Gamble Jones Investment Counsel raised its stake in Alphabet Inc. (NASDAQ:GOOG) by 4.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,445 shares of the information services provider’s stock after acquiring an additional 503 shares during the period. Alphabet makes up 1.1% of Gamble Jones Investment Counsel’s portfolio, making the stock its 16th largest holding. Gamble Jones Investment Counsel’s holdings in Alphabet were worth $11,977,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in GOOG. Rothschild Capital Partners LLC purchased a new position in shares of Alphabet in the 3rd quarter worth $3,161,000. Founders Capital Management LLC grew its stake in shares of Alphabet by 1,868.4% in the 3rd quarter. Founders Capital Management LLC now owns 9,468 shares of the information services provider’s stock worth $9,081,000 after buying an additional 8,987 shares in the last quarter. Quantitative Systematic Strategies LLC grew its stake in shares of Alphabet by 285.8% in the 3rd quarter. Quantitative Systematic Strategies LLC now owns 1,408 shares of the information services provider’s stock worth $1,350,000 after buying an additional 1,043 shares in the last quarter. Argent Trust Co grew its stake in shares of Alphabet by 3.7% in the 3rd quarter. Argent Trust Co now owns 2,110 shares of the information services provider’s stock worth $2,024,000 after buying an additional 75 shares in the last quarter. Finally, Commonwealth Equity Services Inc grew its stake in shares of Alphabet by 4.4% in the 3rd quarter. Commonwealth Equity Services Inc now owns 47,546 shares of the information services provider’s stock worth $45,602,000 after buying an additional 1,999 shares in the last quarter. Institutional investors own 34.84% of the company’s stock.
In other news, VP James Grier Campbell sold 238 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $1,162.61, for a total value of $276,701.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 37 shares of the business’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $1,107.87, for a total transaction of $40,991.19. The disclosure for this sale can be found here. Insiders have sold a total of 54,410 shares of company stock valued at $58,606,136 in the last quarter. 13.92% of the stock is currently owned by company insiders.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing analysts’ consensus estimates of $10.07 by ($0.37). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The company had revenue of $32.32 billion for the quarter, compared to the consensus estimate of $31.88 billion. During the same quarter in the previous year, the business earned $9.36 EPS. The company’s quarterly revenue was up 24.0% compared to the same quarter last year.
Alphabet announced that its board has approved a stock repurchase plan on Thursday, February 1st that allows the company to repurchase $8.59 billion in shares. This repurchase authorization allows the information services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
GOOG has been the subject of a number of recent research reports. Vetr cut shares of Alphabet from a “hold” rating to a “sell” rating and set a $1,019.04 price objective for the company. in a research note on Wednesday, December 20th. BidaskClub raised shares of Alphabet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 10th. UBS reissued a “buy” rating on shares of Alphabet in a research note on Thursday, January 11th. Piper Jaffray lifted their price objective on shares of Alphabet from $1,150.00 to $1,300.00 and gave the stock an “overweight” rating in a research note on Thursday, January 11th. Finally, Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Friday, January 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $1,089.34.
COPYRIGHT VIOLATION WARNING: “Gamble Jones Investment Counsel Increases Holdings in Alphabet Inc. (GOOG)” was originally reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this report on another domain, it was stolen and republished in violation of U.S. and international copyright & trademark law. The original version of this report can be accessed at https://www.chaffeybreeze.com/2018/04/17/gamble-jones-investment-counsel-increases-holdings-in-alphabet-inc-goog.html.
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.
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.