Steel Canyon Capital LLC Sells 3,200 Shares of Alphabet Inc. (GOOG)

Steel Canyon Capital LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 49.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,301 shares of the information services provider’s stock after selling 3,200 shares during the quarter. Alphabet makes up 3.0% of Steel Canyon Capital LLC’s holdings, making the stock its 10th largest holding. Steel Canyon Capital LLC’s holdings in Alphabet were worth $3,454,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stuart Chaussee & Associates Inc. grew its position in shares of Alphabet by 108.3% during the 4th quarter. Stuart Chaussee & Associates Inc. now owns 100 shares of the information services provider’s stock worth $105,000 after buying an additional 52 shares in the last quarter. Price Wealth Management Inc. bought a new position in shares of Alphabet during the 4th quarter worth $125,000. Signature Estate & Investment Advisors LLC bought a new position in shares of Alphabet during the 4th quarter worth $132,000. WealthTrust Arizona LLC grew its position in shares of Alphabet by 134.9% during the 4th quarter. WealthTrust Arizona LLC now owns 148 shares of the information services provider’s stock worth $155,000 after buying an additional 85 shares in the last quarter. Finally, Front Row Advisors LLC bought a new position in shares of Alphabet during the 4th quarter worth $155,000. 34.78% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $1,106.68, for a total value of $4,426,720.00. Following the completion of the transaction, the chief executive officer now directly owns 642 shares in the company, valued at $710,488.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Amie Thuener O’toole sold 78 shares of the firm’s stock in a transaction dated Wednesday, May 2nd. The stock was sold at an average price of $1,028.10, for a total value of $80,191.80. Following the completion of the transaction, the vice president now owns 388 shares of the company’s stock, valued at $398,902.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,211 shares of company stock valued at $61,748,995. Company insiders own 13.92% of the company’s stock.

GOOG has been the topic of a number of recent research reports. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, January 26th. Jefferies Group reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, February 2nd. Oppenheimer raised their price objective on Alphabet from $1,340.00 to $1,350.00 and gave the company an “outperform” rating in a research report on Tuesday, April 24th. BidaskClub downgraded Alphabet from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 5th. Finally, TheStreet downgraded Alphabet from an “a” rating to a “c+” rating in a research report on Thursday, February 1st. Five analysts have rated the stock with a hold rating and thirty-three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $1,130.86.

Shares of Alphabet opened at $1,078.59 on Friday, MarketBeat.com reports. Alphabet Inc. has a 52-week low of $1,076.38 and a 52-week high of $1,088.16. The stock has a market capitalization of $751.77 billion, a PE ratio of 33.65 and a beta of 1.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.87 and a quick ratio of 4.85.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Monday, April 23rd. The information services provider reported $9.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.28 by $0.65. Alphabet had a return on equity of 15.58% and a net margin of 14.19%. The firm had revenue of $31.15 billion during the quarter, compared to analysts’ expectations of $30.28 billion. During the same period last year, the business posted $7.73 earnings per share. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year.

Alphabet declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 1st that permits the company to repurchase $8.59 billion in shares. This repurchase authorization permits the information services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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