Schmidt P J Investment Management Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 25.3% during the second quarter, Holdings Channel reports. The institutional investor owned 4,254 shares of the company’s stock after buying an additional 858 shares during the period. Schmidt P J Investment Management Inc.’s holdings in Alphabet were worth $2,945,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in Alphabet during the second quarter valued at about $927,982,000. Emerald Acquisition Ltd. purchased a new stake in Alphabet during the second quarter worth $481,330,000. Jana Partners LLC purchased a new stake in Alphabet during the first quarter worth $472,266,000. Bessemer Group Inc. purchased a new stake in Alphabet during the first quarter worth $402,406,000. Finally, State Board of Administration of Florida Retirement System increased its stake 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 worth $603,415,000 after buying an additional 499,023 shares in the last quarter. 34.39% of the stock is owned by institutional investors and hedge funds.
Alphabet Inc. (NASDAQ:GOOG) traded down 1.38% during mid-day trading on Thursday, hitting $775.30. The company had a trading volume of 400,446 shares. Alphabet Inc. has a 12 month low of $641.73 and a 12 month high of $792.28. The firm has a market capitalization of $532.84 billion, a P/E ratio of 30.04 and a beta of 1.03. The company has a 50-day moving average price of $774.16 and a 200 day moving average price of $741.30.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, topping 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 period in the previous year, the business earned $6.99 EPS. The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. Equities analysts forecast that Alphabet Inc. will post $34.14 EPS for the current fiscal year.
GOOG has been the subject of a number of recent analyst reports. Citigroup Inc. reissued a “buy” rating and set a $900.00 target price on shares of Alphabet in a research report on Saturday, June 18th. Vetr raised shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $778.71 target price for the company in a research report on Monday, June 20th. Pacific Crest reissued an “overweight” rating and set a $910.00 target price on shares of Alphabet in a research report on Thursday, June 23rd. Evercore ISI reissued a “buy” rating and set a $830.00 target price (down previously from $950.00) on shares of Alphabet in a research report on Thursday, June 23rd. Finally, Goldman Sachs Group Inc. reissued a “buy” rating and set a $810.00 target price (down previously from $850.00) on shares of Alphabet in a research report on Wednesday, June 29th. One equities research 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 stock. The company has a consensus rating of “Buy” and a consensus target price of $926.55.
In related news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $739.21, for a total transaction of $2,956,840.00. Following the transaction, the chief executive officer now directly owns 3,297 shares in the company, valued at approximately $2,437,175.37. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lawrence Page sold 33,332 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $716.51, for a total value of $23,882,711.32. Following the transaction, the chief executive officer now owns 30,666 shares in the company, valued at $21,972,495.66. The disclosure for this sale can be found here. Corporate 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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