Alphabet Inc. (GOOG) Position Cut by Renaissance Investment Group LLC
Renaissance Investment Group LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,198 shares of the information services provider’s stock after selling 64 shares during the period. Renaissance Investment Group LLC’s holdings in Alphabet were worth $2,907,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. CGOV Asset Management grew its position in Alphabet by 0.4% in the 1st quarter. CGOV Asset Management now owns 1,405 shares of the information services provider’s stock valued at $1,553,000 after purchasing an additional 5 shares during the period. Palisade Capital Management LLC NJ grew its stake in shares of Alphabet by 79.7% in the 1st quarter. Palisade Capital Management LLC NJ now owns 9,602 shares of the information services provider’s stock worth $7,965,000 after acquiring an additional 4,258 shares in the last quarter. Evanson Asset Management LLC grew its stake in shares of Alphabet by 0.9% in the 1st quarter. Evanson Asset Management LLC now owns 7,134 shares of the information services provider’s stock worth $5,918,000 after acquiring an additional 67 shares in the last quarter. SFE Investment Counsel grew its stake in shares of Alphabet by 15.5% in the 1st quarter. SFE Investment Counsel now owns 1,509 shares of the information services provider’s stock worth $1,252,000 after acquiring an additional 202 shares in the last quarter. Finally, TB Alternative Assets Ltd. bought a new stake in shares of Alphabet in the 1st quarter worth $705,000. Institutional investors and hedge funds own 34.53% of the company’s stock.
In other news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $969.92, for a total transaction of $3,879,680.00. Following the sale, the chief executive officer now directly owns 1,536 shares of the company’s stock, valued at approximately $1,489,797.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ann Mather sold 37 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $940.67, for a total transaction of $34,804.79. Following the sale, the director now directly owns 1,789 shares in the company, valued at $1,682,858.63. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,473 shares of company stock valued at $39,511,648. Insiders own 13.92% of the company’s stock.
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Alphabet Inc. (NASDAQ GOOG) traded down 0.018% during midday trading on Tuesday, reaching $953.101. 463,958 shares of the company’s stock were exchanged. The stock has a market capitalization of $660.38 billion, a price-to-earnings ratio of 34.541 and a beta of 0.94. Alphabet Inc. has a 12-month low of $727.54 and a 12-month high of $988.25. The stock’s 50-day moving average is $927.78 and its 200-day moving average is $916.33.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.42 EPS. On average, equities analysts forecast that Alphabet Inc. will post $30.59 earnings per share for the current year.
Several analysts have recently commented on GOOG shares. J P Morgan Chase & Co reiterated a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. Canaccord Genuity restated a “hold” rating and set a $1,000.00 price target on shares of Alphabet in a report on Thursday, July 27th. SunTrust Banks, Inc. initiated coverage on shares of Alphabet in a research report on Wednesday, August 16th. They issued a “buy” rating and a $1,100.00 price objective for the company. Robert W. Baird reaffirmed an “outperform” rating and issued a $1,100.00 price objective on shares of Alphabet in a research report on Saturday, September 23rd. Finally, Vetr lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $988.73 price objective for the company. in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $1,034.31.
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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