Norris Perne & French LLP MI lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.0% during the second quarter, Holdings Channel reports. The firm owned 2,934 shares of the company’s stock after selling 90 shares during the period. Norris Perne & French LLP MI’s holdings in Alphabet were worth $2,031,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Bank of Montreal Can bought a new position in Alphabet during the second quarter valued at $927,982,000. Jana Partners LLC bought a new position in Alphabet during the first quarter valued at $472,266,000. Bessemer Group Inc. bought a new position in Alphabet during the first quarter valued at $402,406,000. Pennant Capital Management LLC bought a new position in Alphabet during the first quarter valued at $145,638,000. Finally, Svenska Handelsbanken AB publ increased its position in Alphabet by 11,203.0% in the second quarter. Svenska Handelsbanken AB publ now owns 192,603 shares of the company’s stock valued at $133,301,000 after buying an additional 190,899 shares during the period. Institutional investors own 34.39% of the company’s stock.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 0.37% on Tuesday, reaching $783.07. 1,372,437 shares of the company were exchanged. The company has a market capitalization of $538.18 billion, a P/E ratio of 30.34 and a beta of 1.03. Alphabet Inc. has a 52-week low of $641.73 and a 52-week high of $792.28. The stock has a 50 day moving average of $773.44 and a 200-day moving average of $740.67.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating analysts’ consensus estimates of $8.03 by $0.39. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The firm earned $21.50 billion during the quarter, compared to analysts’ expectations of $20.74 billion. During the same period in the previous year, the company earned $6.99 earnings per share. Alphabet’s quarterly revenue was up 21.3% compared to the same quarter last year. On average, analysts predict that Alphabet Inc. will post $34.14 EPS for the current fiscal year.
Several brokerages have recently commented on GOOG. Sanford C. Bernstein set a $950.00 price objective on Alphabet and gave the company a “buy” rating in a research report on Friday, July 29th. JMP Securities set a $928.00 price objective on Alphabet and gave the company a “buy” rating in a research report on Friday, July 29th. Robert W. Baird set a $900.00 price objective on Alphabet and gave the company a “buy” rating in a research report on Friday, July 29th. Credit Suisse Group AG restated an “outperform” rating and issued a $940.00 price objective (up from $920.00) on shares of Alphabet in a research report on Friday, July 29th. Finally, Atlantic Securities set a $910.00 price objective on Alphabet and gave the company a “buy” rating in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet has an average rating of “Buy” and a consensus price target of $926.55.
In other Alphabet news, Director Ann Mather sold 115 shares of Alphabet stock in a transaction on Monday, August 1st. The shares were sold at an average price of $769.38, for a total value of $88,478.70. Following the transaction, the director now directly owns 1,656 shares in the company, valued at $1,274,093.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP James Grier Campbell sold 603 shares of Alphabet stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $767.18, for a total transaction of $462,609.54. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by corporate 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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