King Luther Capital Management Corp Boosts Stake in Alphabet Inc (GOOG)

King Luther Capital Management Corp lifted its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 0.9% in the third quarter, Holdings Channel reports. The institutional investor owned 126,036 shares of the information services provider’s stock after buying an additional 1,088 shares during the quarter. King Luther Capital Management Corp’s holdings in Alphabet were worth $120,882,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital Advantage Inc. raised its stake in Alphabet by 0.4% in the 2nd quarter. Capital Advantage Inc. now owns 273 shares of the information services provider’s stock worth $248,000 after purchasing an additional 1 shares in the last quarter. Financial Consulate Inc. raised its position in shares of Alphabet by 1.2% in the 2nd quarter. Financial Consulate Inc. now owns 262 shares of the information services provider’s stock valued at $238,000 after buying an additional 3 shares in the last quarter. Fiduciary Financial Services of The Southwest Inc. TX raised its position in shares of Alphabet by 0.3% in the 2nd quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 874 shares of the information services provider’s stock valued at $794,000 after buying an additional 3 shares in the last quarter. First National Trust Co. raised its position in shares of Alphabet by 0.4% in the 2nd quarter. First National Trust Co. now owns 713 shares of the information services provider’s stock valued at $647,000 after buying an additional 3 shares in the last quarter. Finally, Northstar Wealth Partners LLC raised its position in shares of Alphabet by 0.7% in the 2nd quarter. Northstar Wealth Partners LLC now owns 725 shares of the information services provider’s stock valued at $673,000 after buying an additional 5 shares in the last quarter. Institutional investors own 34.34% of the company’s stock.

Several equities analysts have recently commented on the stock. TheStreet cut shares of Alphabet from an “a” rating to a “c+” rating in a research report on Thursday, February 1st. BidaskClub cut shares of Alphabet from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 5th. Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,054.53 target price for the company in a research report on Monday, February 12th. Stifel Nicolaus restated a “neutral” rating on shares of Alphabet in a research report on Friday, February 2nd. Finally, Royal Bank of Canada restated a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty-six have assigned a buy rating to the stock. Alphabet currently has an average rating of “Buy” and an average price target of $1,064.49.

In other Alphabet news, Director L John Doerr sold 11,575 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $1,079.99, for a total transaction of $12,500,884.25. Following the sale, the director now directly owns 3,485 shares of the company’s stock, valued at approximately $3,763,765.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James Grier Campbell sold 184 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $1,012.66, for a total transaction of $186,329.44. The disclosure for this sale can be found here. Insiders have sold a total of 39,010 shares of company stock worth $41,531,496 over the last three months. Insiders own 13.92% of the company’s stock.

Shares of Alphabet Inc (GOOG) opened at $1,094.80 on Tuesday. Alphabet Inc has a 1-year low of $803.37 and a 1-year high of $1,186.89. The company has a current ratio of 5.14, a quick ratio of 5.11 and a debt-to-equity ratio of 0.03. The firm has a market cap of $760,648.50, a P/E ratio of 34.20 and a beta of 1.01.

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

Alphabet announced that its board has authorized 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 purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by The Lincolnian Online and is the property of of The Lincolnian Online. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be read at https://www.thelincolnianonline.com/2018/02/20/king-luther-capital-management-corp-boosts-stake-in-alphabet-inc-goog.html.

About Alphabet

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOG).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply