Exchange Capital Management Inc. reduced its position in shares of Alphabet Inc (NASDAQ:GOOG) by 8.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,013 shares of the information services provider’s stock after selling 274 shares during the period. Exchange Capital Management Inc.’s holdings in Alphabet were worth $2,325,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Russell Investments Group Ltd. purchased a new position in shares of Alphabet during the fourth quarter worth about $612,676,000. Asset Management One Co. Ltd. boosted its position in shares of Alphabet by 696.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 562,109 shares of the information services provider’s stock worth $434,371,000 after buying an additional 491,509 shares during the period. State Street Corp boosted its position in shares of Alphabet by 2.5% in the fourth quarter. State Street Corp now owns 12,030,811 shares of the information services provider’s stock worth $9,285,625,000 after buying an additional 290,691 shares during the period. Wells Fargo & Company MN raised its stake in shares of Alphabet by 13.8% in the third quarter. Wells Fargo & Company MN now owns 2,360,951 shares of the information services provider’s stock worth $1,835,145,000 after buying an additional 285,410 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Alphabet by 17.2% in the third quarter. Bank of Montreal Can now owns 1,571,447 shares of the information services provider’s stock worth $1,221,471,000 after buying an additional 230,631 shares in the last quarter. 34.74% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Inc (NASDAQ:GOOG) traded up 0.18% during midday trading on Friday, hitting $843.19. 622,748 shares of the stock traded hands. Alphabet Inc has a 52-week low of $663.28 and a 52-week high of $853.50. The firm’s 50-day moving average is $833.03 and its 200-day moving average is $802.56. The company has a market cap of $583.00 billion, a price-to-earnings ratio of 30.25 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Thursday, January 26th. The information services provider reported $9.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $9.67 by $0.31. Alphabet had a net margin of 21.58% and a return on equity of 14.85%. The firm earned $26.04 billion during the quarter, compared to analysts’ expectations of $25.18 billion. During the same quarter in the prior year, the firm posted $8.67 EPS. Alphabet’s quarterly revenue was up 22.2% compared to the same quarter last year. Analysts predict that Alphabet Inc will post $33.26 EPS for the current year.
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A number of brokerages have weighed in on GOOG. Pivotal Research lowered shares of Alphabet from a “buy” rating to a “hold” rating and cut their price target for the stock from $970.00 to $950.00 in a report on Monday, March 20th. Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $891.70 price target on the stock in a report on Monday, March 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,040.00 price target on shares of Alphabet in a report on Monday, March 13th. Wells Fargo & Co restated an “outperform” rating and issued a $1,000.00 target price (up previously from $975.00) on shares of Alphabet in a report on Saturday, March 11th. Finally, Pacific Crest restated an “overweight” rating and issued a $1,040.00 target price on shares of Alphabet in a report on Saturday, March 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and forty-two have given a buy rating to the company. Alphabet has an average rating of “Buy” and a consensus price target of $956.36.
In other news, SVP David C. Drummond sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $826.85, for a total value of $1,653,700.00. Following the transaction, the senior vice president now owns 6,800 shares of the company’s stock, valued at $5,622,580. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James Grier Campbell sold 231 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $830.56, for a total value of $191,859.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 281,688 shares of company stock valued at $229,255,327. 13.92% of the stock is owned by company insiders.
Alphabet Company Profile
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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