Edge Asset Management Inc. raised its stake in Alphabet Inc (NASDAQ:GOOG) by 3.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 33,186 shares of the information services provider’s stock after buying an additional 963 shares during the period. Edge Asset Management Inc.’s holdings in Alphabet were worth $25,614,000 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 boosted its position 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 during the period. Finally, Bank of Montreal Can boosted its position 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 during the period. 34.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of Alphabet Inc (NASDAQ:GOOG) traded up 0.18% during midday trading on Friday, reaching $843.19. 622,748 shares of the company’s stock traded hands. Alphabet Inc has a one year low of $663.28 and a one year high of $853.50. The company has a market capitalization of $583.00 billion, a price-to-earnings ratio of 30.25 and a beta of 0.94. The company has a 50-day moving average of $833.03 and a 200-day moving average of $802.56.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, January 26th. The information services provider reported $9.36 earnings per share for the quarter, missing the consensus estimate of $9.67 by $0.31. The business had revenue of $26.04 billion for the quarter, compared to analysts’ expectations of $25.18 billion. Alphabet had a return on equity of 14.85% and a net margin of 21.58%. Alphabet’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $8.67 EPS. Equities research analysts anticipate 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 target price on the stock in a report on Monday, March 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,040.00 target price 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 Alphabet news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 19th. The stock was sold at an average price of $841.50, for a total value of $3,366,000.00. Following the completion of the sale, the chief executive officer now owns 1,976 shares in the company, valued at $1,662,804. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Lawrence Page sold 33,332 shares of the business’s stock in a transaction that occurred on Monday, January 30th. The shares were sold at an average price of $814.49, for a total value of $27,148,580.68. Following the completion of the sale, the chief executive officer now owns 30,666 shares of the company’s stock, valued at approximately $24,977,150.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 281,688 shares of company stock valued at $229,255,327. 13.92% of the stock is owned by company insiders.
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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