RNC Capital Management LLC reduced its position in shares of Alphabet Inc (NASDAQ:GOOG) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,972 shares of the information services provider’s stock after selling 186 shares during the quarter. RNC Capital Management LLC’s holdings in Alphabet were worth $5,203,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOOG. Burt Wealth Advisors increased its holdings in shares of Alphabet by 17.2% in the second quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock valued at $123,000 after purchasing an additional 20 shares during the last quarter. Signature Estate & Investment Advisors LLC increased its holdings in shares of Alphabet by 3.8% in the second quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock valued at $124,000 after purchasing an additional 5 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in shares of Alphabet by 400.0% in the second quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock valued at $139,000 after purchasing an additional 832 shares during the last quarter. Almanack Investment Partners LLC. increased its holdings in shares of Alphabet by 4.5% in the second quarter. Almanack Investment Partners LLC. now owns 162 shares of the information services provider’s stock valued at $147,000 after purchasing an additional 7 shares during the last quarter. Finally, Catamount Wealth Management increased its holdings in shares of Alphabet by 5.8% in the second quarter. Catamount Wealth Management now owns 182 shares of the information services provider’s stock valued at $165,000 after purchasing an additional 10 shares during the last quarter. 34.86% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on GOOG. Vetr downgraded shares of Alphabet from a “sell” rating to a “strong sell” rating and set a $949.65 price objective on the stock. in a report on Wednesday, January 10th. Morningstar reiterated a “neutral” rating on shares of Alphabet in a report on Friday, January 19th. SunTrust Banks upped their price objective on shares of Alphabet to $1,250.00 and gave the company a “buy” rating in a report on Friday, January 12th. Atlantic Securities reiterated a “buy” rating on shares of Alphabet in a report on Friday, February 2nd. Finally, UBS Group reiterated 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, eight have issued a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet currently has a consensus rating of “Buy” and an average target price of $1,072.37.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $10.07 by ($0.37). The firm had revenue of $32.32 billion for the quarter, compared to analyst estimates of $31.88 billion. Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The company’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $9.36 earnings per share.
Alphabet declared that its board has approved a share repurchase program on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in shares. This repurchase authorization authorizes the information services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other Alphabet news, Director Ann Mather sold 37 shares of the stock in a transaction dated Thursday, March 1st. The shares were 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 SEC, which can be accessed through this hyperlink. Also, SVP David C. Drummond sold 5,690 shares of the stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $1,164.43, for a total transaction of $6,625,606.70. Following the sale, the senior vice president now owns 2,897 shares in the company, valued at $3,373,353.71. The disclosure for this sale can be found here. Insiders have sold 48,709 shares of company stock worth $52,954,941 over the last quarter. Corporate insiders own 13.92% of the company’s stock.
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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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