Tower Bridge Advisors decreased its position in shares of Alphabet Inc (NASDAQ:GOOG) by 0.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,109 shares of the information services provider’s stock after selling 144 shares during the quarter. Alphabet makes up approximately 1.9% of Tower Bridge Advisors’ holdings, making the stock its 11th largest holding. Tower Bridge Advisors’ holdings in Alphabet were worth $17,903,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Alphabet by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock valued at $18,574,476,000 after purchasing an additional 589,654 shares during the period. BlackRock Inc. lifted its stake in shares of Alphabet by 4.8% in the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock valued at $16,409,850,000 after purchasing an additional 826,480 shares during the period. FMR LLC lifted its stake in shares of Alphabet by 0.4% in the 2nd quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock valued at $12,696,484,000 after purchasing an additional 62,507 shares during the period. Capital World Investors lifted its stake in shares of Alphabet by 13.9% in the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock valued at $5,789,842,000 after purchasing an additional 776,853 shares during the period. Finally, Capital Research Global Investors lifted its stake in shares of Alphabet by 3.2% in the 2nd quarter. Capital Research Global Investors now owns 4,983,431 shares of the information services provider’s stock valued at $4,528,593,000 after purchasing an additional 155,151 shares during the period. 34.85% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. TheStreet downgraded Alphabet from an “a” rating to a “c+” rating in a research note on Thursday, February 1st. Vetr raised Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,197.56 price target on the stock in a research note on Monday, March 26th. BidaskClub raised Alphabet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 10th. Stifel Nicolaus reaffirmed a “neutral” rating on shares of Alphabet in a research note on Friday, February 2nd. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $1,084.71.
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 the Thomson Reuters’ consensus estimate of $10.07 by ($0.37). The company 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%. Alphabet’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.36 EPS.
Alphabet declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in shares. This repurchase authorization authorizes the information services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Ann Mather sold 37 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $1,107.87, for a total value of $40,991.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $1,065.21, for a total value of $4,260,840.00. Following the completion of the transaction, the chief executive officer now owns 1,031 shares of the company’s stock, valued at approximately $1,098,231.51. The disclosure for this sale can be found here. Insiders sold a total of 48,709 shares of company stock valued at $53,035,301 in the last 90 days. 13.92% of the stock is owned by corporate insiders.
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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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