Convergence Investment Partners LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 13.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,188 shares of the information services provider’s stock after selling 669 shares during the period. Convergence Investment Partners LLC’s holdings in Alphabet were worth $3,806,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Narwhal Capital Management raised its position in Alphabet by 4.6% in the 1st quarter. Narwhal Capital Management now owns 12,593 shares of the information services provider’s stock valued at $10,447,000 after buying an additional 554 shares during the last quarter. Investment Counsel Inc. boosted its stake in shares of Alphabet by 11.5% during the 1st quarter. Investment Counsel Inc. now owns 1,856 shares of the information services provider’s stock worth $1,540,000 after acquiring an additional 192 shares during the period. Everett Harris & Co. CA boosted its stake in shares of Alphabet by 1.6% during the 1st quarter. Everett Harris & Co. CA now owns 152,776 shares of the information services provider’s stock worth $126,737,000 after acquiring an additional 2,437 shares during the period. Stonebridge Capital Management Inc. boosted its stake in shares of Alphabet by 0.9% during the 1st quarter. Stonebridge Capital Management Inc. now owns 3,840 shares of the information services provider’s stock worth $3,186,000 after acquiring an additional 35 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Alphabet by 10.4% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,654 shares of the information services provider’s stock worth $2,202,000 after acquiring an additional 250 shares during the period. 34.28% of the stock is currently owned by institutional investors.
Shares of Alphabet Inc. (GOOG) opened at $1,026.29 on Monday. Alphabet Inc. has a 52 week low of $727.54 and a 52 week high of $1,048.39. The company has a current ratio of 5.77, a quick ratio of 5.73 and a debt-to-equity ratio of 0.03. The firm has a market cap of $714,304.06, a P/E ratio of 34.42 and a beta of 0.95.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 EPS for the quarter, beating the Zacks’ consensus estimate of $8.31 by $1.26. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The company had revenue of $27.77 billion for the quarter, compared to the consensus estimate of $27.17 billion. During the same period in the prior year, the firm posted $9.06 EPS. The company’s quarterly revenue was up 23.7% compared to the same quarter last year.
In other news, VP James Grier Campbell sold 183 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $1,017.21, for a total value of $186,149.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $1,018.97, for a total transaction of $4,075,880.00. Following the completion of the sale, the chief executive officer now owns 1,699 shares of the company’s stock, valued at approximately $1,731,230.03. The disclosure for this sale can be found here. Insiders sold a total of 39,714 shares of company stock worth $37,563,065 over the last ninety days. Insiders own 13.92% of the company’s stock.
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GOOG has been the subject of several recent research reports. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Alphabet in a research note on Tuesday, July 25th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Alphabet in a research report on Tuesday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $1,100.00 price target (up previously from $1,050.00) on shares of Alphabet in a report on Tuesday, July 25th. UBS AG reaffirmed a “buy” rating and issued a $1,080.00 target price on shares of Alphabet in a report on Tuesday, July 25th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $1,220.00 target price on shares of Alphabet in a report on Friday, July 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-eight have issued a buy rating to the company. Alphabet currently has a consensus rating of “Buy” and a consensus target price of $1,045.44.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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