Alphabet Inc. (GOOG) Stake Boosted by DnB Asset Management AS
DnB Asset Management AS boosted its position in Alphabet Inc. (NASDAQ:GOOG) by 5.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,331 shares of the company’s stock after buying an additional 1,902 shares during the period. DnB Asset Management AS’s holdings in Alphabet were worth $28,240,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of GOOG. Horan Capital Advisors LLC. increased its position in shares of Alphabet by 0.7% in the third quarter. Horan Capital Advisors LLC. now owns 1,080 shares of the company’s stock valued at $840,000 after buying an additional 7 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Alphabet during the third quarter valued at approximately $24,306,000. Old Mutual Global Investors UK Ltd. increased its position in shares of Alphabet by 5.6% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 49,147 shares of the company’s stock valued at $38,201,000 after buying an additional 2,623 shares during the last quarter. Meristem LLP increased its position in shares of Alphabet by 3.7% in the third quarter. Meristem LLP now owns 589 shares of the company’s stock valued at $458,000 after buying an additional 21 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Alphabet by 2.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 84,202 shares of the company’s stock valued at $65,449,000 after buying an additional 2,196 shares during the last quarter. 34.27% of the stock is owned by institutional investors.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 0.71% on Wednesday, reaching $765.39. 519,086 shares of the company’s stock traded hands. Alphabet Inc. has a 12-month low of $663.06 and a 12-month high of $816.68. The stock has a 50-day moving average of $778.59 and a 200 day moving average of $752.66. The firm has a market cap of $527.54 billion, a P/E ratio of 28.01 and a beta of 1.01.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, October 27th. The company reported $9.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted $7.35 earnings per share. Alphabet’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts expect that Alphabet Inc. will post $34.42 earnings per share for the current year.
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Several brokerages recently commented on GOOG. Argus reissued a “buy” rating and issued a $900.00 price objective on shares of Alphabet in a research note on Tuesday, August 2nd. RBC Capital Markets reaffirmed an “outperform” rating and set a $1,025.00 price target on shares of Alphabet in a research note on Thursday, November 3rd. Nomura set a $950.00 price target on shares of Alphabet and gave the company a “buy” rating in a research note on Friday, October 28th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $1,040.00 price target (up previously from $1,000.00) on shares of Alphabet in a research note on Friday, October 28th. Finally, Stifel Nicolaus raised their price target on shares of Alphabet from $925.00 to $950.00 and gave the company a “hold” rating in a research note on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $940.42.
In other Alphabet news, insider Sergey Brin sold 33,340 shares of Alphabet stock in a transaction on Friday, September 30th. The shares were sold at an average price of $791.77, for a total transaction of $26,397,611.80. Following the completion of the transaction, the insider now directly owns 16,670 shares of the company’s stock, valued at $13,198,805.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lawrence Page sold 16,670 shares of Alphabet stock in a transaction on Friday, October 28th. The stock was sold at an average price of $827.79, for a total transaction of $13,799,259.30. Following the transaction, the chief executive officer now directly owns 105,670 shares of the company’s stock, valued at $87,472,569.30. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by corporate insiders.
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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