Pitcairn Co. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 8.3% during the second quarter, Holdings Channel reports. The firm owned 5,495 shares of the company’s stock after selling 495 shares during the period. Alphabet comprises 0.5% of Pitcairn Co.’s portfolio, making the stock its 22nd largest position. Pitcairn Co.’s holdings in Alphabet were worth $3,804,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. D. Scott Neal Inc. boosted 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 worth $145,000 after buying an additional 200 shares during the last quarter. Cacti Asset Management LLC bought a new stake in Alphabet during the second quarter worth $159,000. Stewart & Patten Co. LLC boosted its stake in Alphabet by 1.3% in the second quarter. Stewart & Patten Co. LLC now owns 323 shares of the company’s stock worth $224,000 after buying an additional 4 shares during the last quarter. Retirement Planning Group boosted its stake in Alphabet by 1.5% in the first quarter. Retirement Planning Group now owns 330 shares of the company’s stock worth $246,000 after buying an additional 5 shares during the last quarter. Finally, Clarkston Capital Partners LLC boosted its stake in Alphabet by 14.9% in the second quarter. Clarkston Capital Partners LLC now owns 331 shares of the company’s stock worth $229,000 after buying an additional 43 shares during the last quarter. 34.39% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Inc. (NASDAQ:GOOG) traded up 0.04% during trading on Friday, hitting $778.53. 852,487 shares of the company traded hands. The company’s 50 day moving average is $774.66 and its 200-day moving average is $741.88. The stock has a market capitalization of $535.06 billion, a PE ratio of 30.17 and a beta of 1.03. Alphabet Inc. has a 52 week low of $641.73 and a 52 week high of $792.28.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating the consensus estimate of $8.03 by $0.39. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The business had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $20.74 billion. During the same quarter in the previous year, the firm earned $6.99 earnings per share. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. Analysts predict that Alphabet Inc. will post $34.14 earnings per share for the current year.
A number of research firms have weighed in on GOOG. Sanford C. Bernstein set a $950.00 target price on shares of Alphabet and gave the stock a “buy” rating in a research note on Friday, July 29th. JMP Securities set a $928.00 price target on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, July 29th. Robert W. Baird set a $900.00 price target on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, July 29th. Credit Suisse Group AG reiterated an “outperform” rating and set a $940.00 price target (up previously from $920.00) on shares of Alphabet in a report on Friday, July 29th. Finally, Atlantic Securities set a $910.00 price target on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, July 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 issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $926.55.
In other news, CEO Lawrence Page sold 33,332 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 30,666 shares of the company’s stock, valued at $21,972,495.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the transaction, the chief executive officer now directly owns 3,297 shares in the company, valued at approximately $2,437,175.37. 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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