LS Investment Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 5.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,091 shares of the information services provider’s stock after selling 1,054 shares during the period. Alphabet makes up approximately 1.1% of LS Investment Advisors LLC’s holdings, making the stock its 14th biggest position. LS Investment Advisors LLC’s holdings in Alphabet were worth $18,930,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of GOOG. Beach Investment Management LLC. bought a new position in shares of Alphabet during the 2nd quarter worth about $268,000. Modera Wealth Management LLC lifted its holdings in shares of Alphabet by 4.3% during the 2nd quarter. Modera Wealth Management LLC now owns 600 shares of the information services provider’s stock worth $545,000 after acquiring an additional 25 shares during the period. State of Tennessee Treasury Department lifted its holdings in shares of Alphabet by 0.9% during the 2nd quarter. State of Tennessee Treasury Department now owns 225,063 shares of the information services provider’s stock worth $204,522,000 after acquiring an additional 1,920 shares during the period. Pictet & Cie Europe SA lifted its holdings in shares of Alphabet by 6.1% during the 2nd quarter. Pictet & Cie Europe SA now owns 20,004 shares of the information services provider’s stock worth $18,178,000 after acquiring an additional 1,155 shares during the period. Finally, Community Bank & Trust Waco Texas lifted its holdings in shares of Alphabet by 20.0% during the 2nd quarter. Community Bank & Trust Waco Texas now owns 1,015 shares of the information services provider’s stock worth $922,000 after acquiring an additional 169 shares during the period. 34.84% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $1,018.01, for a total transaction of $4,072,040.00. Following the completion of the sale, the chief executive officer now owns 967 shares in the company, valued at approximately $984,415.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director L John Doerr sold 11,575 shares of Alphabet stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $1,079.99, for a total transaction of $12,500,884.25. Following the sale, the director now owns 3,485 shares of the company’s stock, valued at approximately $3,763,765.15. The disclosure for this sale can be found here. Insiders sold a total of 54,410 shares of company stock valued at $58,408,136 in the last 90 days. Corporate insiders own 13.92% of the company’s stock.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the consensus estimate of $10.07 by ($0.37). The company had revenue of $32.32 billion during the quarter, compared to analyst estimates of $31.88 billion. Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The company’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.36 EPS.
Alphabet announced that its Board of Directors has approved a stock repurchase program on Thursday, February 1st that allows the company to buyback $8.59 billion in shares. This buyback authorization allows the information services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
GOOG has been the subject of a number of analyst reports. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,172.75 price objective for the company in a report on Monday, March 19th. SunTrust Banks raised their price objective on shares of Alphabet to $1,250.00 and gave the stock a “buy” rating in a report on Friday, January 12th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, January 12th. Morningstar reaffirmed a “neutral” rating on shares of Alphabet in a report on Friday, January 19th. Finally, Pivotal Research reduced their price objective on shares of Alphabet from $1,110.00 to $1,040.00 and set a “hold” rating for the company in a report on Monday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and thirty-five have assigned a buy rating to the stock. Alphabet presently has an average rating of “Buy” and a consensus target price of $1,088.68.
Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
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