Adell Harriman & Carpenter Inc. Boosts Stake in Alphabet Inc. (GOOG)
Adell Harriman & Carpenter Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,409 shares of the information services provider’s stock after buying an additional 98 shares during the period. Alphabet accounts for 1.8% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 16th largest position. Adell Harriman & Carpenter Inc.’s holdings in Alphabet were worth $7,805,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Feltz Wealth PLAN Inc. purchased a new position in shares of Alphabet during the first quarter valued at $170,000. Pinnacle Bank purchased a new position in shares of Alphabet during the first quarter valued at $181,000. Palo Capital Inc. bought a new position in Alphabet during the first quarter valued at approximately $202,000. BTC Capital Management Inc. bought a new position in Alphabet during the first quarter valued at approximately $209,000. Finally, Saratoga Research & Investment Management bought a new position in Alphabet during the first quarter valued at approximately $211,000. 34.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Alphabet Inc. (NASDAQ GOOG) traded down 0.59% during midday trading on Friday, reaching $915.89. The company had a trading volume of 1,053,376 shares. The firm’s 50 day moving average price is $934.52 and its 200-day moving average price is $896.81. The company has a market capitalization of $634.60 billion, a P/E ratio of 33.19 and a beta of 0.94. Alphabet Inc. has a 12 month low of $727.54 and a 12 month high of $988.25.
Alphabet (NASDAQ:GOOG) last posted its 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. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The firm had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. During the same period in the previous year, the firm posted $8.42 EPS. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post $30.60 earnings per share for the current fiscal year.
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Several research firms have commented on GOOG. Canaccord Genuity lowered Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price objective on the stock. in a research report on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reissued a “hold” rating and issued a $980.00 price objective (down from $990.00) on shares of Alphabet in a research report on Monday, July 17th. BidaskClub raised Alphabet from a “hold” rating to a “buy” rating in a research report on Friday. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $1,200.00 price objective on shares of Alphabet in a research report on Wednesday, June 28th. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Alphabet in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and forty-one have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $1,030.47.
In other Alphabet news, VP James Grier Campbell sold 183 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were 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 can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $926.79, for a total transaction of $3,707,160.00. Following the sale, the chief executive officer now directly owns 1,389 shares in the company, valued at $1,287,311.31. The disclosure for this sale can be found here. Insiders have sold a total of 47,169 shares of company stock worth $44,206,482 over the last three months. 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.
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