Profund Advisors LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 7.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,415 shares of the information services provider’s stock after buying an additional 2,220 shares during the period. Alphabet comprises about 1.2% of Profund Advisors LLC’s holdings, making the stock its 11th largest position. Profund Advisors LLC’s holdings in Alphabet were worth $26,061,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cambridge Advisors Inc. raised its position in Alphabet by 0.4% in the first quarter. Cambridge Advisors Inc. now owns 272 shares of the information services provider’s stock worth $226,000 after buying an additional 1 shares during the last quarter. Howland Capital Management LLC raised its position in Alphabet by 0.3% in the first quarter. Howland Capital Management LLC now owns 637 shares of the information services provider’s stock worth $528,000 after buying an additional 2 shares during the last quarter. Lederer & Associates Investment Counsel CA raised its position in Alphabet by 0.4% in the first quarter. Lederer & Associates Investment Counsel CA now owns 1,091 shares of the information services provider’s stock worth $905,000 after buying an additional 4 shares during the last quarter. CGOV Asset Management raised its position in Alphabet by 0.4% in the first quarter. CGOV Asset Management now owns 1,405 shares of the information services provider’s stock worth $1,553,000 after buying an additional 5 shares during the last quarter. Finally, Naples Global Advisors LLC raised its position in Alphabet by 0.7% in the first quarter. Naples Global Advisors LLC now owns 690 shares of the information services provider’s stock worth $572,000 after buying an additional 5 shares during the last quarter. 35.04% of the stock is currently owned by institutional investors and hedge funds.
Shares of Alphabet Inc. (NASDAQ GOOG) opened at 952.27 on Tuesday. Alphabet Inc. has a 52 week low of $663.28 and a 52 week high of $988.25. The firm has a market capitalization of $658.73 billion, a price-to-earnings ratio of 32.18 and a beta of 0.94. The firm’s 50-day moving average price is $948.74 and its 200 day moving average price is $852.55.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $7.38 by $0.35. Alphabet had a return on equity of 15.16% and a net margin of 21.84%. The firm had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $24.18 billion. During the same period in the previous year, the business earned $7.50 earnings per share. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts anticipate that Alphabet Inc. will post $33.91 EPS for the current year.
A number of research firms have recently issued reports on GOOG. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $995.83 target price on the stock in a report on Monday. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a report on Monday, May 29th. Aegis reissued a “buy” rating on shares of Alphabet in a report on Monday, May 22nd. MKM Partners reissued a “buy” rating and issued a $1,000.00 target price on shares of Alphabet in a report on Tuesday, April 25th. Finally, Piper Jaffray Companies dropped their target price on Alphabet from $1,050.00 to $930.00 and set an “overweight” rating on the stock in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and forty have assigned a buy rating to the stock. Alphabet presently has an average rating of “Buy” and a consensus target price of $988.37.
In related news, Director L John Doerr sold 13,355 shares of Alphabet stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $935.93, for a total value of $12,499,345.15. Following the sale, the director now directly owns 3,468 shares in the company, valued at $3,245,805.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $837.31, for a total value of $3,349,240.00. Following the completion of the sale, the chief executive officer now owns 2,351 shares in the company, valued at $1,968,515.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,085 shares of company stock worth $42,307,001. Company insiders own 13.92% of the company’s stock.
Alphabet Company Profile
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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