Union Heritage Capital LLC Purchases 14,600 Shares of Alphabet Inc. $GOOGL

Union Heritage Capital LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL) by 184.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 22,520 shares of the information services provider’s stock after purchasing an additional 14,600 shares during the period. Alphabet accounts for approximately 2.4% of Union Heritage Capital LLC’s investment portfolio, making the stock its 14th largest holding. Union Heritage Capital LLC’s holdings in Alphabet were worth $6,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Lifetime Wealth Management P.C. purchased a new stake in shares of Alphabet during the 4th quarter valued at about $32,000. EMC Capital Management bought a new stake in Alphabet during the fourth quarter valued at approximately $33,000. IFC & Insurance Marketing Inc. purchased a new stake in Alphabet during the fourth quarter valued at approximately $38,000. Bard Associates Inc. purchased a new stake in Alphabet during the fourth quarter valued at approximately $52,000. Finally, Kentucky Trust Co boosted its stake in shares of Alphabet by 142.9% during the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider’s stock worth $53,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BMO Capital Markets set a $465.00 target price on Alphabet and gave the stock an “outperform” rating in a report on Thursday, July 23rd. Wedbush restated an “outperform” rating and issued a $445.00 price target on shares of Alphabet in a research report on Thursday, July 23rd. CICC Research raised their price objective on Alphabet from $388.00 to $407.91 and gave the stock an “outperform” rating in a research note on Friday, May 1st. Wolfe Research lowered their price objective on Alphabet from $390.00 to $360.00 and set an “outperform” rating on the stock in a research report on Friday, April 10th. Finally, Stifel Nicolaus set a $420.00 price objective on Alphabet and gave the company a “buy” rating in a research note on Thursday, April 30th. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of “Buy” and an average target price of $419.86.

Alphabet News Summary

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

Alphabet Price Performance

NASDAQ:GOOGL opened at $354.30 on Friday. The business’s 50-day simple moving average is $355.68 and its two-hundred day simple moving average is $340.41. Alphabet Inc. has a 52 week low of $196.60 and a 52 week high of $408.61. The stock has a market cap of $4.33 trillion, a PE ratio of 17.80, a P/E/G ratio of 1.00 and a beta of 1.24. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16.

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

Alphabet Dividend Announcement

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

Insider Activity at Alphabet

In related news, Director Frances Arnold sold 82 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $333.39, for a total transaction of $27,337.98. Following the completion of the transaction, the director owned 18,914 shares in the company, valued at approximately $6,305,738.46. This represents a 0.43% 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 this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the transaction, the chief accounting officer directly owned 27,386 shares of the company’s stock, valued at $9,125,015.20. The trade was a 1.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 600,547 shares of company stock valued at $16,255,540. Corporate insiders own 11.61% of the company’s stock.

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.