Short Interest in Alphabet Inc (NASDAQ:GOOG) Grows By 23.9%

Alphabet Inc (NASDAQ:GOOG) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 3,320,000 shares, an increase of 23.9% from the September 30th total of 2,680,000 shares. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.1% of the company’s shares are short sold.

A number of research analysts have issued reports on GOOG shares. JPMorgan Chase & Co. reissued a “buy” rating on shares of Alphabet in a research report on Friday, October 25th. Cowen boosted their price objective on shares of Alphabet from $1,400.00 to $1,500.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. BidaskClub raised shares of Alphabet from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 7th. UBS Group reissued a “buy” rating on shares of Alphabet in a research report on Monday, November 4th. Finally, Deutsche Bank reduced their price objective on shares of Alphabet from $1,600.00 to $1,550.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $1,460.27.

Shares of NASDAQ:GOOG traded up $23.41 during midday trading on Friday, reaching $1,334.87. The company’s stock had a trading volume of 1,768,700 shares, compared to its average volume of 1,340,281. The company has a quick ratio of 3.75, a current ratio of 3.78 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $895.21 billion, a P/E ratio of 28.10, a PEG ratio of 1.59 and a beta of 1.00. The firm has a 50 day moving average of $1,250.98 and a 200-day moving average of $1,181.23. Alphabet has a 12-month low of $970.11 and a 12-month high of $1,334.88.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Monday, October 28th. The information services provider reported $10.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $12.57 by ($2.45). The company had revenue of $40.50 billion for the quarter, compared to the consensus estimate of $40.17 billion. Alphabet had a net margin of 21.04% and a return on equity of 18.34%. Alphabet’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $13.06 EPS. On average, research analysts predict that Alphabet will post 49.05 EPS for the current year.

In other Alphabet news, SVP David C. Drummond sold 1,600 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1,179.44, for a total transaction of $1,887,104.00. Following the transaction, the senior vice president now directly owns 44,482 shares of the company’s stock, valued at approximately $52,463,850.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 75 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $1,200.00, for a total transaction of $90,000.00. Following the transaction, the director now directly owns 310 shares in the company, valued at $372,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,043 shares of company stock worth $40,364,988. 12.99% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Alphabet by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 22,708,312 shares of the information services provider’s stock worth $24,545,641,000 after purchasing an additional 259,979 shares during the period. BlackRock Inc. lifted its stake in shares of Alphabet by 3.1% in the 2nd quarter. BlackRock Inc. now owns 20,205,186 shares of the information services provider’s stock worth $21,839,988,000 after purchasing an additional 612,804 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Alphabet by 6.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,480,467 shares of the information services provider’s stock worth $12,409,352,000 after purchasing an additional 674,924 shares during the period. Northern Trust Corp lifted its stake in shares of Alphabet by 0.8% in the 2nd quarter. Northern Trust Corp now owns 4,199,889 shares of the information services provider’s stock worth $4,539,702,000 after purchasing an additional 31,873 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Alphabet by 5.7% in the 2nd quarter. Invesco Ltd. now owns 3,715,122 shares of the information services provider’s stock worth $4,015,713,000 after purchasing an additional 199,097 shares during the period. Institutional investors and hedge funds own 33.78% of the company’s stock.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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