Cardinal Capital Management lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,657 shares of the information services provider’s stock after selling 36 shares during the period. Cardinal Capital Management’s holdings in Alphabet were worth $3,034,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Dodge & Cox bought a new position in Alphabet during the fourth quarter valued at $2,387,502,000. Norges Bank bought a new position in Alphabet during the fourth quarter valued at $2,128,163,000. Asset Management One Co. Ltd. raised its position in 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 valued at $434,371,000 after buying an additional 491,509 shares during the period. Putnam Investments LLC raised its position in Alphabet by 50.3% in the fourth quarter. Putnam Investments LLC now owns 1,094,771 shares of the information services provider’s stock valued at $844,967,000 after buying an additional 366,456 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Alphabet during the fourth quarter valued at $249,975,000. Institutional investors own 34.59% of the company’s stock.
Shares of Alphabet Inc. (GOOG) opened at 970.89 on Thursday. Alphabet Inc. has a 52-week low of $727.54 and a 52-week high of $988.25. The company has a 50 day moving average of $947.97 and a 200-day moving average of $874.30. The company has a market cap of $671.61 billion, a PE ratio of 32.81 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $7.38 by $0.35. The firm had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $24.18 billion. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The company’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the company earned $7.50 earnings per share. Analysts forecast that Alphabet Inc. will post $33.96 EPS for the current fiscal year.
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Several equities analysts have weighed in on GOOG shares. Nomura restated a “buy” rating and set a $985.00 target price on shares of Alphabet in a report on Monday, May 1st. Barclays PLC restated an “overweight” rating on shares of Alphabet in a report on Monday, April 17th. Wedbush restated an “underperform” rating and set a $725.00 target price (up from $700.00) on shares of Alphabet in a report on Saturday, April 29th. Cantor Fitzgerald restated a “buy” rating on shares of Alphabet in a report on Friday, April 28th. Finally, Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Friday, April 28th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $994.64.
In other news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $981.45, for a total value of $3,925,800.00. Following the sale, the chief executive officer now owns 2,058 shares of the company’s stock, valued at $2,019,824.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP James Grier Campbell sold 366 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $902.72, for a total transaction of $330,395.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,268 shares of company stock worth $43,494,737. Corporate insiders own 13.92% of the company’s stock.
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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