Investors Buy Alphabet Inc. (GOOG) on Weakness Following Insider Selling
Traders bought shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading on Wednesday after an insider sold shares in the company. $222.66 million flowed into the stock on the tick-up and $190.66 million flowed out of the stock on the tick-down, for a money net flow of $32.00 million into the stock. Of all stocks tracked, Alphabet had the 19th highest net in-flow for the day. Alphabet traded down ($6.11) for the day and closed at $951.68Specifically, VP James Grier Campbell sold 183 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $959.26, for a total value of $175,544.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director L John Doerr sold 13,556 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $922.15, for a total value of $12,500,665.40. Following the completion of the sale, the director now directly owns 3,485 shares of the company’s stock, valued at approximately $3,213,692.75. The disclosure for this sale can be found here. Insiders have sold 38,694 shares of company stock valued at $36,108,204 in the last three months. Insiders own 13.92% of the company’s stock.
Several brokerages recently weighed in on GOOG. Canaccord Genuity lowered Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price objective for the company. in a research report on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reiterated 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 upgraded Alphabet from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. Susquehanna Bancshares Inc reiterated 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) reiterated a “buy” rating on shares of Alphabet in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-nine have issued a buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and an average price target of $1,034.31.
The stock has a 50-day moving average price of $928.78 and a 200-day moving average price of $917.09. The company has a market cap of $659.40 billion, a PE ratio of 34.49 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.58. The firm had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. Alphabet’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.42 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post $30.59 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Alphabet by 3.0% during the second quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after acquiring an additional 589,654 shares during the period. BlackRock Inc. raised its stake in Alphabet by 4.8% during the second quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after acquiring an additional 826,480 shares during the period. FMR LLC raised its stake in Alphabet by 0.4% during the second quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock worth $12,696,484,000 after acquiring an additional 62,507 shares during the period. State Street Corp raised its stake in Alphabet by 0.3% during the first quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock worth $10,010,859,000 after acquiring an additional 36,864 shares during the period. Finally, Capital World Investors raised its stake in Alphabet by 13.9% during the second quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after acquiring an additional 776,853 shares during the period. Hedge funds and other institutional investors own 34.53% of the company’s stock.
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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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