Swiss National Bank boosted its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 6.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,281,400 shares of the information services provider’s stock after acquiring an additional 889,600 shares during the period. Alphabet accounts for about 2.4% of Swiss National Bank’s investment portfolio, making the stock its 6th largest position. Swiss National Bank owned about 0.12% of Alphabet worth $4,096,762,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the business. Imprint Wealth LLC acquired a new stake in shares of Alphabet in the third quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Alphabet during the 4th quarter worth approximately $38,000. Lifetime Wealth Management P.C. acquired a new position in shares of Alphabet during the 4th quarter worth approximately $38,000. Bard Associates Inc. acquired a new position in shares of Alphabet during the 4th quarter worth approximately $41,000. Finally, Towne Trust Company N.A lifted its stake in Alphabet by 34.0% in the 4th quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock valued at $42,000 after buying an additional 34 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Down 1.2%
GOOG stock opened at $341.91 on Thursday. The company has a 50 day moving average price of $363.69 and a two-hundred day moving average price of $337.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The stock has a market capitalization of $4.14 trillion, a P/E ratio of 26.08, a PEG ratio of 1.43 and a beta of 1.23. Alphabet Inc. has a one year low of $188.70 and a one year high of $404.47.
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%.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on GOOG shares. The Goldman Sachs Group reiterated a “buy” rating and set a $450.00 target price on shares of Alphabet in a report on Thursday, May 21st. Citigroup reaffirmed a “market outperform” rating on shares of Alphabet in a research note on Wednesday. Freedom Capital cut Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Wednesday, April 15th. Finally, Pivotal Research reissued a “buy” rating and issued a $470.00 target price (up from $420.00) on shares of Alphabet in a research note on Wednesday, April 29th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $383.44.
Read Our Latest Research Report on Alphabet
Insider Activity
In other Alphabet news, Director John L. Hennessy sold 1,050 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $368.63, for a total value of $387,061.50. Following the sale, the director directly owned 1,481 shares of the company’s stock, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 159,415 shares of company stock valued at $7,672,279 in the last three months. Company insiders own 12.99% of the company’s stock.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet beat Q2 earnings and revenue estimates, driven by strong search, ads, and especially Google Cloud growth. S&P 500, Nasdaq close lower ahead of technology earnings
- Positive Sentiment: Google Cloud growth accelerated sharply on AI demand, reinforcing the case that Alphabet’s AI investments are translating into revenue. Google quarterly cloud revenue growth beats expectations
- Positive Sentiment: YouTube ad revenue rose 13%, adding another sign that Alphabet’s core advertising business remains resilient. YouTube Ad Revenue Rises 13% In Q2 To Surpass $11 Billion
- Positive Sentiment: Google said Gemini has reached 950 million monthly active users, suggesting improving traction in consumer AI. Google’s Gemini app nips at ChatGPT’s heels as it nears 1 billion users
Alphabet 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.
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