Spence Asset Management boosted its holdings in Alphabet Inc Class C (NASDAQ:GOOG) by 2.4% during the second quarter, HoldingsChannel.com reports. The fund owned 9,070 shares of the information services provider’s stock after purchasing an additional 216 shares during the period. Alphabet Inc Class C accounts for 7.7% of Spence Asset Management’s portfolio, making the stock its 5th largest holding. Spence Asset Management’s holdings in Alphabet Inc Class C were worth $10,117,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Cetera Advisors LLC grew its stake in Alphabet Inc Class C by 6.3% during the first quarter. Cetera Advisors LLC now owns 5,149 shares of the information services provider’s stock worth $5,181,000 after buying an additional 303 shares during the last quarter. MainStreet Investment Advisors LLC bought a new stake in Alphabet Inc Class C during the fourth quarter worth about $1,219,000. Rockefeller Capital Management L.P. bought a new stake in Alphabet Inc Class C during the first quarter worth about $182,757,000. BlueCrest Capital Management Ltd bought a new stake in Alphabet Inc Class C during the fourth quarter worth about $25,187,000. Finally, Wells Fargo & Company MN grew its stake in Alphabet Inc Class C by 11.2% during the fourth quarter. Wells Fargo & Company MN now owns 2,012,145 shares of the information services provider’s stock worth $2,105,510,000 after buying an additional 202,288 shares during the last quarter. 34.32% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Sundar Pichai sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 6th. The shares were sold at an average price of $1,139.18, for a total value of $11,391,800.00. Following the transaction, the chief executive officer now directly owns 912 shares in the company, valued at $1,038,932.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 39 shares of the stock in a transaction that occurred on Friday, June 1st. The shares were sold at an average price of $1,099.06, for a total transaction of $42,863.34. Following the completion of the transaction, the director now owns 1,862 shares in the company, valued at $2,046,449.72. The disclosure for this sale can be found here. Insiders sold 88,369 shares of company stock worth $104,846,172 over the last 90 days. 13.11% of the stock is currently owned by company insiders.
Several brokerages have weighed in on GOOG. Oppenheimer reaffirmed a “buy” rating on shares of Alphabet Inc Class C in a research note on Wednesday, July 25th. BidaskClub lowered shares of Alphabet Inc Class C from a “buy” rating to a “hold” rating in a research report on Friday, April 27th. Cowen upped their target price on shares of Alphabet Inc Class C from $1,245.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Friday, July 13th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet Inc Class C in a research report on Tuesday, July 24th. Finally, Barclays reiterated a “buy” rating on shares of Alphabet Inc Class C in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. Alphabet Inc Class C presently has a consensus rating of “Buy” and an average price target of $1,245.96.
Shares of NASDAQ GOOG opened at $1,201.62 on Wednesday. Alphabet Inc Class C has a fifty-two week low of $905.00 and a fifty-two week high of $1,273.89. The company has a market capitalization of $835.80 billion, a P/E ratio of 29.33 and a beta of 1.13. The company has a current ratio of 4.15, a quick ratio of 4.13 and a debt-to-equity ratio of 0.02.
Alphabet Inc Class C (NASDAQ:GOOG) last announced its quarterly earnings data on Monday, July 23rd. The information services provider reported $11.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $9.66 by $2.09. Alphabet Inc Class C had a net margin of 13.16% and a return on equity of 18.24%. The business had revenue of $32.66 billion for the quarter, compared to analyst estimates of $32.13 billion. During the same period in the prior year, the business posted $5.01 earnings per share. Alphabet Inc Class C’s revenue was up 25.6% compared to the same quarter last year.
About Alphabet Inc Class C
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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