QCI Asset Management Inc. NY increased its position in Alphabet Inc. (NASDAQ:GOOG) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,389 shares of the information services provider’s stock after purchasing an additional 256 shares during the period. Alphabet makes up approximately 1.9% of QCI Asset Management Inc. NY’s holdings, making the stock its 13th biggest position. QCI Asset Management Inc. NY’s holdings in Alphabet were worth $18,196,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. WASHINGTON TRUST Co lifted its stake in Alphabet by 5.8% during the 4th quarter. WASHINGTON TRUST Co now owns 1,116 shares of the information services provider’s stock valued at $1,168,000 after acquiring an additional 61 shares during the period. Evanson Asset Management LLC increased its position in shares of Alphabet by 0.9% during the 4th quarter. Evanson Asset Management LLC now owns 7,161 shares of the information services provider’s stock valued at $7,494,000 after purchasing an additional 62 shares during the last quarter. Watch Point Trust Co increased its position in shares of Alphabet by 2.6% during the 4th quarter. Watch Point Trust Co now owns 2,090 shares of the information services provider’s stock valued at $2,187,000 after purchasing an additional 52 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Alphabet by 11.6% during the 4th quarter. Alps Advisors Inc. now owns 490 shares of the information services provider’s stock valued at $513,000 after purchasing an additional 51 shares during the last quarter. Finally, Calton & Associates Inc. purchased a new stake in shares of Alphabet during the 4th quarter valued at about $909,000. Institutional investors own 34.86% of the company’s stock.
Shares of GOOG opened at $1,029.27 on Friday. The company has a quick ratio of 5.11, a current ratio of 5.14 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 1 year low of $824.47 and a 1 year high of $1,186.89. The company has a market cap of $708,657.81, a price-to-earnings ratio of 32.11 and a beta of 1.08.
Alphabet declared that its board has approved a share repurchase plan on Thursday, February 1st that permits the company to buyback $8.59 billion in shares. This buyback authorization permits the information services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Several equities research analysts have recently commented on GOOG shares. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,172.75 price target for the company in a research report on Monday, March 19th. SunTrust Banks upped their price target on shares of Alphabet to $1,250.00 and gave the company a “buy” rating in a research report on Friday, January 12th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, January 12th. Morningstar reaffirmed a “neutral” rating on shares of Alphabet in a research report on Friday, January 19th. Finally, Pivotal Research reduced their price target on shares of Alphabet from $1,110.00 to $1,040.00 and set a “hold” rating for the company in a research report on Monday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $1,089.34.
In other Alphabet news, SVP David C. Drummond sold 5,690 shares of the stock in a transaction that occurred on Thursday, April 12th. The shares were sold at an average price of $1,028.26, for a total transaction of $5,850,799.40. Following the completion of the sale, the senior vice president now directly owns 4,220 shares of the company’s stock, valued at approximately $4,339,257.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ann Mather sold 37 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $1,107.87, for a total transaction of $40,991.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,410 shares of company stock valued at $58,606,136. Insiders own 13.92% of the company’s stock.
Alphabet Company Profile
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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