Investors Buy Shares of Alphabet Inc. (GOOG) on Weakness After Insider Selling

Investors purchased 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 equities 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, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $958.40, for a total value of $3,833,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP David C. Drummond sold 2,000 shares of Alphabet stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $949.77, for a total transaction of $1,899,540.00. Following the completion of the transaction, the senior vice president now owns 1,800 shares of the company’s stock, valued at approximately $1,709,586. The disclosure for this sale can be found here. Insiders sold 42,694 shares of company stock valued at $39,941,804 in the last quarter. 13.92% of the stock is owned by insiders.

A number of brokerages recently issued reports on GOOG. Canaccord Genuity downgraded shares of Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price target for the company. in a research note on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reissued a “hold” rating and set a $980.00 price objective (down previously from $990.00) on shares of Alphabet in a report on Monday, July 17th. BidaskClub raised shares of Alphabet from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Susquehanna Bancshares Inc reissued a “positive” rating and set a $1,200.00 price objective on shares of Alphabet in a report on Wednesday, June 28th. Finally, Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $1,034.31.

The stock has a market capitalization of $672.06 billion, a PE ratio of 35.15 and a beta of 0.94. The firm’s 50-day moving average is $930.85 and its 200 day moving average is $917.72.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The business had revenue of $26.01 billion during the quarter, compared to analyst estimates of $25.61 billion. During the same quarter last year, the company posted $8.42 EPS. Alphabet’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Alphabet by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock valued at $18,574,476,000 after purchasing an additional 589,654 shares during the period. BlackRock Inc. boosted its position in shares of Alphabet by 4.8% in the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock valued at $16,409,850,000 after purchasing an additional 826,480 shares during the period. FMR LLC boosted its position in shares of Alphabet by 0.4% in the 2nd quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock valued at $12,696,484,000 after purchasing an additional 62,507 shares during the period. State Street Corp boosted its position in shares of Alphabet by 0.3% in the 1st quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock valued at $10,010,859,000 after purchasing an additional 36,864 shares during the period. Finally, Capital World Investors boosted its position in shares of Alphabet by 13.9% in the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock valued at $5,789,842,000 after purchasing an additional 776,853 shares during the period. Institutional investors and hedge funds own 34.53% of the company’s stock.

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Alphabet Company Profile

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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