Traders Buy Alphabet (GOOG) on Weakness on Insider Selling

Traders bought shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading on Thursday after an insider sold shares in the company. $292.36 million flowed into the stock on the tick-up and $228.62 million flowed out of the stock on the tick-down, for a money net flow of $63.74 million into the stock. Of all stocks tracked, Alphabet had the 8th highest net in-flow for the day. Alphabet traded down ($3.18) for the day and closed at $1,078.59Specifically, Director Ann Mather sold 37 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $1,107.87, for a total value of $40,991.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $1,077.94, for a total transaction of $4,311,760.00. Following the completion of the transaction, the chief executive officer now owns 601 shares of the company’s stock, valued at approximately $647,841.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,211 shares of company stock valued at $61,748,995. Insiders own 13.92% of the company’s stock.

Several research firms have commented on GOOG. Morningstar restated a “neutral” rating on shares of Alphabet in a research note on Friday, January 19th. BidaskClub downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Atlantic Securities restated a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. JPMorgan Chase reiterated a “buy” rating on shares of Alphabet in a research note on Tuesday, April 10th. Finally, Vetr upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,197.56 target price for the company in a research note on Monday, March 26th. Five research analysts have rated the stock with a hold rating and thirty-three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $1,130.86.

The company has a current ratio of 4.87, a quick ratio of 4.85 and a debt-to-equity ratio of 0.02. The company has a market cap of $750.01 billion, a PE ratio of 33.65 and a beta of 1.09.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Monday, April 23rd. The information services provider reported $9.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.28 by $0.65. Alphabet had a net margin of 14.19% and a return on equity of 15.58%. The company had revenue of $31.15 billion during the quarter, compared to the consensus estimate of $30.28 billion. During the same quarter in the prior year, the firm posted $7.73 earnings per share. Alphabet’s revenue for the quarter was up 25.8% on a year-over-year basis.

Alphabet announced that its Board of Directors has approved a share 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Several large investors have recently made changes to their positions in GOOG. Magellan Asset Management Ltd raised its holdings in Alphabet by 684.2% during the first quarter. Magellan Asset Management Ltd now owns 2,114,849 shares of the information services provider’s stock worth $2,182,080,000 after purchasing an additional 1,845,160 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Alphabet by 1,106.8% during the third quarter. Asset Management One Co. Ltd. now owns 504,094 shares of the information services provider’s stock worth $483,141,000 after purchasing an additional 462,324 shares in the last quarter. Egerton Capital UK LLP purchased a new position in Alphabet during the fourth quarter worth about $462,663,000. Ruane Cunniff & Goldfarb Inc. raised its holdings in Alphabet by 87.3% during the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 828,631 shares of the information services provider’s stock worth $794,748,000 after purchasing an additional 386,289 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in Alphabet by 1.9% during the first quarter. BlackRock Inc. now owns 19,071,440 shares of the information services provider’s stock worth $19,677,721,000 after purchasing an additional 352,952 shares in the last quarter. 34.78% of the stock is owned by institutional investors and hedge funds.

About Alphabet

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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