Investors Sell Shares of Alphabet Inc (GOOG) on Strength After Insider Selling
Investors sold shares of Alphabet Inc (NASDAQ:GOOG) on strength during trading hours on Wednesday after an insider sold shares in the company. $210.13 million flowed into the stock on the tick-up and $245.58 million flowed out of the stock on the tick-down, for a money net flow of $35.45 million out of the stock. Of all companies tracked, Alphabet had the 24th highest net out-flow for the day. Alphabet traded up $4.74 for the day and closed at $926.96Specifically, VP James Grier Campbell sold 183 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $968.95, for a total value of $177,317.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the completion of the transaction, the chief executive officer now directly owns 2,058 shares of the company’s stock, valued at approximately $2,019,824.10. The disclosure for this sale can be found here. In the last three months, insiders sold 43,169 shares of company stock valued at $40,499,322. Insiders own 13.92% of the company’s stock.
GOOG has been the subject of a number of recent research reports. MKM Partners reiterated a “buy” rating and issued a $1,170.00 price target on shares of Alphabet in a research note on Wednesday, June 28th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Monday, May 29th. Nomura reiterated a “buy” rating and issued a $985.00 price target on shares of Alphabet in a research note on Monday, May 1st. Cowen and Company reiterated an “outperform” rating and issued a $1,075.00 price target on shares of Alphabet in a research note on Thursday, August 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $1,050.00 price target on shares of Alphabet in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, forty have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $1,031.10.
The stock has a market capitalization of $642.27 billion, a PE ratio of 33.59 and a beta of 0.94. The firm’s 50-day moving average is $934.57 and its 200 day moving average is $891.34.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a return on equity of 9.64% and a net margin of 13.55%. The business had revenue of $26.01 billion during the quarter, compared to analyst estimates of $25.61 billion. During the same quarter last year, the company posted $8.42 EPS. Alphabet’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, analysts expect that Alphabet Inc will post $30.59 earnings per share for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in GOOG. Empire Life Investments Inc. bought a new position in Alphabet during the fourth quarter worth $29,032,000. RB Capital Management LLC bought a new position in Alphabet during the fourth quarter worth $957,000. Lebenthal Asset Management LLC raised its position in Alphabet by 1.6% in the fourth quarter. Lebenthal Asset Management LLC now owns 2,135 shares of the information services provider’s stock worth $1,648,000 after buying an additional 34 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Alphabet during the fourth quarter worth $249,975,000. Finally, LeJeune Puetz Investment Counsel LLC bought a new position in Alphabet during the fourth quarter worth $1,979,000. Institutional investors and hedge funds own 34.57% of the company’s stock.
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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