Traders Buy Shares of Alphabet (GOOG) on Weakness on Insider Selling

Investors purchased shares of Alphabet Inc (NASDAQ:GOOG) on weakness during trading on Friday after an insider sold shares in the company. $497.47 million flowed into the stock on the tick-up and $372.58 million flowed out of the stock on the tick-down, for a money net flow of $124.89 million into the stock. Of all companies tracked, Alphabet had the 16th highest net in-flow for the day. Alphabet traded down ($20.77) for the day and closed at $1,007.04Specifically, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $1,127.17, for a total transaction of $4,508,680.00. Following the sale, the chief executive officer now directly owns 656 shares in the company, valued at approximately $739,423.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ann Mather sold 37 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $1,107.87, for a total value of $40,991.19. The disclosure for this sale can be found here. Insiders sold a total of 48,720 shares of company stock worth $52,755,337 in the last 90 days. 13.92% of the stock is currently owned by company insiders.

Several analysts have commented on GOOG shares. Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,172.75 target price on the stock in a research note on Monday, March 19th. SunTrust Banks increased their target price on Alphabet to $1,250.00 and gave the company a “buy” rating in a research note on Friday, January 12th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Friday, January 12th. Morningstar reiterated a “neutral” rating on shares of Alphabet in a research note on Friday, January 19th. Finally, BidaskClub downgraded Alphabet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $1,089.34.

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The firm has a market capitalization of $712,249.88, a P/E ratio of 31.42 and a beta of 1.08. The company has a quick ratio of 5.11, a current ratio of 5.14 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, February 1st. The information services provider reported $9.70 EPS for the quarter, missing the Zacks’ consensus estimate of $10.07 by ($0.37). Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The company had revenue of $32.32 billion during the quarter, compared to the consensus estimate of $31.88 billion. During the same period in the prior year, the business posted $9.36 earnings per share. Alphabet’s revenue for the quarter was up 24.0% compared to the same quarter last year.

Alphabet declared that its Board of Directors has approved a share buyback program 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in GOOG. Vanguard Group Inc. raised its holdings in Alphabet by 3.0% during the second quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock valued at $18,574,476,000 after acquiring an additional 589,654 shares during the period. BlackRock Inc. raised its holdings in Alphabet by 0.4% during the fourth quarter. BlackRock Inc. now owns 18,718,488 shares of the information services provider’s stock valued at $19,587,026,000 after acquiring an additional 71,862 shares during the period. FMR LLC raised its holdings in Alphabet by 0.4% during the second quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock valued at $12,696,484,000 after acquiring an additional 62,507 shares during the period. Capital World Investors raised its holdings in Alphabet by 13.9% during the second quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock valued at $5,789,842,000 after acquiring an additional 776,853 shares during the period. Finally, Capital Research Global Investors raised its holdings in Alphabet by 3.2% during the second quarter. Capital Research Global Investors now owns 4,983,431 shares of the information services provider’s stock valued at $4,528,593,000 after acquiring an additional 155,151 shares during the period. 34.85% of the stock is currently owned by institutional investors.

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About Alphabet

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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