Adell Harriman & Carpenter Inc. trimmed its holdings in Alphabet Inc (NASDAQ:GOOG) by 1.7% in the second quarter, HoldingsChannel.com reports. The fund owned 8,750 shares of the information services provider’s stock after selling 147 shares during the period. Alphabet accounts for about 1.9% of Adell Harriman & Carpenter Inc.’s portfolio, making the stock its 13th biggest position. Adell Harriman & Carpenter Inc.’s holdings in Alphabet were worth $9,762,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of GOOG. Summit Trail Advisors LLC grew its stake in Alphabet by 132,719.3% in the first quarter. Summit Trail Advisors LLC now owns 18,679,702 shares of the information services provider’s stock valued at $18,680,000 after acquiring an additional 18,665,638 shares during the period. Magellan Asset Management Ltd boosted its position in shares of Alphabet by 684.2% during the first quarter. Magellan Asset Management Ltd now owns 2,114,849 shares of the information services provider’s stock worth $2,182,080,000 after buying an additional 1,845,160 shares during the period. Cornerstone Wealth Management LLC boosted its position in shares of Alphabet by 114,793.0% during the second quarter. Cornerstone Wealth Management LLC now owns 723,826 shares of the information services provider’s stock worth $642,000 after buying an additional 723,196 shares during the period. BlackRock Inc. boosted its position in shares of Alphabet by 1.9% during the first quarter. BlackRock Inc. now owns 19,071,440 shares of the information services provider’s stock worth $19,677,721,000 after buying an additional 352,952 shares during the period. Finally, TT International boosted its position in shares of Alphabet by 2,493.6% during the first quarter. TT International now owns 205,000 shares of the information services provider’s stock worth $15,178,000 after buying an additional 197,096 shares during the period. 34.18% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ GOOG opened at $1,110.08 on Friday. Alphabet Inc has a 52 week low of $960.52 and a 52 week high of $1,273.89. The company has a quick ratio of 4.13, a current ratio of 4.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $830.59 billion, a P/E ratio of 29.15 and a beta of 1.11.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Monday, July 23rd. The information services provider reported $11.75 EPS for the quarter, beating the consensus estimate of $9.66 by $2.09. Alphabet had a return on equity of 18.24% and a net margin of 13.16%. The firm had revenue of $32.66 billion during the quarter, compared to analysts’ expectations of $32.13 billion. During the same period in the prior year, the firm posted $5.01 earnings per share. The business’s quarterly revenue was up 25.6% compared to the same quarter last year.
Several research analysts have recently weighed in on GOOG shares. Macquarie reaffirmed a “buy” rating on shares of Alphabet in a research report on Thursday, September 27th. BidaskClub raised Alphabet from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 26th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research report on Tuesday, August 7th. Goldman Sachs Group reaffirmed a “$1,186.96” rating on shares of Alphabet in a research report on Thursday, July 19th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $1,400.00 price objective on shares of Alphabet in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $1,311.71.
In other Alphabet news, SVP David C. Drummond sold 5,690 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $1,177.36, for a total value of $6,699,178.40. Following the sale, the senior vice president now owns 41,234 shares in the company, valued at $48,547,262.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $1,198.47, for a total value of $11,984,700.00. Following the completion of the sale, the chief executive officer now owns 574 shares in the company, valued at approximately $687,921.78. The disclosure for this sale can be found here. Insiders have sold 82,680 shares of company stock valued at $99,664,675 over the last three months. Insiders own 13.11% 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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