Traders Sell Shares of Alphabet (GOOG) on Strength After Insider Selling
Traders sold shares of Alphabet Inc. (NASDAQ:GOOG) on strength during trading hours on Wednesday following insider selling activity. $181.27 million flowed into the stock on the tick-up and $379.12 million flowed out of the stock on the tick-down, for a money net flow of $197.85 million out of the stock. Of all companies tracked, Alphabet had the 0th highest net out-flow for the day. Alphabet traded up $2.54 for the day and closed at $1,081.77Specifically, Director L John Doerr sold 11,563 shares of the stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $1,081.12, for a total value of $12,500,990.56. Following the completion of the transaction, the director now owns 3,485 shares in the company, valued at approximately $3,767,703.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $1,106.68, for a total transaction of $4,426,720.00. Following the completion of the transaction, the chief executive officer now owns 642 shares of the company’s stock, valued at approximately $710,488.56. The disclosure for this sale can be found here. Insiders sold a total of 57,211 shares of company stock valued at $61,748,995 in the last quarter. Insiders own 13.92% of the company’s stock.
A number of brokerages have recently issued reports on GOOG. BidaskClub upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. TheStreet upgraded shares of Alphabet from a “c+” rating to an “a-” rating in a report on Monday, April 23rd. Oppenheimer increased their price target on shares of Alphabet from $1,340.00 to $1,350.00 and gave the company an “outperform” rating in a report on Tuesday, April 24th. JPMorgan Chase reissued an “overweight” rating and issued a $1,285.00 price objective (down from $1,330.00) on shares of Alphabet in a research note on Tuesday, April 24th. Finally, Deutsche Bank reissued a “buy” rating and issued 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 company. The company has a consensus rating of “Buy” and an average price target of $1,130.86.
The company has a market capitalization of $764.58 billion, a PE ratio of 33.75 and a beta of 1.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.85 and a current ratio of 4.87.
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 outstanding shares. This buyback authorization authorizes the information services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in GOOG. Magellan Asset Management Ltd lifted its holdings in shares of Alphabet by 684.2% during the 1st quarter. Magellan Asset Management Ltd now owns 2,114,849 shares of the information services provider’s stock worth $2,182,080,000 after acquiring an additional 1,845,160 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Alphabet by 1,106.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 504,094 shares of the information services provider’s stock worth $483,141,000 after acquiring an additional 462,324 shares during the period. Egerton Capital UK LLP purchased a new position in shares of Alphabet during the 4th quarter worth about $462,663,000. Ruane Cunniff & Goldfarb Inc. lifted its holdings in shares of Alphabet by 87.3% during the 3rd quarter. Ruane Cunniff & Goldfarb Inc. now owns 828,631 shares of the information services provider’s stock worth $794,748,000 after acquiring an additional 386,289 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Alphabet by 1.9% during the 1st quarter. BlackRock Inc. now owns 19,071,440 shares of the information services provider’s stock worth $19,677,721,000 after acquiring an additional 352,952 shares during the period. Institutional investors and hedge funds own 34.78% 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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