Great West Life Assurance Co. Can Grows Stake in Alphabet Inc (GOOG)
Great West Life Assurance Co. Can grew its holdings in Alphabet Inc (NASDAQ:GOOG) by 2.1% during the 3rd quarter, Holdings Channel reports. The firm owned 228,539 shares of the information services provider’s stock after buying an additional 4,749 shares during the period. Great West Life Assurance Co. Can’s holdings in Alphabet were worth $216,823,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Perennial Advisors LLC lifted its stake in shares of Alphabet by 8.7% during the second quarter. Perennial Advisors LLC now owns 3,232 shares of the information services provider’s stock valued at $2,937,000 after buying an additional 260 shares during the period. Rothschild Capital Partners LLC purchased a new position in shares of Alphabet during the third quarter valued at approximately $3,161,000. One Capital Management LLC lifted its stake in shares of Alphabet by 5.0% during the second quarter. One Capital Management LLC now owns 3,213 shares of the information services provider’s stock valued at $2,920,000 after buying an additional 154 shares during the period. Northeast Investment Management lifted its stake in shares of Alphabet by 4.4% during the second quarter. Northeast Investment Management now owns 12,678 shares of the information services provider’s stock valued at $11,521,000 after buying an additional 537 shares during the period. Finally, Taurus Asset Management LLC lifted its stake in shares of Alphabet by 0.9% during the second quarter. Taurus Asset Management LLC now owns 25,960 shares of the information services provider’s stock valued at $23,591,000 after buying an additional 220 shares during the period. Institutional investors and hedge funds own 34.64% of the company’s stock.
GOOG has been the topic of several recent analyst reports. Deutsche Bank reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, October 25th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, January 12th. UBS Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Thursday, January 11th. Morningstar reaffirmed a “neutral” rating on shares of Alphabet in a research note on Friday, January 19th. Finally, Piper Jaffray Companies increased their price target on shares of Alphabet from $1,150.00 to $1,300.00 and gave the stock an “overweight” rating in a research note on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirty-five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $1,061.56.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $10.07 by ($0.37). The firm had revenue of $32.32 billion for the quarter, compared to analyst estimates of $31.88 billion. Alphabet had a net margin of 11.42% and a return on equity of 14.94%. Alphabet’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the business posted $9.36 earnings per share.
Alphabet declared that its Board of Directors has authorized a stock buyback program on Thursday, February 1st that authorizes the company to buyback $8.59 billion in shares. This buyback authorization authorizes the information services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $1,020.69, for a total transaction of $4,082,760.00. Following the completion of the sale, the chief executive officer now directly owns 949 shares of the company’s stock, valued at approximately $968,634.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP James Grier Campbell sold 184 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $1,012.66, for a total transaction of $186,329.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,981 shares of company stock valued at $35,552,537. Company insiders own 13.92% of the company’s stock.
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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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