Manning & Napier Advisors LLC cut its position in Alphabet Inc. (NASDAQ:GOOG) by 15.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 153,227 shares of the information services provider’s stock after selling 27,647 shares during the period. Manning & Napier Advisors LLC’s holdings in Alphabet were worth $139,240,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Adviser Investments LLC acquired a new position in shares of Alphabet during the first quarter worth approximately $1,276,000. Farmers & Merchants Investments Inc. boosted its position in shares of Alphabet by 0.3% in the first quarter. Farmers & Merchants Investments Inc. now owns 5,464 shares of the information services provider’s stock worth $4,533,000 after buying an additional 18 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter worth approximately $7,718,000. Hartford Investment Management Co. boosted its position in shares of Alphabet by 6.1% in the first quarter. Hartford Investment Management Co. now owns 79,529 shares of the information services provider’s stock worth $65,974,000 after buying an additional 4,602 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new position in shares of Alphabet during the first quarter worth approximately $215,000. 34.57% of the stock is owned by institutional investors and hedge funds.
Shares of Alphabet Inc. (GOOG) traded up 1.8086% during mid-day trading on Tuesday, reaching $923.0577. 567,831 shares of the company’s stock traded hands. The firm has a market cap of $639.57 billion, a price-to-earnings ratio of 33.4526 and a beta of 0.94. Alphabet Inc. has a one year low of $727.54 and a one year high of $988.25. The firm’s 50-day moving average is $933.46 and its 200 day moving average is $894.69.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.58. The business had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period last year, the firm posted $8.42 earnings per share. Analysts predict that Alphabet Inc. will post $30.60 earnings per share for the current year.
A number of equities analysts have commented on GOOG shares. Citigroup Inc. reissued a “buy” rating and issued a $1,180.00 price objective on shares of Alphabet in a research note on Thursday, July 27th. Deutsche Bank AG restated a “buy” rating on shares of Alphabet in a report on Monday, June 12th. Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $995.83 target price for the company in a report on Monday, June 26th. Instinet restated a “buy” rating and issued a $925.00 target price on shares of Alphabet in a report on Wednesday, April 26th. Finally, Cantor Fitzgerald restated a “buy” rating on shares of Alphabet in a report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and forty have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $1,030.56.
In other news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $903.86, for a total transaction of $3,615,440.00. Following the transaction, the chief executive officer now directly owns 1,911 shares in the company, valued at $1,727,276.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Shirley M. Tilghman sold 525 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $938.09, for a total transaction of $492,497.25. Following the transaction, the director now owns 5,517 shares in the company, valued at $5,175,442.53. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 47,169 shares of company stock worth $44,206,482. Insiders own 13.92% of the company’s stock.
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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