Hermes Investment Management Ltd. Has $33.34 Million Stake in Alphabet Inc (GOOG)
Hermes Investment Management Ltd. lifted its position in shares of Alphabet Inc (NASDAQ:GOOG) by 1.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 31,862 shares of the information services provider’s stock after acquiring an additional 443 shares during the period. Hermes Investment Management Ltd.’s holdings in Alphabet were worth $33,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Beach Investment Management LLC. acquired a new stake in Alphabet in the 2nd quarter valued at $268,000. Burt Wealth Advisors grew its stake in Alphabet by 17.2% in the 2nd quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock valued at $123,000 after acquiring an additional 20 shares during the period. Essex Financial Services Inc. grew its stake in Alphabet by 45.0% in the 2nd quarter. Essex Financial Services Inc. now owns 4,007 shares of the information services provider’s stock valued at $3,641,000 after acquiring an additional 1,243 shares during the period. Paradigm Asset Management Co. LLC grew its stake in Alphabet by 16.8% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 2,086 shares of the information services provider’s stock valued at $1,896,000 after acquiring an additional 300 shares during the period. Finally, Parallel Advisors LLC grew its stake in Alphabet by 8.4% in the 2nd quarter. Parallel Advisors LLC now owns 3,352 shares of the information services provider’s stock valued at $3,119,000 after acquiring an additional 259 shares during the period. 34.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of Alphabet Inc (NASDAQ GOOG) opened at $1,049.08 on Friday. The company has a current ratio of 5.14, a quick ratio of 5.11 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $757,924.88, a PE ratio of 58.41 and a beta of 1.04. Alphabet Inc has a 52-week low of $803.37 and a 52-week high of $1,186.89.
Alphabet announced that its Board of Directors has initiated a share repurchase program on Thursday, February 1st that allows the company to buyback $8.59 billion in shares. This buyback authorization allows the information services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of research firms recently issued reports on GOOG. Vetr cut shares of Alphabet from a “sell” rating to a “strong sell” rating and set a $949.65 price target on the stock. in a research note on Wednesday, January 10th. Morningstar reissued a “neutral” rating on shares of Alphabet in a research note on Friday, January 19th. SunTrust Banks lifted their price target on shares of Alphabet to $1,250.00 and gave the company a “buy” rating in a research note on Friday, January 12th. Atlantic Securities reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Finally, UBS restated a “buy” rating on shares of Alphabet in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-six have issued a buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $1,073.56.
In related news, Director Ann Mather sold 37 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $1,107.87, for a total transaction of $40,991.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $1,065.21, for a total value of $4,260,840.00. Following the sale, the chief executive officer now directly owns 1,031 shares of the company’s stock, valued at $1,098,231.51. The disclosure for this sale can be found here. Insiders have sold a total of 48,709 shares of company stock valued at $53,035,301 over the last three months. 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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