Monarch Capital Management Inc. Increases Position in Alphabet Inc. (NASDAQ:GOOG)
Monarch Capital Management Inc. raised its position in Alphabet Inc. (NASDAQ:GOOG) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,472 shares of the information services provider’s stock after buying an additional 45 shares during the period. Monarch Capital Management Inc.’s holdings in Alphabet were worth $1,221,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its stake in shares of Alphabet by 2.5% in the fourth quarter. State Street Corp now owns 12,030,811 shares of the information services provider’s stock worth $9,285,625,000 after buying an additional 290,691 shares during the period. Dodge & Cox purchased a new stake in shares of Alphabet during the fourth quarter worth $2,387,502,000. Norges Bank purchased a new stake in shares of Alphabet during the fourth quarter worth $2,128,163,000. Bank of Montreal Can increased its stake in shares of Alphabet by 12.0% in the first quarter. Bank of Montreal Can now owns 1,692,542 shares of the information services provider’s stock worth $1,404,065,000 after buying an additional 181,085 shares during the period. Finally, Putnam Investments LLC increased its position in shares of Alphabet by 50.3% in the fourth quarter. Putnam Investments LLC now owns 1,094,771 shares of the information services provider’s stock valued at $844,967,000 after buying an additional 366,456 shares during the last quarter. Hedge funds and other institutional investors own 34.62% of the company’s stock.
Shares of Alphabet Inc. (NASDAQ GOOG) traded up 0.93% during trading on Friday, hitting $955.99. 1,053,774 shares of the stock traded hands. Alphabet Inc. has a 52-week low of $719.05 and a 52-week high of $988.25. The firm has a market cap of $331.70 billion, a price-to-earnings ratio of 44.78 and a beta of 0.94. The stock has a 50 day moving average of $952.24 and a 200 day moving average of $860.20.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $7.38 by $0.35. The business had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $24.18 billion. Alphabet had a return on equity of 15.16% and a net margin of 21.84%. The business’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the prior year, the company posted $7.50 EPS. Analysts expect that Alphabet Inc. will post $33.99 EPS for the current year.
Several equities analysts recently commented on GOOG shares. Aegis reissued a “buy” rating and issued a $1,011.00 price objective on shares of Alphabet in a research note on Sunday, April 2nd. Instinet dropped their price target on shares of Alphabet from $950.00 to $925.00 and set a “buy” rating for the company in a research note on Tuesday, March 28th. UBS AG reaffirmed a “buy” rating and set a $980.00 price target on shares of Alphabet in a research note on Monday, March 27th. Mizuho reaffirmed a “buy” rating and set a $1,024.00 price target on shares of Alphabet in a research note on Thursday, March 23rd. Finally, Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $891.70 price objective for the company in a research report on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, forty have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $993.97.
In related news, VP James Grier Campbell sold 183 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $968.95, for a total transaction of $177,317.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, April 19th. The shares were sold at an average price of $841.50, for a total value of $3,366,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,976 shares in the company, valued at approximately $1,662,804. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,268 shares of company stock valued at $42,981,057. Corporate insiders own 13.92% of the company’s stock.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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