Canada Pension Plan Investment Board increased its position in Alphabet Inc. (NASDAQ:GOOG) by 8.9% during the first quarter, Holdings Channel reports. The fund owned 404,951 shares of the information services provider’s stock after buying an additional 33,100 shares during the period. Alphabet comprises approximately 0.9% of Canada Pension Plan Investment Board’s portfolio, making the stock its 24th largest position. Canada Pension Plan Investment Board’s holdings in Alphabet were worth $335,931,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of GOOG. Bank of Nova Scotia Trust Co. raised its position in Alphabet by 4.3% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 1,803 shares of the information services provider’s stock valued at $1,392,000 after buying an additional 75 shares in the last quarter. ARK Investment Management LLC acquired a new position in Alphabet during the fourth quarter valued at approximately $9,354,000. Polen Capital Management LLC raised its position in Alphabet by 9.0% in the fourth quarter. Polen Capital Management LLC now owns 807,231 shares of the information services provider’s stock valued at $623,037,000 after buying an additional 66,847 shares in the last quarter. Lyell Wealth Management LP acquired a new position in Alphabet during the fourth quarter valued at approximately $2,134,000. Finally, Employees Retirement System of Texas raised its position in Alphabet by 3.4% in the fourth quarter. Employees Retirement System of Texas now owns 80,849 shares of the information services provider’s stock valued at $62,401,000 after buying an additional 2,647 shares in the last quarter. 34.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Alphabet Inc. (NASDAQ:GOOG) opened at 972.92 on Friday. The company has a market capitalization of $673.02 billion, a price-to-earnings ratio of 32.88 and a beta of 0.94. Alphabet Inc. has a 52 week low of $727.54 and a 52 week high of $988.25. The stock has a 50 day moving average of $948.07 and a 200-day moving average of $874.98.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 27th. The information services provider reported $7.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $7.38 by $0.35. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The firm had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $24.18 billion. During the same quarter in the prior year, the company posted $7.50 earnings per share. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts anticipate that Alphabet Inc. will post $33.97 EPS for the current year.

WARNING: “Alphabet Inc. (NASDAQ:GOOG) Shares Bought by Canada Pension Plan Investment Board” was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this article on another website, it was copied illegally and reposted in violation of international copyright legislation. The original version of this article can be read at https://www.thecerbatgem.com/2017/07/23/alphabet-inc-nasdaqgoog-shares-bought-by-canada-pension-plan-investment-board.html.

Several research firms recently commented on GOOG. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Alphabet in a report on Saturday. Morgan Stanley reaffirmed an “overweight” rating and set a $1,050.00 target price on shares of Alphabet in a report on Saturday. Deutsche Bank AG reaffirmed a “buy” rating on shares of Alphabet in a report on Friday. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $1,050.00 target price on shares of Alphabet in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $994.64.

In related news, SVP David C. Drummond sold 2,000 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $945.65, for a total value of $1,891,300.00. Following the transaction, the senior vice president now owns 3,800 shares in the company, valued at approximately $3,593,470. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP James Grier Campbell sold 366 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $902.72, for a total transaction of $330,395.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,268 shares of company stock worth $43,494,737. Corporate insiders own 13.92% of the company’s stock.

Alphabet Company Profile

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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

Receive News & Stock Ratings for Alphabet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet Inc. and related stocks with our FREE daily email newsletter.