Parsons Capital Management Inc. RI maintained its stake in shares of Alphabet Inc. (NASDAQ:GOOG) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,919 shares of the information services provider’s stock at the end of the first quarter. Parsons Capital Management Inc. RI’s holdings in Alphabet were worth $2,421,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in GOOG. Empirical Finance LLC bought a new stake in shares of Alphabet during the fourth quarter worth approximately $115,000. Pacific Center for Financial Services acquired a new stake in Alphabet during the fourth quarter valued at about $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. Finally, Pinnacle Bank acquired a new stake in Alphabet during the first quarter valued at about $181,000. Hedge funds and other institutional investors own 34.59% of the company’s stock.
Alphabet Inc. (GOOG) opened at 970.89 on Thursday. The stock has a market capitalization of $671.61 billion, a PE ratio of 32.81 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 firm’s 50-day moving average is $947.97 and its 200 day moving average is $874.30.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 27th. The information services provider reported $7.73 earnings per share 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 business had revenue of $24.75 billion for the quarter, compared to analyst estimates of $24.18 billion. During the same period in the prior year, the business posted $7.50 earnings per share. Alphabet’s revenue was up 22.2% compared to the same quarter last year. On average, equities analysts forecast that Alphabet Inc. will post $33.96 earnings per share for the current year.
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Several research firms have recently issued reports on GOOG. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Alphabet in a report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $1,050.00 price objective on shares of Alphabet in a report on Monday. Pivotal Research restated a “hold” rating and set a $980.00 price objective (down previously from $990.00) on shares of Alphabet in a report on Monday. BidaskClub upgraded Alphabet from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Finally, Vetr cut Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,047.63 price objective on the stock. in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-nine have assigned a buy rating and one has issued a strong buy rating to the company. Alphabet presently has an average rating of “Buy” and a consensus target price of $994.64.
In related news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $915.16, for a total value of $3,660,640.00. Following the transaction, the chief executive officer now directly owns 2,205 shares in the company, valued at $2,017,927.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Shirley M. Tilghman sold 250 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $931.88, for a total transaction of $232,970.00. Following the completion of the transaction, the director now owns 5,579 shares in the company, valued at $5,198,958.52. The disclosure for this sale can be found here. Insiders sold 46,268 shares of company stock worth $43,494,737 over the last 90 days. 13.92% of the stock is currently owned by company insiders.
About Alphabet
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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