Investors Buy Alphabet Inc. (GOOG) on Weakness
Investors bought shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading on Monday. $331.28 million flowed into the stock on the tick-up and $301.18 million flowed out of the stock on the tick-down, for a money net flow of $30.10 million into the stock. Of all equities tracked, Alphabet had the 11th highest net in-flow for the day. Alphabet traded down ($5.84) for the day and closed at $953.27
Several brokerages have recently weighed in on GOOG. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 5th. MKM Partners restated a “buy” rating and issued a $1,170.00 price target on shares of Alphabet in a research report on Wednesday, June 28th. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $995.83 price target for the company in a report on Monday, June 26th. Moffett Nathanson reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, June 9th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Alphabet in a research report on Monday, June 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-nine have assigned a buy rating to the company. Alphabet currently has an average rating of “Buy” and a consensus price target of $1,034.31.
The stock has a 50-day moving average price of $928.78 and a 200-day moving average price of $917.09. The stock has a market cap of $663.63 billion, a PE ratio of 34.71 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion during the quarter, compared to analyst estimates of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the previous year, the business posted $8.42 EPS. Analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.
In other Alphabet news, VP James Grier Campbell sold 183 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $959.26, for a total value of $175,544.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director L John Doerr sold 13,556 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $922.15, for a total transaction of $12,500,665.40. Following the transaction, the director now owns 3,485 shares of the company’s stock, valued at approximately $3,213,692.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,694 shares of company stock worth $36,108,204. 13.92% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Private Asset Management Inc. raised its holdings in Alphabet by 0.9% during the 3rd quarter. Private Asset Management Inc. now owns 8,671 shares of the information services provider’s stock worth $8,671,000 after buying an additional 78 shares during the period. Curbstone Financial Management Corp lifted its stake in Alphabet by 100.6% during the third quarter. Curbstone Financial Management Corp now owns 3,184 shares of the information services provider’s stock valued at $3,054,000 after buying an additional 1,597 shares in the last quarter. Bridges Investment Management Inc. lifted its stake in Alphabet by 1.7% during the third quarter. Bridges Investment Management Inc. now owns 10,185 shares of the information services provider’s stock valued at $9,769,000 after buying an additional 172 shares in the last quarter. Perpetual Ltd lifted its stake in Alphabet by 186.1% during the second quarter. Perpetual Ltd now owns 68,392 shares of the information services provider’s stock valued at $63,068,000 after buying an additional 44,488 shares in the last quarter. Finally, MPS Loria Financial Planners LLC purchased a new stake in Alphabet during the second quarter valued at about $478,000. 34.53% of the stock is currently owned by hedge funds and other institutional investors.
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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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