Profit Investment Management LLC decreased its stake in Alphabet Inc. (NASDAQ:GOOG) by 16.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 449 shares of the information services provider’s stock after selling 87 shares during the period. Profit Investment Management LLC’s holdings in Alphabet were worth $408,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Cigna Investments Inc. New acquired a new stake in Alphabet during the fourth quarter valued at approximately $10,121,000. L & S Advisors Inc acquired a new stake in Alphabet during the fourth quarter valued at approximately $422,000. Fortis Advisors LLC acquired a new stake in Alphabet during the fourth quarter valued at approximately $258,000. Capital International Inc. CA raised its stake in Alphabet by 12.7% in the fourth quarter. Capital International Inc. CA now owns 10,488 shares of the information services provider’s stock valued at $8,095,000 after buying an additional 1,184 shares in the last quarter. Finally, Congress Asset Management Co. MA acquired a new stake in Alphabet during the fourth quarter valued at approximately $11,840,000. Institutional investors own 34.54% of the company’s stock.
Alphabet Inc. (GOOG) traded down 1.32% on Thursday, hitting $910.75. The stock had a trading volume of 820,927 shares. Alphabet Inc. has a 52-week low of $727.54 and a 52-week high of $988.25. The company has a market cap of $631.04 billion, a P/E ratio of 33.01 and a beta of 0.94. The stock’s 50-day moving average is $939.37 and its 200-day moving average is $888.29.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. During the same period in the prior year, the firm earned $8.42 earnings per share. Alphabet’s revenue was up 21.0% on a year-over-year basis. Analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current year.
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Several equities research analysts recently commented on the stock. Canaccord Genuity lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price objective on the stock. in a research report on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reiterated a “hold” rating and issued a $980.00 price objective (down from $990.00) on shares of Alphabet in a research report on Monday, July 17th. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $1,200.00 price objective on shares of Alphabet in a research report on Wednesday, June 28th. Credit Suisse Group boosted their price objective on shares of Alphabet from $1,100.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Friday, April 28th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “buy” rating on shares of Alphabet in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $1,026.22.
In related news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $903.86, for a total value of $3,615,440.00. Following the sale, the chief executive officer now owns 1,911 shares in the company, valued at $1,727,276.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director L John Doerr sold 13,355 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $935.93, for a total transaction of $12,499,345.15. Following the completion of the sale, the director now owns 3,468 shares in the company, valued at approximately $3,245,805.24. The disclosure for this sale can be found here. Insiders have sold 47,218 shares of company stock valued at $44,511,312 in the last ninety days. Insiders own 13.92% of the company’s stock.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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