Rafferty Asset Management LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 15.8% during the second quarter, Holdings Channel reports. The fund owned 1,247 shares of the company’s stock after selling 234 shares during the period. Rafferty Asset Management LLC’s holdings in Alphabet were worth $863,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of GOOG. Mesirow Financial Investment Management Equity Management purchased a new stake in Alphabet during the second quarter valued at about $121,000. Whitnell & Co. increased its stake in Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock valued at $129,000 after buying an additional 32 shares during the period. D. Scott Neal Inc. increased its stake in Alphabet by 2,000.0% in the second quarter. D. Scott Neal Inc. now owns 210 shares of the company’s stock valued at $145,000 after buying an additional 200 shares during the period. Cacti Asset Management LLC purchased a new stake in Alphabet during the second quarter valued at about $159,000. Finally, Wedge Capital Management L L P NC purchased a new stake in Alphabet during the second quarter valued at about $210,000. Institutional investors and hedge funds own 34.39% of the company’s stock.
Alphabet Inc. (NASDAQ:GOOG) traded down 0.23% during mid-day trading on Friday, hitting $775.08. 933,158 shares of the company traded hands. The company’s 50-day moving average is $773.14 and its 200-day moving average is $740.29. Alphabet Inc. has a one year low of $639.01 and a one year high of $789.87. The stock has a market capitalization of $532.69 billion, a price-to-earnings ratio of 30.03 and a beta of 1.03.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, July 28th. The company reported $8.42 EPS for the quarter, topping the consensus estimate of $8.03 by $0.39. The firm had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $20.74 billion. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period last year, the company posted $6.99 EPS. Analysts predict that Alphabet Inc. will post $34.14 EPS for the current year.
Several research firms recently issued reports on GOOG. Citigroup Inc. reaffirmed a “buy” rating and set a $900.00 price target on shares of Alphabet in a research note on Saturday, June 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $925.00 price target (up previously from $888.00) on shares of Alphabet in a research note on Friday, July 29th. Longbow Research began coverage on shares of Alphabet in a research note on Wednesday, July 6th. They set a “buy” rating on the stock. Macquarie reaffirmed an “outperform” rating and set a $975.00 price target on shares of Alphabet in a research note on Friday, July 29th. Finally, Goldman Sachs Group Inc. set a $810.00 price target on shares of Alphabet and gave the stock a “buy” rating in a research note on Wednesday, July 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, forty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $926.55.
In other news, CEO Lawrence Page sold 33,332 shares of Alphabet stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $716.51, for a total value of $23,882,711.32. Following the sale, the chief executive officer now directly owns 30,666 shares in the company, valued at $21,972,495.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David C. Drummond sold 5,000 shares of Alphabet stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $725.52, for a total transaction of $3,627,600.00. Following the completion of the sale, the senior vice president now owns 13,248 shares in the company, valued at $9,611,688.96. The disclosure for this sale can be found here. Company insiders own 13.92% of the company’s stock.
Alphabet Company Profile
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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