Ashfield Capital Partners LLC cut its position in Alphabet Inc. (NASDAQ:GOOG) by 12.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,179 shares of the company’s stock after selling 7,126 shares during the period. Alphabet accounts for about 2.8% of Ashfield Capital Partners LLC’s holdings, making the stock its 3rd largest position. Ashfield Capital Partners LLC’s holdings in Alphabet were worth $35,421,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of GOOG. Bank of Montreal Can purchased a new position in Alphabet during the second quarter valued at $927,982,000. Emerald Acquisition Ltd. purchased a new position in Alphabet during the second quarter valued at $481,330,000. Jana Partners LLC purchased a new position in Alphabet during the first quarter valued at $472,266,000. Bessemer Group Inc. purchased a new position in Alphabet during the first quarter valued at $402,406,000. Finally, State Board of Administration of Florida Retirement System raised its position in Alphabet by 136.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 864,773 shares of the company’s stock valued at $603,415,000 after buying an additional 499,023 shares in the last quarter. 34.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded up 1.25% during mid-day trading on Tuesday, reaching $783.92. The company had a trading volume of 732,398 shares. Alphabet Inc. has a 12 month low of $590.22 and a 12 month high of $789.87. The company has a market capitalization of $538.77 billion, a price-to-earnings ratio of 30.37 and a beta of 1.03. The firm’s 50-day moving average is $774.33 and its 200 day moving average is $737.58.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.03 by $0.39. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The firm had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $20.74 billion. During the same quarter last year, the business posted $6.99 EPS. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. On average, equities research analysts predict that Alphabet Inc. will post $34.30 earnings per share for the current year.
Several equities analysts have recently weighed in on the company. Moffett Nathanson reaffirmed a “buy” rating and issued a $925.00 price objective on shares of Alphabet in a research note on Friday. Credit Agricole SA reiterated a “buy” rating on shares of Alphabet in a report on Friday. Jefferies Group reiterated a “buy” rating on shares of Alphabet in a report on Friday, September 9th. Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $822.37 target price on the stock in a report on Thursday, August 18th. Finally, Argus reiterated a “buy” rating and set a $900.00 target price on shares of Alphabet in a report on Tuesday, August 2nd. Two investment analysts have rated the stock with a hold rating, forty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet presently has an average rating of “Buy” and an average price target of $925.54.
In related news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $690.94, for a total value of $2,763,760.00. Following the sale, the chief executive officer now owns 3,672 shares of the company’s stock, valued at $2,537,131.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ann Mather sold 115 shares of Alphabet stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $769.38, for a total value of $88,478.70. Following the completion of the sale, the director now directly owns 1,656 shares in the company, valued at approximately $1,274,093.28. The disclosure for this sale can be found here. 13.92% of the stock is owned by company insiders.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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