Reynders McVeigh Capital Management LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 18.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,715 shares of the information services provider’s stock after selling 2,031 shares during the quarter. Reynders McVeigh Capital Management LLC’s holdings in Alphabet were worth $9,119,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in GOOG. Janus Henderson Group PLC increased its position in Alphabet by 759.0% in the second quarter. Janus Henderson Group PLC now owns 3,204,087 shares of the information services provider’s stock worth $2,911,734,000 after purchasing an additional 2,831,099 shares during the period. Koch Industries Inc. increased its position in Alphabet by 214,636.6% in the second quarter. Koch Industries Inc. now owns 1,161,725 shares of the information services provider’s stock worth $1,160,000 after purchasing an additional 1,161,184 shares during the period. BlackRock Inc. increased its position in Alphabet by 4.8% in the second quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after purchasing an additional 826,480 shares during the period. Capital World Investors increased its position in Alphabet by 13.9% in the second quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after purchasing an additional 776,853 shares during the period. Finally, Vanguard Group Inc. increased its position in Alphabet by 3.0% in the second quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after purchasing an additional 589,654 shares during the period. Institutional investors own 34.86% of the company’s stock.
A number of brokerages recently commented on GOOG. TheStreet lowered Alphabet from an “a” rating to a “c+” rating in a research report on Thursday, February 1st. JPMorgan Chase restated a “buy” rating on shares of Alphabet in a report on Tuesday, April 10th. Morgan Stanley restated a “buy” rating on shares of Alphabet in a report on Tuesday, April 10th. BidaskClub upgraded Alphabet from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 10th. Finally, Stifel Nicolaus restated a “neutral” rating on shares of Alphabet in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $1,089.34.
Alphabet (NASDAQ:GOOG) last released its earnings results on Thursday, February 1st. The information services provider reported $9.70 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $10.07 by ($0.37). The firm had revenue of $32.32 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.36 EPS.
Alphabet announced that its board has approved a stock buyback plan on Thursday, February 1st that permits the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization permits the information services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $993.80, for a total value of $3,975,200.00. Following the sale, the chief executive officer now owns 940 shares in the company, valued at approximately $934,172. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David C. Drummond sold 5,690 shares of the business’s stock in a transaction that occurred on Thursday, April 12th. The shares were sold at an average price of $1,028.26, for a total value of $5,850,799.40. Following the completion of the sale, the senior vice president now owns 4,220 shares in the company, valued at approximately $4,339,257.20. The disclosure for this sale can be found here. Insiders sold a total of 54,410 shares of company stock worth $58,606,136 in the last 90 days. Company insiders own 13.92% of the company’s stock.
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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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