Envestnet Portfolio Solutions Inc. Increases Stock Holdings in Alphabet Inc. $GOOGL

Envestnet Portfolio Solutions Inc. boosted its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 7.1% during the 4th quarter, Holdings Channel reports. The firm owned 394,579 shares of the information services provider’s stock after acquiring an additional 26,079 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Alphabet were worth $123,499,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. PMV Capital Advisers LLC purchased a new position in Alphabet in the fourth quarter worth $38,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Alphabet in the third quarter worth $53,000. iSAM Funds UK Ltd purchased a new position in Alphabet in the third quarter worth $53,000. Kentucky Trust Co boosted its position in Alphabet by 142.9% in the fourth quarter. Kentucky Trust Co now owns 170 shares of the information services provider’s stock worth $53,000 after purchasing an additional 100 shares during the last quarter. Finally, Nvest Wealth Strategies Inc. purchased a new position in Alphabet in the fourth quarter worth $69,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet secured a major cloud deal with SpaceX, adding a high-profile customer and boosting the investment case for its AI infrastructure business. SpaceX signs cloud deal with Google
• Positive Sentiment: New Street Research raised its price target on Alphabet to $455 and reiterated a buy rating, signaling continued Wall Street confidence. MarketScreener
• Neutral Sentiment: Reports said Google’s AI search and chatbot products faced criticism after an audit found many chatbot responses on elections were flawed, which may keep pressure on Alphabet’s AI credibility. Over 90% of AI chatbot answers about midterm elections are flawed, stunning analysis shows
• Negative Sentiment: Alphabet’s large equity raise and higher AI capex guidance are still weighing on sentiment because investors are questioning how quickly those investments will pay off. Alphabet is seeking fresh capital as stock’s 4-week losing streak tests investor appetite
• Negative Sentiment: Google also faces regulatory pressure in the UK over publisher-content rules in AI search, adding another policy risk for the business. Google search facing UK ‘conduct requirement’

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $307.89, for a total value of $10,006,425.00. Following the completion of the transaction, the chief executive officer directly owned 1,642,060 shares in the company, valued at approximately $505,573,853.40. This represents a 1.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 8,993 shares of the company’s stock in a transaction dated Friday, March 27th. The stock was sold at an average price of $275.89, for a total value of $2,481,078.77. Following the completion of the transaction, the insider owned 51,808 shares of the company’s stock, valued at $14,293,309.12. The trade was a 14.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 193,016 shares of company stock worth $17,282,549. 11.61% of the stock is owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $368.53 on Friday. The firm has a market capitalization of $4.47 trillion, a P/E ratio of 28.11, a P/E/G ratio of 1.59 and a beta of 1.23. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock’s 50-day simple moving average is $352.70 and its two-hundred day simple moving average is $327.81. Alphabet Inc. has a twelve month low of $162.00 and a twelve month high of $408.61.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $2.47. The business had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. Alphabet had a return on equity of 38.99% and a net margin of 37.92%. As a group, equities analysts anticipate that Alphabet Inc. will post 14.29 EPS for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be paid a $0.22 dividend. The ex-dividend date is Monday, June 8th. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is an increase from Alphabet’s previous quarterly dividend of $0.21. Alphabet’s dividend payout ratio is currently 6.41%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. CICC Research boosted their price objective on Alphabet from $388.00 to $407.91 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Wells Fargo & Company reissued an “overweight” rating and issued a $435.00 price objective (up from $427.00) on shares of Alphabet in a research report on Wednesday, May 20th. President Capital boosted their target price on Alphabet from $375.00 to $465.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Bank of America boosted their target price on Alphabet from $370.00 to $430.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $413.13.

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.