Investors Buy Alphabet Inc. (GOOG) on Weakness Following Insider Selling
Traders bought shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading hours on Monday following insider selling activity. $686.16 million flowed into the stock on the tick-up and $640.05 million flowed out of the stock on the tick-down, for a money net flow of $46.11 million into the stock. Of all equities tracked, Alphabet had the 7th highest net in-flow for the day. Alphabet traded down ($17.94) for the day and closed at $736.08Specifically, CEO Lawrence Page sold 33,340 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $786.99, for a total value of $26,238,246.60. Following the completion of the sale, the chief executive officer now directly owns 30,670 shares of the company’s stock, valued at approximately $24,136,983.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Sergey Brin sold 33,332 shares of the stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $748.75, for a total value of $24,957,335.00. Following the completion of the sale, the insider now directly owns 16,666 shares of the company’s stock, valued at $12,478,667.50. The disclosure for this sale can be found here. Insiders own 13.92% of the company’s stock.
A number of research firms recently commented on GOOG. Vetr raised Alphabet from a “buy” rating to a “strong-buy” rating and set a $862.31 price target for the company in a research report on Monday. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $940.00 target price (up from $920.00) on shares of Alphabet in a research report on Friday, July 29th. Atlantic Securities set a $910.00 target price on Alphabet and gave the company a “buy” rating in a research report on Friday, July 29th. MKM Partners reaffirmed a “buy” rating and set a $930.00 target price on shares of Alphabet in a research report on Tuesday, July 26th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $925.00 target price (up from $888.00) on shares of Alphabet in a research report on Friday, July 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating, forty-three have issued a buy rating and one has issued a strong buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $940.76.
The firm has a 50-day moving average of $781.55 and a 200-day moving average of $748.49. The firm has a market capitalization of $507.33 billion, a PE ratio of 26.94 and a beta of 1.01.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, October 27th. The company reported $9.06 EPS for the quarter, topping the consensus estimate of $8.62 by $0.44. The company had revenue of $22.45 billion for the quarter, compared to the consensus estimate of $13.17 billion. Alphabet had a return on equity of 15.08% and a net margin of 22.29%. Alphabet’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business posted $7.35 EPS. On average, equities analysts expect that Alphabet Inc. will post $34.42 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOOG. Signature Estate & Investment Advisors LLC bought a new stake in shares of Alphabet during the third quarter valued at about $102,000. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Alphabet during the second quarter valued at about $121,000. Quantbot Technologies LP boosted its stake in shares of Alphabet by 64.2% in the third quarter. Quantbot Technologies LP now owns 156 shares of the company’s stock valued at $121,000 after buying an additional 61 shares during the period. Whitnell & Co. boosted its stake in shares of Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock valued at $129,000 after buying an additional 32 shares during the period. Finally, Trust Department MB Financial Bank N A boosted its stake in shares of Alphabet by 3.0% in the third quarter. Trust Department MB Financial Bank N A now owns 170 shares of the company’s stock valued at $132,000 after buying an additional 5 shares during the period. Institutional investors own 34.41% of the company’s stock.
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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