Conning Inc. cut its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 8.4% during the second quarter, Holdings Channel reports. The institutional investor owned 8,685 shares of the company’s stock after selling 800 shares during the period. Conning Inc.’s holdings in Alphabet were worth $6,011,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Bank of Montreal Can bought a new stake in Alphabet during the second quarter worth about $927,982,000. Nordea Investment Management AB raised its position in shares of Alphabet by 9.8% in the second quarter. Nordea Investment Management AB now owns 183,470 shares of the company’s stock worth $126,980,000 after buying an additional 16,342 shares during the last quarter. Seaward Management Limited Partnership raised its position in shares of Alphabet by 1.2% in the second quarter. Seaward Management Limited Partnership now owns 75,336 shares of the company’s stock worth $52,140,000 after buying an additional 895 shares during the last quarter. Chesley Taft & Associates LLC raised its position in shares of Alphabet by 2.9% in the second quarter. Chesley Taft & Associates LLC now owns 32,171 shares of the company’s stock worth $22,266,000 after buying an additional 900 shares during the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in shares of Alphabet by 5.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 76,454 shares of the company’s stock worth $52,914,000 after buying an additional 4,102 shares during the last quarter. 34.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded up 1.96% during mid-day trading on Tuesday, hitting $795.26. The stock had a trading volume of 2,056,903 shares. Alphabet Inc. has a 12-month low of $641.73 and a 12-month high of $801.61. The company has a 50 day moving average price of $775.62 and a 200 day moving average price of $742.38. The firm has a market cap of $546.56 billion, a P/E ratio of 30.81 and a beta of 1.03.
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, topping the consensus estimate of $8.03 by $0.39. The business 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 business’s revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the business posted $6.99 EPS. Equities analysts forecast that Alphabet Inc. will post $34.14 earnings per share for the current fiscal year.
GOOG has been the topic of a number of research reports. JPMorgan Chase & Co. set a $920.00 price objective on Alphabet and gave the company a “buy” rating in a report on Tuesday, July 12th. Pivotal Research restated a “buy” rating and issued a $1,000.00 price objective (up previously from $970.00) on shares of Alphabet in a report on Tuesday, July 12th. Societe Generale set a $910.00 price objective on Alphabet and gave the company a “buy” rating in a report on Thursday, July 7th. Longbow Research initiated coverage on Alphabet in a report on Wednesday, July 6th. They issued a “buy” rating on the stock. Finally, Cantor Fitzgerald restated a “buy” rating on shares of Alphabet in a report on Tuesday, July 5th. One analyst has rated the stock with a sell rating, one has given a hold rating, forty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $929.51.
In other Alphabet news, VP James Grier Campbell sold 603 shares of Alphabet stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $767.18, for a total transaction of $462,609.54. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the director now directly owns 1,656 shares in the company, valued at approximately $1,274,093.28. The disclosure for this sale can be found here. 13.92% of the stock is owned by corporate 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.
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG).
Receive News & Ratings for Alphabet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.