Shikiar Asset Management Inc. Sells 966 Shares of Alphabet Inc. (GOOG)
Shikiar Asset Management Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 9.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,894 shares of the information services provider’s stock after selling 966 shares during the period. Alphabet accounts for 3.3% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 6th largest position. Shikiar Asset Management Inc.’s holdings in Alphabet were worth $7,378,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in GOOG. Pacific Center for Financial Services bought a new stake in Alphabet during the fourth quarter valued at approximately $142,000. Feltz Wealth PLAN Inc. acquired a new stake in Alphabet during the first quarter valued at about $170,000. Israel Discount Bank of New York GFN acquired a new stake in Alphabet during the fourth quarter valued at about $166,000. Pinnacle Bank acquired a new stake in Alphabet during the first quarter valued at about $181,000. Finally, Palo Capital Inc. acquired a new stake in Alphabet during the first quarter valued at about $202,000. Institutional investors and hedge funds own 34.57% of the company’s stock.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 0.03% during trading on Friday, reaching $910.67. 1,342,689 shares of the company’s stock were exchanged. The company has a market capitalization of $630.98 billion, a PE ratio of 33.00 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 company has a 50 day moving average price of $933.52 and a 200-day moving average price of $892.51.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. Alphabet’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.42 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post $30.60 earnings per share for the current year.
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Several research firms have issued reports on GOOG. BidaskClub cut Alphabet from a “buy” rating to a “hold” rating in a research note on Thursday. Vetr cut Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,034.88 target price for the company. in a research note on Wednesday. SunTrust Banks, Inc. initiated coverage on Alphabet in a research note on Wednesday. They issued a “buy” rating and a $1,100.00 price objective for the company. Cowen and Company reaffirmed an “outperform” rating and issued a $1,075.00 price objective on shares of Alphabet in a research note on Thursday, August 10th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $1,210.00 price objective (up from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and forty have given a buy rating to the stock. Alphabet has an average rating of “Buy” and a consensus target price of $1,030.56.
In other news, Director L John Doerr sold 13,556 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $922.15, for a total transaction of $12,500,665.40. Following the completion of the sale, the director now owns 3,485 shares of the company’s stock, valued at $3,213,692.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the sale, the chief executive officer now directly owns 2,058 shares of the company’s stock, valued at approximately $2,019,824.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,169 shares of company stock valued at $44,206,482. 13.92% of the stock is currently owned by insiders.
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.
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