Alphabet Inc. (GOOG) Shares Bought by Palestra Capital Management LLC
Palestra Capital Management LLC increased its position in Alphabet Inc. (NASDAQ:GOOG) by 7.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,400 shares of the company’s stock after buying an additional 2,900 shares during the period. Alphabet accounts for about 2.4% of Palestra Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. Palestra Capital Management LLC’s holdings in Alphabet were worth $30,037,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of GOOG. Mesirow Financial Investment Management Equity Management purchased a new position in shares of Alphabet during the second quarter worth approximately $121,000. Whitnell & Co. increased its position in shares of Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock worth $129,000 after buying an additional 32 shares during the period. D. Scott Neal Inc. increased its position in shares of Alphabet by 2,000.0% in the second quarter. D. Scott Neal Inc. now owns 210 shares of the company’s stock worth $145,000 after buying an additional 200 shares during the period. Pathstone Family Office LLC increased its position in shares of Alphabet by 7.2% in the second quarter. Pathstone Family Office LLC now owns 222 shares of the company’s stock worth $154,000 after buying an additional 15 shares during the period. Finally, Cacti Asset Management LLC purchased a new position in shares of Alphabet during the second quarter worth approximately $159,000. Institutional investors and hedge funds own 34.53% of the company’s stock.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 1.12% during midday trading on Friday, reaching $754.02. 2,431,815 shares of the company were exchanged. The stock has a market capitalization of $519.70 billion, a P/E ratio of 27.60 and a beta of 1.01. The company has a 50 day moving average price of $782.97 and a 200-day moving average price of $747.58. Alphabet Inc. has a 12-month low of $663.06 and a 12-month high of $816.68.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 27th. The company reported $9.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $8.62 by $0.44. Alphabet had a net margin of 22.29% and a return on equity of 15.08%. The firm earned $22.45 billion during the quarter, compared to analyst estimates of $13.17 billion. During the same quarter in the prior year, the firm earned $7.35 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Alphabet Inc. will post $34.42 earnings per share for the current fiscal year.
GOOG has been the subject of a number of analyst reports. Goldman Sachs Group Inc. set a $810.00 price objective on shares of Alphabet and gave the company a “buy” rating in a research report on Wednesday, July 20th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $1,070.00 target price (up previously from $940.00) on shares of Alphabet in a report on Monday, October 17th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, September 27th. Robert W. Baird reaffirmed an “outperform” rating and set a $900.00 target price on shares of Alphabet in a report on Wednesday, October 5th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $1,040.00 target price (up previously from $1,000.00) on shares of Alphabet in a report on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, forty-three have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $940.76.
In related news, Director L John Doerr sold 14,370 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $782.89, for a total transaction of $11,250,129.30. Following the completion of the transaction, the director now directly owns 3,942 shares in the company, valued at approximately $3,086,152.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $782.62, for a total value of $3,130,480.00. Following the transaction, the chief executive officer now owns 3,378 shares of the company’s stock, valued at $2,643,690.36. The disclosure for this sale can be found here. Insiders own 13.92% of the company’s stock.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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