Carnegie Capital Asset Management LLC reduced its stake in Alphabet Inc. (NASDAQ:GOOG – Get a rating) by 2.4% in Q1, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor held 13,856 shares of the information services provider after selling 338 shares during the period. Alphabet represents about 1.4% of Carnegie Capital Asset Management LLC’s portfolio, making the stock its 9th largest holding. Carnegie Capital Asset Management LLC’s holdings in Alphabet were worth $38,700,000 at the end of the last quarter.
Other hedge funds have also increased or reduced their stakes in the company. Hoese & Co LLP increased its holdings of Alphabet shares by 400.0% in the fourth quarter. Hoese & Co LLP now owns 10 shares of the information services provider worth $29,000 after acquiring 8 additional shares in the last quarter. Maryland Capital Advisors Inc. bought a new position in Alphabet during the fourth quarter worth $29,000. Paragon Capital Management Ltd bought a new position in Alphabet during the fourth quarter worth $35,000. Rather & Kittrell Inc. bought a new position in Alphabet during the fourth quarter worth $34,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in Alphabet during the fourth quarter at a value of $37,000. 31.20% of the shares are held by institutional investors.
GOOG opened at $2,240.68 on Thursday. The stock has a market capitalization of $1.48 trillion, a PE ratio of 20.27, a P/E/G ratio of 1.04 and a beta of 1.13. The company has a quick ratio of 2.85, a current ratio of 2.87 and a leverage ratio of 0.06. Alphabet Inc. has a 52-week low of $2,044.16 and a 52-week high of $3,042.00. The company’s 50-day simple moving average is $2,308.00 and its 200-day simple moving average is $2,604.33.
Alphabet shares are scheduled to split on Monday, July 18. The 20-1 split was announced on Tuesday, February 1. The newly issued shares will be delivered to shareholders after market close on Friday, July 15.
Alphabet (NASDAQ:GOOG – Get a rating) last reported quarterly earnings data on Tuesday, April 26. The information services provider reported earnings per share (EPS) of $24.62 for the quarter, missing analyst consensus estimates of $25.70 per ($1.08). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. The company posted revenue of $56.02 billion for the quarter, versus a consensus estimate of $56.17 billion. During the same period last year, the company posted earnings per share of $26.29. As a group, stock analysts expect Alphabet Inc. to post earnings per share of 111.86 for the current year.
Several stock analysts have weighed in on the company. Canaccord Genuity Group cut its price target on Alphabet from $3,500.00 to $3,300.00 and set a “buy” rating for the company in a Wednesday, April 27 report. Oppenheimer reissued an “outperform” rating and set a price target of $3,290.00 on Alphabet shares in a Thursday, April 28 report. JPMorgan Chase & Co. lowered its price target on Alphabet from $3,450.00 to $3,200.00 in a Wednesday, April 27 research report. Wedbush rephrased an “outperform” rating on Alphabet shares in a Wednesday, April 20 research report. Finally, Tigress Financial raised its target price on Alphabet from $3,540.00 to $3,670.00 in a Friday, March 18 research report. Twenty-nine analysts rated the stock with a buy rating. According to MarketBeat.com, Alphabet currently has an average rating of “Buy” and an average target price of $3,315.38.
In other news, please Prabhakar Raghavan sold 1,276 shares of the company in a transaction dated Monday, April 4. The stock was sold at an average price of $2,816.49, for a total transaction of $3,593,841.24. As a result of the transaction, the senior vice president now directly owns 14,034 shares of the company, valued at $39,526,620.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Also, CAD Amie Thuener O’toole sold 42 shares of the company in a transaction dated Friday, April 1. The shares were sold at an average price of $2,800.20, for a total value of $117,608.40. Disclosure of this sale can be found here. Insiders sold 551,675 shares of the company worth $25,567,428 in the past ninety days. Insiders own 12.99% of the shares of the company.
Alphabet Company Profile (Get a rating)
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It operates through Google Services, Google Cloud and Other Bets segments. The Google Services segment offers products and services, including Ads, Android, Chrome, Hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.
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