Montag A & Associates Inc. raised its holdings in Alphabet Inc (NASDAQ:GOOG) by 9.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,015 shares of the information services provider’s stock after purchasing an additional 1,156 shares during the quarter. Alphabet accounts for approximately 1.5% of Montag A & Associates Inc.’s investment portfolio, making the stock its 7th biggest position. Montag A & Associates Inc.’s holdings in Alphabet were worth $14,520,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of GOOG. CFO4Life Group LLC acquired a new stake in shares of Alphabet during the 2nd quarter valued at $2,070,000. Cognios Beta Neutral Large Cap Fund LP acquired a new stake in shares of Alphabet during the 2nd quarter valued at $702,000. Synovus Financial Corp boosted its holdings in shares of Alphabet by 0.6% during the 2nd quarter. Synovus Financial Corp now owns 6,787 shares of the information services provider’s stock valued at $7,565,000 after acquiring an additional 42 shares in the last quarter. Veritas Investment Management LLP boosted its holdings in shares of Alphabet by 0.3% during the 2nd quarter. Veritas Investment Management LLP now owns 39,566 shares of the information services provider’s stock valued at $44,145,000 after acquiring an additional 113 shares in the last quarter. Finally, First Manhattan Co. boosted its holdings in shares of Alphabet by 78.3% during the 2nd quarter. First Manhattan Co. now owns 209,539 shares of the information services provider’s stock valued at $233,773,000 after acquiring an additional 92,035 shares in the last quarter. 34.20% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Ann Mather sold 24 shares of Alphabet stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $1,100.00, for a total value of $26,400.00. Following the completion of the transaction, the director now directly owns 1,870 shares of the company’s stock, valued at approximately $2,057,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Amie Thuener O’toole sold 73 shares of Alphabet stock in a transaction dated Tuesday, July 3rd. The stock was sold at an average price of $1,135.82, for a total value of $82,914.86. Following the completion of the transaction, the vice president now directly owns 388 shares of the company’s stock, valued at $440,698.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,362 shares of company stock valued at $105,424,908. Corporate insiders own 13.11% of the company’s stock.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, July 23rd. The information services provider reported $11.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $9.66 by $2.09. Alphabet had a return on equity of 18.24% and a net margin of 13.16%. The business had revenue of $32.66 billion during the quarter, compared to analyst estimates of $32.13 billion. During the same period last year, the company earned $5.01 EPS. Alphabet’s revenue for the quarter was up 25.6% compared to the same quarter last year.
Several research firms recently weighed in on GOOG. Oppenheimer reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 25th. Cowen raised their price objective on Alphabet from $1,245.00 to $1,350.00 and gave the company an “outperform” rating in a report on Friday, July 13th. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a report on Tuesday, July 24th. Barclays reissued a “buy” rating on shares of Alphabet in a report on Monday, August 20th. Finally, UBS Group reissued a “buy” rating on shares of Alphabet in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $1,289.09.
Alphabet Company Profile
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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