Putnam FL Investment Management Co. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,689 shares of the information services provider’s stock after selling 107 shares during the period. Putnam FL Investment Management Co.’s holdings in Alphabet were worth $4,907,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of GOOG. Vanguard Group Inc. raised its stake in Alphabet by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after acquiring an additional 589,654 shares during the last quarter. BlackRock Inc. grew its position in Alphabet by 4.8% during the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after purchasing an additional 826,480 shares during the period. FMR LLC grew its position in Alphabet by 0.4% during the 2nd quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock worth $12,696,484,000 after purchasing an additional 62,507 shares during the period. Capital World Investors grew its position in Alphabet by 13.9% during the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after purchasing an additional 776,853 shares during the period. Finally, Capital Research Global Investors grew its position in Alphabet by 3.2% during the 2nd quarter. Capital Research Global Investors now owns 4,983,431 shares of the information services provider’s stock worth $4,528,593,000 after purchasing an additional 155,151 shares during the period. Hedge funds and other institutional investors own 34.84% of the company’s stock.
GOOG stock opened at $1,072.08 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.11 and a current ratio of 5.14. Alphabet Inc. has a 12-month low of $836.29 and a 12-month high of $1,186.89. The stock has a market capitalization of $721,170.88, a P/E ratio of 33.45 and a beta of 1.08.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $10.07 by ($0.37). Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The firm had revenue of $32.32 billion during the quarter, compared to analyst estimates of $31.88 billion. During the same quarter in the previous year, the firm posted $9.36 earnings per share. The company’s quarterly revenue was up 24.0% on a year-over-year basis.
Alphabet declared that its board has authorized a share buyback program on Thursday, February 1st that allows the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization allows the information services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Alphabet news, Director Ann Mather sold 38 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $1,162.61, for a total value of $44,179.18. Following the transaction, the director now directly owns 1,829 shares of the company’s stock, valued at approximately $2,126,413.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director L John Doerr sold 11,575 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $1,079.99, for a total transaction of $12,500,884.25. Following the completion of the transaction, the director now directly owns 3,485 shares in the company, valued at $3,763,765.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,410 shares of company stock worth $58,408,136. 13.92% of the stock is currently owned by insiders.
Several equities research analysts have weighed in on the company. Vetr downgraded Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,177.20 price target on the stock. in a research report on Wednesday. JPMorgan Chase reaffirmed a “buy” rating on shares of Alphabet in a research report on Tuesday, April 10th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research report on Tuesday, April 10th. BidaskClub downgraded Alphabet from a “buy” rating to a “hold” rating in a research report on Saturday, April 7th. Finally, Pivotal Research cut their price target on Alphabet from $1,110.00 to $1,040.00 and set a “hold” rating on the stock in a research report on Monday, April 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-four have given a buy rating to the stock. Alphabet has an average rating of “Buy” and a consensus target price of $1,088.68.
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Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
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