Purpose Unlimited Inc. Takes $83.92 Million Position in Alphabet Inc. $GOOGL

Purpose Unlimited Inc. bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 268,123 shares of the information services provider’s stock, valued at approximately $83,925,000. Alphabet makes up approximately 3.8% of Purpose Unlimited Inc.’s portfolio, making the stock its 5th largest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lifetime Wealth Management P.C. acquired a new position in shares of Alphabet in the 4th quarter valued at $32,000. EMC Capital Management acquired a new stake in Alphabet during the 4th quarter worth $33,000. PMV Capital Advisers LLC purchased a new stake in Alphabet in the fourth quarter valued at $38,000. IFC & Insurance Marketing Inc. purchased a new stake in Alphabet in the fourth quarter valued at $38,000. Finally, Bard Associates Inc. acquired a new position in Alphabet in the fourth quarter valued at $52,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet and DeepMind announced a new AI research partnership with film studio A24, including about $75 million of investment, showing continued efforts to commercialize AI in creative tools. Google DeepMind signs AI research deal with film studio A24
• Positive Sentiment: Some analysts remain constructive on Alphabet’s AI spending, arguing that its cloud growth and AI investments could still be monetized over time. Morgan Stanley sees monetization potential in Google AI spending
• Neutral Sentiment: Alphabet’s cloud business continues to grow quickly and remains a key long-term driver, but heavy AI spending is also increasing near-term cost concerns. Is Alphabet the Best “Magnificent Seven” AI Stock?
• Negative Sentiment: Alphabet stock is falling more than the broader market as investors worry about a high-profile AI talent exodus from Google DeepMind and Gemini leadership. Alphabet paces for worst day in a year on AI concerns after high-profile exits
• Negative Sentiment: Reports that Google DeepMind scientist John Jumper left for Anthropic added to fears that Alphabet is losing key AI researchers to competitors. Alphabet Is Now Cheaper Than What Berkshire Paid
• Negative Sentiment: Waymo’s recall of 3,871 robotaxis after a software glitch is another reminder that Alphabet’s autonomy business still faces execution risk. Waymo Just Recalled 3,800 Robotaxis. Is Google’s Self-Driving Dream Hitting a Wall?

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 8,993 shares of Alphabet stock in a transaction on 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 transaction, the insider owned 51,808 shares in the company, valued at approximately $14,293,309.12. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of Alphabet stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 160,516 shares of company stock worth $7,344,604. 11.61% of the stock is currently owned by insiders.

Alphabet Trading Down 5.0%

Shares of GOOGL stock opened at $349.68 on Tuesday. The firm has a 50-day moving average price of $367.66 and a 200 day moving average price of $332.31. 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 market capitalization of $4.24 trillion, a price-to-earnings ratio of 26.67, a PEG ratio of 1.57 and a beta of 1.23. 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $2.47. The firm had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. Research analysts forecast that Alphabet Inc. will post 14.3 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 8th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.3%. This is a boost from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date was Monday, June 8th. Alphabet’s dividend payout ratio (DPR) is currently 6.71%.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research analyst reports. BNP Paribas Exane lifted their target price on Alphabet from $390.00 to $420.00 and gave the stock an “outperform” rating in a research report on Thursday, April 30th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $515.00 target price on shares of Alphabet in a report on Wednesday, May 20th. Phillip Securities increased their price target on Alphabet from $340.00 to $395.00 and gave the stock a “moderate buy” rating in a report on Wednesday, April 15th. Citigroup reaffirmed an “outperform” rating on shares of Alphabet in a report on Monday, May 4th. Finally, Cantor Fitzgerald upped their price target on shares of Alphabet from $395.00 to $465.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $413.13.

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.