after purchasing an additional 27 shares in the last quarter. Ruggaard & Associates LLC increased its holdings in Alphabet by 0.9% during the 1st quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider’s stock worth $840,000 after purchasing an additional 27 shares during the period. Cadia Private Client LLC increased its holdings in 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 purchasing an additional 28 shares during the period. Finally, Evansbrook LLC raised its position in Alphabet by 0.3% during the 1st quarter. Evansbrook LLC now owns 9,522 shares of the information services provider’s stock valued at $2,738,000 after purchasing an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet News Summary

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

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction that occurred on Monday, June 29th. The shares were 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 in the company, valued at $26,298,044.10. This trade represents a 10.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 1,050 shares of the company’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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 600,547 shares of company stock valued at $16,255,540 in the last three months. 11.61% of the stock is owned by insiders.

Alphabet Stock Performance

Shares of GOOGL opened at $354.30 on Monday. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.33 trillion, a PE ratio of 17.80, a P/E/G ratio of 0.99 and a beta of 1.24. Alphabet Inc. has a 12 month low of $196.60 and a 12 month high of $408.61. The stock has a fifty day moving average price of $355.68 and a 200-day moving average price of $340.49.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate 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. Equities research analysts predict that Alphabet Inc. will post 20.51 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, September 4th. Alphabet’s dividend payout ratio (DPR) is presently 4.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. CICC Research increased their price target on Alphabet from $388.00 to $407.91 and gave the stock an “outperform” rating in a research report on Friday, May 1st. BMO Capital Markets set a $465.00 price objective on Alphabet and gave the company an “outperform” rating in a report on Thursday, July 23rd. Citizens Jmp reiterated a “market outperform” rating and set a $515.00 target price on shares of Alphabet in a report on Wednesday, July 22nd. Stifel Nicolaus set a $420.00 target price on shares of Alphabet and gave the company a “buy” rating in a research report on Thursday, April 30th. Finally, President Capital boosted their price target on shares of Alphabet from $375.00 to $465.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Six 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $419.86.

Alphabet Company 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.