Adell Harriman & Carpenter Inc. decreased its stake in Alphabet Inc (NASDAQ:GOOG) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,750 shares of the information services provider’s stock after selling 147 shares during the quarter. Alphabet makes up about 1.9% of Adell Harriman & Carpenter Inc.’s investment portfolio, making the stock its 13th largest position. Adell Harriman & Carpenter Inc.’s holdings in Alphabet were worth $9,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in GOOG. Smart Portfolios LLC acquired a new position in Alphabet in the first quarter worth $103,000. Braun Bostich & Associates Inc. acquired a new position in Alphabet in the first quarter worth $107,000. Litman Gregory Asset Management LLC acquired a new position in Alphabet in the first quarter worth $113,000. JJJ Advisors Inc. acquired a new position in Alphabet in the second quarter worth $134,000. Finally, Stelac Advisory Services LLC acquired a new position in Alphabet in the first quarter worth $145,000. 34.18% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have commented on GOOG. ValuEngine lowered Alphabet from a “buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Tuesday, October 2nd. Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a research note on Friday, September 28th. Macquarie reissued a “buy” rating on shares of Alphabet in a research note on Thursday, September 27th. Finally, Morningstar reissued a “neutral” rating on shares of Alphabet in a research note on Wednesday, September 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $1,311.71.
Alphabet (NASDAQ:GOOG) last released its earnings results on Monday, July 23rd. The information services provider reported $11.75 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 18.24% and a net margin of 13.16%. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.01 earnings per share.
In related news, Director L John Doerr sold 10,262 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $1,218.20, for a total value of $12,501,168.40. Following the completion of the sale, the director now owns 3,485 shares in the company, valued at $4,245,427. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 10,000 shares of the company’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $1,200.04, for a total value of $12,000,400.00. Following the completion of the sale, the chief executive officer now owns 857 shares of the company’s stock, valued at approximately $1,028,434.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,680 shares of company stock valued at $99,664,675. 13.11% of the stock is currently owned by corporate 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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