Asset Dedication LLC raised its position in Alphabet Inc (NASDAQ:GOOG) by 21.4% in the 4th quarter, Holdings Channel reports. The firm owned 1,178 shares of the information services provider’s stock after buying an additional 208 shares during the period. Asset Dedication LLC’s holdings in Alphabet were worth $1,222,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of GOOG. Rothschild Capital Partners LLC acquired a new stake in shares of Alphabet in the third quarter valued at about $3,161,000. One Capital Management LLC increased its stake in shares of Alphabet by 5.0% in the second quarter. One Capital Management LLC now owns 3,213 shares of the information services provider’s stock valued at $2,920,000 after buying an additional 154 shares during the period. Northeast Investment Management increased its stake in shares of Alphabet by 4.4% in the second quarter. Northeast Investment Management now owns 12,678 shares of the information services provider’s stock valued at $11,521,000 after buying an additional 537 shares during the period. Founders Capital Management LLC increased its stake in shares of Alphabet by 1,868.4% in the third quarter. Founders Capital Management LLC now owns 9,468 shares of the information services provider’s stock valued at $9,081,000 after buying an additional 8,987 shares during the period. Finally, Quantitative Systematic Strategies LLC increased its stake in shares of Alphabet by 285.8% in the third quarter. Quantitative Systematic Strategies LLC now owns 1,408 shares of the information services provider’s stock valued at $1,350,000 after buying an additional 1,043 shares during the period. Hedge funds and other institutional investors own 34.86% of the company’s stock.
In other news, SVP David C. Drummond sold 5,690 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $1,164.43, for a total value of $6,625,606.70. Following the transaction, the senior vice president now owns 2,897 shares in the company, valued at $3,373,353.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director L John Doerr sold 11,575 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $1,079.99, for a total value of $12,500,884.25. Following the completion of the transaction, the director now owns 3,485 shares in the company, valued at approximately $3,763,765.15. The disclosure for this sale can be found here. Insiders sold 48,709 shares of company stock worth $52,954,941 in the last 90 days. Corporate insiders own 13.92% of the company’s stock.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $10.07 by ($0.37). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The company had revenue of $32.32 billion during the quarter, compared to the consensus estimate of $31.88 billion. During the same quarter in the prior year, the business earned $9.36 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year.
Alphabet declared that its board has authorized a share buyback plan on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Several equities research analysts have recently weighed in on GOOG shares. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $1,067.64 price target for the company in a research note on Monday, November 13th. UBS Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Monday, November 27th. Finally, BidaskClub raised Alphabet from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $1,072.37.
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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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