Montchanin Asset Management LLC Takes Position in Alphabet Inc. $GOOGL

Montchanin Asset Management LLC acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 9,840 shares of the information services provider’s stock, valued at approximately $2,830,000. Alphabet accounts for about 2.9% of Montchanin Asset Management LLC’s investment portfolio, making the stock its 11th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOGL. Lifetime Wealth Management P.C. purchased a new stake in Alphabet during the 4th quarter worth about $32,000. EMC Capital Management acquired a new stake in shares of Alphabet during the 4th quarter worth about $33,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of Alphabet during the 4th quarter worth about $38,000. Bard Associates Inc. purchased a new stake in Alphabet during the fourth quarter worth approximately $52,000. Finally, Kentucky Trust Co lifted its stake in Alphabet by 142.9% during 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. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on GOOGL shares. Wolfe Research dropped their price target on shares of Alphabet from $390.00 to $360.00 and set an “outperform” rating on the stock in a research note on Friday, April 10th. Phillip Securities upgraded shares of Alphabet from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, July 27th. Arete Research upped their target price on shares of Alphabet from $405.00 to $425.00 and gave the company a “buy” rating in a report on Monday, May 18th. President Capital lifted their price target on shares of Alphabet from $375.00 to $465.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, DA Davidson set a $350.00 price target on shares of Alphabet and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Buy” and an average price target of $419.86.

Alphabet Stock Performance

Shares of GOOGL opened at $354.30 on Friday. 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 price-to-earnings-growth ratio of 1.00 and a beta of 1.24. The company’s 50 day simple moving average is $355.68 and its 200-day simple moving average is $340.41. Alphabet Inc. has a 12-month low of $196.60 and a 12-month high of $408.61.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $2.89 by $6.22. The firm had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. As a group, equities analysts predict that Alphabet Inc. will post 20.51 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. Alphabet’s payout ratio is currently 4.42%.

Key Headlines Impacting Alphabet

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 Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 8,998 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the transaction, the insider owned 75,290 shares of the company’s stock, valued at $26,298,044.10. This trade represents a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $18.90, for a total value of $2,232,808.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 600,547 shares of company stock valued at $16,255,540 over the last ninety days. 11.61% of the stock is currently owned by corporate insiders.

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.