Douglas Lane & Associates LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 67,470 shares of the company’s stock after buying an additional 979 shares during the period. Alphabet accounts for 1.3% of Douglas Lane & Associates LLC’s portfolio, making the stock its 23rd largest position. Douglas Lane & Associates LLC’s holdings in Alphabet were worth $46,696,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Bank of Montreal Can bought a new position in shares of Alphabet during the second quarter worth $927,982,000. Jana Partners LLC bought a new position in shares of Alphabet during the first quarter worth $472,266,000. Bessemer Group Inc. bought a new position in shares of Alphabet during the first quarter worth $402,406,000. Pennant Capital Management LLC bought a new position in shares of Alphabet during the first quarter worth $145,638,000. Finally, Svenska Handelsbanken AB publ raised its position in shares of Alphabet by 11,203.0% in the second quarter. Svenska Handelsbanken AB publ now owns 192,603 shares of the company’s stock worth $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 1.01% during midday trading on Thursday, reaching $778.19. The company had a trading volume of 1,360,779 shares. The stock has a market capitalization of $534.83 billion, a PE ratio of 30.15 and a beta of 1.03. The company’s 50-day moving average is $774.16 and its 200-day moving average is $741.30. Alphabet Inc. has a 1-year low of $641.73 and a 1-year high of $792.28.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 14.74% and a net margin of 22.00%. The company’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the company posted $6.99 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post $34.14 EPS for the current year.
Several equities analysts recently weighed in on the stock. Goldman Sachs Group Inc. set a $810.00 target price on shares of Alphabet and gave the company a “buy” rating in a report on Wednesday, July 20th. Vetr upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $778.71 target price on the stock in a report on Monday, June 20th. Longbow Research assumed coverage on shares of Alphabet in a report on Wednesday, July 6th. They set a “buy” rating on the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a report on Tuesday, September 27th. Finally, Societe Generale set a $910.00 target price on shares of Alphabet and gave the company a “buy” rating in a report on Thursday, July 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating, forty-five have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $926.55.
In other news, insider Sergey Brin sold 33,332 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $788.49, for a total transaction of $26,281,948.68. Following the transaction, the insider now directly owns 20,151,948 shares of the company’s stock, valued at $15,889,609,478.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $739.21, for a total value of $2,956,840.00. Following the transaction, the chief executive officer now directly owns 3,297 shares in the company, valued at $2,437,175.37. The disclosure for this sale can be found here. 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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