Wedge Capital Management L L P NC lifted its position in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 958 shares of the information services provider’s stock after buying an additional 14 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Alphabet were worth $2,676,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the business. Glassy Mountain Advisors Inc. boosted its position in Alphabet by 2.0% during the first quarter. Glassy Mountain Advisors Inc. now owns 2,881 shares of the information services provider’s stock worth $8,047,000 after purchasing an additional 56 shares during the period. Pacifica Partners Inc. boosted its position in shares of Alphabet by 13.2% in the first quarter. Pacifica Partners Inc. now owns 2,113 shares of the information services provider’s stock valued at $5,685,000 after acquiring an additional 247 shares during the period. CCG Wealth Management LLC boosted its position in shares of Alphabet by 6.6% in the first quarter. CCG Wealth Management LLC now owns 1,311 shares of the information services provider’s stock valued at $3,662,000 after acquiring an additional 81 shares during the period. E&G Advisors LP boosted its position in shares of Alphabet by 0.9% in the first quarter. E&G Advisors LP now owns 688 shares of the information services provider’s stock valued at $1,922,000 after acquiring an additional 6 shares during the period. Finally, Pure Financial Advisors LLC boosted its position in shares of Alphabet by 9.8% in the first quarter. Pure Financial Advisors LLC now owns 335 shares of the information services provider’s stock valued at $936,000 after acquiring an additional 30 shares during the period. 31.20% of the stock is owned by hedge funds and other institutional investors.
GOOG has been the subject of several research reports. Oppenheimer reissued an “outperform” rating and issued a $3,290.00 price objective on shares of Alphabet in a research report on Thursday, April 28th. Tigress Financial upped their target price on Alphabet from $3,540.00 to $3,670.00 in a research note on Friday, March 18th. Canaccord Genuity Group cut their target price on Alphabet from $3,500.00 to $3,300.00 and set a “buy” rating for the company in a research note on Wednesday, April 27th. JPMorgan Chase & Co. cut their target price on Alphabet from $3,450.00 to $3,200.00 in a research note on Wednesday, April 27th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Alphabet from $3,150.00 to $2,900.00 in a research note on Wednesday, April 27th. Twenty-nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Alphabet currently has an average rating of “Buy” and an average target price of $3,315.38.
Alphabet stock opened at $2,370.76 on Friday. The business’s 50-day simple moving average is $2,298.68 and its 200 day simple moving average is $2,595.91. The stock has a market cap of $1.56 trillion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 1.09 and a beta of 1.13. Alphabet Inc. has a 12-month low of $2,044.16 and a 12-month high of $3,042.00. The company has a quick ratio of 2.85, a current ratio of 2.87 and a debt-to-equity ratio of 0.06.
Alphabet shares are going to split on the morning of Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly minted shares will be issued to shareholders after the market closes on Friday, July 15th.
Alphabet (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $25.70 by ($1.08). The firm had revenue of $56.02 billion during the quarter, compared to the consensus estimate of $56.17 billion. Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same quarter in the prior year, the business earned $26.29 EPS. As a group, sell-side analysts expect that Alphabet Inc. will post 110.83 EPS for the current year.
In other Alphabet news, Director John L. Hennessy sold 33 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $2,348.39, for a total transaction of $77,496.87. Following the transaction, the director now owns 78 shares in the company, valued at $183,174.42. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of the firm’s stock in a transaction dated Monday, April 11th. The stock was sold at an average price of $11.16, for a total value of $6,073,818.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 551,675 shares of company stock worth $25,567,428. Company insiders own 12.99% of the company’s stock.
About Alphabet (Get Rating)
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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