Maryland Capital Management Trims Stake in Alphabet Inc. (GOOG)
Maryland Capital Management reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 4.5% in the 4th quarter, Holdings Channel reports. The firm owned 15,781 shares of the information services provider’s stock after selling 746 shares during the period. Alphabet makes up 2.4% of Maryland Capital Management’s holdings, making the stock its 14th biggest holding. Maryland Capital Management’s holdings in Alphabet were worth $16,513,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Stuart Chaussee & Associates Inc. lifted its holdings in shares of Alphabet by 108.3% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 100 shares of the information services provider’s stock valued at $105,000 after purchasing an additional 52 shares during the last quarter. Price Wealth Management Inc. purchased a new stake in Alphabet during the 4th quarter valued at approximately $125,000. Signature Estate & Investment Advisors LLC purchased a new stake in Alphabet during the 4th quarter valued at approximately $132,000. WealthTrust Arizona LLC raised its stake in Alphabet by 134.9% during the 4th quarter. WealthTrust Arizona LLC now owns 148 shares of the information services provider’s stock valued at $155,000 after acquiring an additional 85 shares during the last quarter. Finally, Front Row Advisors LLC purchased a new stake in Alphabet during the 4th quarter valued at approximately $155,000. 34.78% of the stock is owned by institutional investors and hedge funds.
GOOG has been the subject of several analyst reports. Morningstar reaffirmed a “neutral” rating on shares of Alphabet in a research note on Friday, January 19th. Vetr raised Alphabet from a “strong sell” rating to a “sell” rating and set a $1,040.56 price objective for the company in a research note on Tuesday, January 30th. BidaskClub downgraded Alphabet from a “buy” rating to a “hold” rating in a research note on Saturday, April 7th. Jefferies Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Finally, Deutsche Bank reaffirmed a “buy” rating and set a $1,225.00 price objective on shares of Alphabet in a research note on Tuesday, April 24th. Five equities research analysts have rated the stock with a hold rating and thirty-three have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $1,130.86.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, April 23rd. The information services provider reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates of $9.28 by $0.65. The business had revenue of $31.15 billion for the quarter, compared to analysts’ expectations of $30.28 billion. Alphabet had a return on equity of 15.58% and a net margin of 14.19%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.73 EPS.
Alphabet announced that its board has authorized a share repurchase program on Thursday, February 1st that permits the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization permits the information services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, Director L John Doerr sold 11,563 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $1,081.12, for a total value of $12,500,990.56. Following the sale, the director now owns 3,485 shares in the company, valued at approximately $3,767,703.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $1,106.68, for a total value of $4,426,720.00. Following the completion of the sale, the chief executive officer now owns 642 shares in the company, valued at approximately $710,488.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,211 shares of company stock worth $61,748,995. Insiders own 13.92% of the company’s stock.
Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
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