Monetta Financial Services Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 39.5% during the second quarter, Holdings Channel reports. The institutional investor owned 6,000 shares of the company’s stock after buying an additional 1,700 shares during the period. Alphabet comprises approximately 2.6% of Monetta Financial Services Inc.’s portfolio, making the stock its 9th largest position. Monetta Financial Services Inc.’s holdings in Alphabet were worth $4,153,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Wrapmanager Inc. purchased a new stake in shares of Alphabet during the second quarter valued at $361,000. Fayez Sarofim & Co. boosted its stake in shares of Alphabet by 9.0% in the second quarter. Fayez Sarofim & Co. now owns 247,162 shares of the company’s stock valued at $171,433,000 after buying an additional 20,478 shares in the last quarter. Mizuho Asset Management Co. Ltd. purchased a new stake in shares of Alphabet during the second quarter valued at $2,881,000. Vanguard Group Inc. boosted its stake in shares of Alphabet by 1.2% in the second quarter. Vanguard Group Inc. now owns 18,237,076 shares of the company’s stock valued at $12,621,879,000 after buying an additional 221,141 shares in the last quarter. Finally, Carret Asset Management LLC boosted its stake in shares of Alphabet by 4.5% in the second quarter. Carret Asset Management LLC now owns 10,021 shares of the company’s stock valued at $6,936,000 after buying an additional 429 shares in the last quarter. 34.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Alphabet Inc. (NASDAQ:GOOG) opened at 779.96 on Tuesday. The firm’s 50-day moving average is $774.96 and its 200-day moving average is $742.05. Alphabet Inc. has a 12-month low of $641.73 and a 12-month high of $792.28. The company has a market capitalization of $536.05 billion, a price-to-earnings ratio of 30.22 and a beta of 1.03.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, July 28th. The company reported $8.42 EPS 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 company earned $21.50 billion during the quarter, compared to analyst estimates of $20.74 billion. During the same period last year, the business earned $6.99 earnings per share. Alphabet’s revenue was up 21.3% compared to the same quarter last year. On average, equities analysts predict that Alphabet Inc. will post $34.14 EPS for the current year.
Several analysts have recently commented on the stock. Credit Agricole SA reissued a “buy” rating on shares of Alphabet in a research note on Friday, September 23rd. Moffett Nathanson reissued a “buy” rating and set a $925.00 price target on shares of Alphabet in a research note on Friday, September 23rd. Deutsche Bank AG reissued a “buy” rating and set a $1,050.00 price target on shares of Alphabet in a research note on Wednesday, October 12th. Wedbush cut shares of Alphabet from a “neutral” rating to an “underperform” rating and increased their price target for the company from $700.00 to $800.00 in a research note on Tuesday, September 27th. Finally, Credit Suisse Group AG reissued an “outperform” rating and set a $1,070.00 price target (up from $940.00) on shares of Alphabet in a research note on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, forty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $929.51.
In related news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $781.81, for a total value of $3,127,240.00. Following the sale, the chief executive officer now directly owns 3,231 shares of the company’s stock, valued at $2,526,028.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP James Grier Campbell sold 603 shares of the firm’s stock in a transaction that occurred 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 insiders.
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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