Letko Brosseau & Associates Inc. grew its stake in Alphabet Inc (NASDAQ:GOOG) by 10.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,032 shares of the information services provider’s stock after buying an additional 100 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Alphabet were worth $1,151,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of GOOG. Braun Bostich & Associates Inc. acquired a new stake in Alphabet during the 1st quarter worth $107,000. Litman Gregory Asset Management LLC acquired a new stake in Alphabet during the 1st quarter worth $113,000. JJJ Advisors Inc. acquired a new stake in Alphabet during the 2nd quarter worth $134,000. Stelac Advisory Services LLC acquired a new stake in Alphabet during the 1st quarter worth $145,000. Finally, Well Done LLC acquired a new stake in Alphabet during the 1st quarter worth $176,000. Institutional investors and hedge funds own 34.18% of the company’s stock.
GOOG has been the subject of a number of recent research reports. Goldman Sachs Group reiterated a “$1,186.96” rating on shares of Alphabet in a research note on Thursday, July 19th. UBS Group reiterated a “$1,195.88” rating on shares of Alphabet in a research note on Wednesday, July 18th. JPMorgan Chase & Co. reiterated a “$1,195.88” rating on shares of Alphabet in a research note on Wednesday, July 18th. Macquarie reiterated a “$1,205.50” rating on shares of Alphabet in a research note on Monday, July 23rd. Finally, Credit Suisse Group reiterated a “$1,205.50” rating on shares of Alphabet in a research note on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the stock. Alphabet has a consensus rating of “Buy” and an average price target of $1,311.71.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Monday, July 23rd. The information services provider reported $11.75 EPS for the quarter, topping the Zacks’ consensus estimate of $9.66 by $2.09. The company had revenue of $32.66 billion during the quarter, compared to the consensus estimate of $32.13 billion. Alphabet had a net margin of 13.16% and a return on equity of 18.24%. Alphabet’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.01 EPS.
In other Alphabet news, CAO Amie Thuener O’toole sold 80 shares of the company’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $1,193.80, for a total transaction of $95,504.00. Following the completion of the transaction, the chief accounting officer now owns 388 shares in the company, valued at approximately $463,194.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 724 shares of the company’s stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $1,250.30, for a total transaction of $905,217.20. Following the transaction, the director now owns 442 shares of the company’s stock, valued at approximately $552,632.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,370 shares of company stock valued at $94,026,373. 13.11% of the stock is owned by insiders.
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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