Jag Capital Management LLC reduced its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 4.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,790 shares of the information services provider’s stock after selling 138 shares during the quarter. Jag Capital Management LLC’s holdings in Alphabet were worth $2,919,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of GOOG. Beach Investment Management LLC. bought a new stake in shares of Alphabet in the second quarter valued at about $268,000. First National Trust Co. raised its holdings in shares of Alphabet by 0.4% in the second quarter. First National Trust Co. now owns 713 shares of the information services provider’s stock valued at $647,000 after acquiring an additional 3 shares in the last quarter. Aviva PLC raised its holdings in Alphabet by 5.9% in the second quarter. Aviva PLC now owns 190,804 shares of the information services provider’s stock worth $173,431,000 after purchasing an additional 10,560 shares in the last quarter. RFG Advisory Group LLC raised its holdings in Alphabet by 35.7% in the second quarter. RFG Advisory Group LLC now owns 346 shares of the information services provider’s stock worth $318,000 after purchasing an additional 91 shares in the last quarter. Finally, Sitrin Capital Management LLC raised its holdings in Alphabet by 1.7% in the second quarter. Sitrin Capital Management LLC now owns 3,754 shares of the information services provider’s stock worth $3,412,000 after purchasing an additional 62 shares in the last quarter. 34.84% of the stock is owned by hedge funds and other institutional investors.
Shares of Alphabet Inc (NASDAQ GOOG) opened at $1,099.82 on Tuesday. The company has a market capitalization of $789,085.88, a P/E ratio of 35.48 and a beta of 1.04. Alphabet Inc has a 52-week low of $803.37 and a 52-week high of $1,186.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.14 and a quick ratio of 5.11.
Alphabet announced that its board has approved a stock buyback program on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $1,072.64, for a total value of $4,290,560.00. Following the sale, the chief executive officer now owns 803 shares in the company, valued at $861,329.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP David C. Drummond sold 5,690 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $1,164.43, for a total value of $6,625,606.70. Following the completion of the sale, the senior vice president now owns 2,897 shares in the company, valued at approximately $3,373,353.71. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,709 shares of company stock worth $52,954,941. 13.92% of the stock is owned by insiders.
A number of equities analysts have commented on the stock. Vetr downgraded shares of Alphabet from a “sell” rating to a “strong sell” rating and set a $949.65 target price for the company. in a report on Wednesday, January 10th. Morningstar reiterated a “neutral” rating on shares of Alphabet in a report on Friday, January 19th. SunTrust Banks boosted their target price on shares of Alphabet to $1,250.00 and gave the stock a “buy” rating in a report on Friday, January 12th. Atlantic Securities reiterated a “buy” rating on shares of Alphabet in a report on Friday, February 2nd. Finally, UBS reiterated a “buy” rating on shares of Alphabet in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $1,073.56.
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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