Peapack Gladstone Financial Corp Has $150.53 Million Stock Position in Alphabet Inc. $GOOG

Peapack Gladstone Financial Corp decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 479,707 shares of the information services provider’s stock after selling 20,397 shares during the period. Alphabet comprises approximately 1.9% of Peapack Gladstone Financial Corp’s holdings, making the stock its 7th largest position. Peapack Gladstone Financial Corp’s holdings in Alphabet were worth $150,533,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GOOG. Brighton Jones LLC boosted its holdings in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after buying an additional 6,410 shares during the period. Worldquant Millennium Advisors LLC boosted its holdings in Alphabet by 76.2% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,865,304 shares of the information services provider’s stock worth $330,886,000 after buying an additional 806,681 shares during the period. Darwin Wealth Management LLC bought a new position in Alphabet in the 2nd quarter worth $658,000. Financial Advisors Network Inc. boosted its holdings in Alphabet by 7.7% in the 2nd quarter. Financial Advisors Network Inc. now owns 7,945 shares of the information services provider’s stock worth $1,409,000 after buying an additional 565 shares during the period. Finally, Ausdal Financial Partners Inc. boosted its holdings in Alphabet by 10.7% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 37,310 shares of the information services provider’s stock worth $6,618,000 after buying an additional 3,616 shares during the period. 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: Gemini usage growth and strong Google Cloud momentum suggest Alphabet’s AI strategy is gaining traction and could support future revenue growth.
• Positive Sentiment: TD Cowen raised its price target to $475 and reiterated a buy rating, signaling continued Wall Street confidence in Alphabet’s upside.
• Positive Sentiment: Analysts and investors continue to view Alphabet as a long-term compounder with durable Search cash flow plus cloud and AI expansion. Article Title
• Neutral Sentiment: Alphabet’s new capital-raising and AI infrastructure spending plans could help fund growth, but they also create uncertainty about near-term cash flow and dilution.
• Negative Sentiment: Reports that Alphabet is paying SpaceX about $920 million per month for AI compute add to concerns that the company is leaning on outside infrastructure to meet AI demand, increasing costs in the near term.
• Negative Sentiment: Recent commentary suggests investors are worried that elevated AI capex could pressure margins if the payoff from AI products takes longer than expected.

Alphabet Stock Up 0.3%

GOOG opened at $362.29 on Wednesday. The firm has a 50-day simple moving average of $353.44 and a two-hundred day simple moving average of $328.39. Alphabet Inc. has a 52 week low of $163.33 and a 52 week high of $404.47. The company has a market capitalization of $4.39 trillion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 1.55 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 announced its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $2.43. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. During the same quarter last year, the firm earned $2.81 EPS. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. Analysts forecast that Alphabet Inc. will post 14.29 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be paid a dividend of $0.22 per share. 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 yield of 0.2%. Alphabet’s payout ratio is presently 6.71%.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 617 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $289.63, for a total transaction of $178,701.71. Following the sale, the chief accounting officer directly owned 10,093 shares of the company’s stock, valued at $2,923,235.59. The trade was a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $23.75, for a total value of $2,077,531.25. The SEC filing for this sale provides additional information. Insiders sold a total of 193,016 shares of company stock valued at $17,282,549 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GOOG has been the subject of several recent analyst reports. Scotiabank reaffirmed an “outperform” rating and issued a $450.00 target price (up from $400.00) on shares of Alphabet in a report on Thursday, April 30th. Freedom Capital downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. KeyCorp reaffirmed an “overweight” rating on shares of Alphabet in a report on Wednesday, May 20th. Oppenheimer upped their target price on shares of Alphabet from $425.00 to $445.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $395.00 to $460.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Buy” and a consensus target price of $376.78.

Alphabet Company 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.