Alphabet Inc. $GOOG Stake Lessened by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its stake in Alphabet Inc. (NASDAQ:GOOG) by 4.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,243,833 shares of the information services provider’s stock after selling 104,116 shares during the period. Alphabet accounts for approximately 3.2% of King Luther Capital Management Corp’s portfolio, making the stock its 6th biggest position. King Luther Capital Management Corp’s holdings in Alphabet were worth $764,563,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Readystate Asset Management LP purchased a new position in shares of Alphabet during the second quarter worth about $45,352,000. Arrowstreet Capital Limited Partnership increased its position in shares of Alphabet by 76.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 14,581,870 shares of the information services provider’s stock worth $4,182,952,000 after purchasing an additional 6,300,900 shares in the last quarter. State Street Corp increased its position in shares of Alphabet by 2.8% during the second quarter. State Street Corp now owns 190,923,442 shares of the information services provider’s stock worth $67,458,980,000 after purchasing an additional 5,208,690 shares in the last quarter. BlackRock Inc. increased its position in shares of Alphabet by 1.4% during the second quarter. BlackRock Inc. now owns 369,922,502 shares of the information services provider’s stock worth $130,704,718,000 after purchasing an additional 5,164,200 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Alphabet by 22.9% in the 1st quarter. Amundi now owns 21,922,379 shares of the information services provider’s stock valued at $6,288,654,000 after purchasing an additional 4,083,758 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Frances Arnold sold 83 shares of Alphabet stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $340.45, for a total value of $28,257.35. Following the sale, the director directly owned 19,076 shares in the company, valued at $6,494,424.20. The trade was a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 247 shares of company stock valued at $79,238 in the last three months. 12.99% of the stock is owned by company insiders.

Analyst Ratings Changes

GOOG has been the subject of a number of research analyst reports. Freedom Capital raised Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 23rd. BMO Capital Markets set a $425.00 price target on Alphabet in a research report on Thursday, October 29th. Needham & Company LLC reaffirmed a “buy” rating on shares of Alphabet in a research report on Tuesday, October 27th. Royal Bank Of Canada reiterated a “buy” rating and issued a $475.00 price objective on shares of Alphabet in a research note on Thursday, July 23rd. Finally, Oppenheimer reissued an “outperform” rating and issued a $400.00 price objective (down from $445.00) on shares of Alphabet in a report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $413.38.

Alphabet News Summary

Investors following GOOG have been watching these news items:

• Positive Sentiment: Alphabet could benefit from Nvidia CEO Jensen Huang’s reported departure, which may encourage cloud customers to diversify chip suppliers and challenge Nvidia’s premium pricing. Google’s Tensor Processing Units (TPUs) and its chip investments position it to compete for AI-computing demand. Nvidia succession uncertainty opens door for Google TPU and Broadcom, analyst says
• Positive Sentiment: Google DeepMind introduced AlphaGenome 2, an AI model designed to help researchers interpret DNA and cellular activity. The launch highlights potential applications for Alphabet’s AI technology beyond its core businesses. Alphabet’s DeepMind unveils new AlphaGenome 2 model
• Neutral Sentiment: Alphabet’s cloud growth and cash generation remain part of the investment case, but commentary also flags the cost of its AI infrastructure expansion as a risk to cash flow and returns. 3 Unstoppable Dow Stocks to Buy in November

Alphabet Stock Performance

Shares of GOOG stock opened at $295.35 on Friday. The stock’s 50-day moving average price is $326.04 and its 200 day moving average price is $336.19. The company has a quick ratio of 2.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.63 trillion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 0.88 and a beta of 1.21. Alphabet Inc. has a 52-week low of $271.41 and a 52-week high of $404.47.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $3.01 by ($0.89). Alphabet had a return on equity of 43.33% and a net margin of 50.03%. The company had revenue of $127.58 billion for the quarter, compared to analyst estimates of $127.97 billion. During the same period in the previous year, the business posted $2.87 earnings per share. The firm’s revenue was up 24.7% compared to the same quarter last year. As a group, equities research analysts forecast that Alphabet Inc. will post 19.74 EPS for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Monday, December 7th. Alphabet’s dividend payout ratio (DPR) is 4.59%.

Alphabet Profile

Alphabet is a technology holding company whose primary business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company adopted a holding-company structure in 2015. Sundar Pichai leads Alphabet and Google as chief executive officer. Google offers internet search, online advertising, cloud computing, and software and hardware products. Its services and products include Google Search, YouTube, Android, Chrome, Google Maps, Google Play, and Google Cloud.