Harvey Capital Management Inc. Reduces Stake in Alphabet Inc (NASDAQ:GOOG)

Harvey Capital Management Inc. lowered its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 0.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,681 shares of the information services provider’s stock after selling 94 shares during the quarter. Alphabet comprises 4.5% of Harvey Capital Management Inc.’s portfolio, making the stock its 3rd largest holding. Harvey Capital Management Inc.’s holdings in Alphabet were worth $11,203,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC boosted its position in shares of Alphabet by 759.0% in the second quarter. Janus Henderson Group PLC now owns 3,204,087 shares of the information services provider’s stock valued at $2,911,734,000 after acquiring an additional 2,831,099 shares during the period. Harbour Capital Advisors LLC boosted its position in shares of Alphabet by 87,001.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,993,754 shares of the information services provider’s stock valued at $2,194,000 after acquiring an additional 1,991,465 shares during the period. Koch Industries Inc. boosted its position in shares of Alphabet by 214,636.6% in the second quarter. Koch Industries Inc. now owns 1,161,725 shares of the information services provider’s stock valued at $1,160,000 after acquiring an additional 1,161,184 shares during the period. BlackRock Inc. boosted its position in shares of Alphabet by 4.8% in the second quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock valued at $16,409,850,000 after acquiring an additional 826,480 shares during the period. Finally, Capital World Investors boosted its position in shares of Alphabet by 13.9% in the second quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock valued at $5,789,842,000 after acquiring an additional 776,853 shares during the period. 34.46% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on GOOG shares. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a research report on Friday, October 20th. Piper Jaffray Companies reissued an “overweight” rating and issued a $1,150.00 price objective on shares of Alphabet in a research report on Thursday, October 19th. Royal Bank of Canada reissued a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. Finally, SunTrust Banks increased their price objective on Alphabet to $1,250.00 and gave the company a “buy” rating in a research report on Friday, January 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirty-six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $1,061.93.

Alphabet Inc (NASDAQ:GOOG) traded up $36.26 during trading on Monday, reaching $1,037.78. The company had a trading volume of 3,505,700 shares, compared to its average volume of 1,829,118. The company has a market capitalization of $739,110.00, a PE ratio of 58.54 and a beta of 1.01. Alphabet Inc has a fifty-two week low of $803.37 and a fifty-two week high of $1,186.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.11 and a current ratio of 5.14.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.07 by ($0.37). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The firm had revenue of $32.32 billion during the quarter, compared to the consensus estimate of $31.88 billion. During the same quarter in the prior year, the business earned $9.36 EPS. Alphabet’s revenue was up 24.0% on a year-over-year basis.

Alphabet announced that its board has approved a share buyback program on Thursday, February 1st that allows the company to buyback $8.59 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

In other Alphabet news, Director John L. Hennessy sold 1,026 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $1,092.43, for a total transaction of $1,120,833.18. Following the transaction, the director now owns 54 shares in the company, valued at $58,991.22. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $1,002.86, for a total value of $4,011,440.00. Following the transaction, the chief executive officer now owns 1,178 shares in the company, valued at approximately $1,181,369.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,981 shares of company stock worth $39,624,577. Company insiders own 13.92% of the company’s stock.

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Alphabet 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.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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