Shikiar Asset Management Inc. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 5,518 shares of the information services provider’s stock after selling 278 shares during the quarter. Alphabet makes up approximately 3.9% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 3rd largest holding. Shikiar Asset Management Inc.’s holdings in Alphabet were worth $11,415,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Centric Wealth Management grew its stake in Alphabet by 3.7% during the fourth quarter. Centric Wealth Management now owns 361 shares of the information services provider’s stock worth $632,000 after purchasing an additional 13 shares during the period. First United Bank Trust raised its holdings in shares of Alphabet by 24.5% during the fourth quarter. First United Bank Trust now owns 203 shares of the information services provider’s stock valued at $356,000 after purchasing an additional 40 shares during the period. Crescent Capital Consulting LLC bought a new stake in Alphabet in the 4th quarter valued at about $1,372,000. Hedeker Wealth LLC grew its stake in Alphabet by 17.7% in the fourth quarter. Hedeker Wealth LLC now owns 2,857 shares of the information services provider’s stock valued at $5,005,000 after acquiring an additional 429 shares during the period. Finally, Appleton Partners Inc. MA lifted its holdings in shares of Alphabet by 2.4% in the 4th quarter. Appleton Partners Inc. MA now owns 7,571 shares of the information services provider’s stock worth $13,264,000 after purchasing an additional 179 shares in the last quarter. Hedge funds and other institutional investors own 31.94% of the company’s stock.
A number of brokerages have issued reports on GOOG. Evercore ISI reaffirmed an “outperform” rating and issued a $2,525.00 price objective on shares of Alphabet in a research report on Tuesday, April 13th. Canaccord Genuity upped their price objective on Alphabet from $2,400.00 to $2,600.00 and gave the company a “buy” rating in a research note on Monday, April 26th. The Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, February 3rd. Morgan Stanley boosted their target price on Alphabet from $2,050.00 to $2,200.00 and gave the company an “overweight” rating in a research note on Wednesday, February 3rd. Finally, Barclays reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $2,495.63.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Monday, April 26th. The information services provider reported $26.29 EPS for the quarter, topping the Zacks’ consensus estimate of $15.74 by $10.55. Alphabet had a net margin of 20.80% and a return on equity of 17.31%. The firm had revenue of $55.30 billion for the quarter, compared to analyst estimates of $51.40 billion. During the same quarter in the prior year, the firm earned $9.87 EPS. The business’s revenue for the quarter was up 34.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Alphabet Inc. will post 52.19 EPS for the current fiscal year.
In related news, CEO Sundar Pichai sold 3,000 shares of the stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $2,068.50, for a total transaction of $6,205,500.00. Following the transaction, the chief executive officer now owns 6,757 shares of the company’s stock, valued at approximately $13,976,854.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Philipp Schindler sold 1,385 shares of Alphabet stock in a transaction on Monday, March 1st. The stock was sold at an average price of $2,056.52, for a total transaction of $2,848,280.20. Following the completion of the transaction, the senior vice president now owns 1,200 shares in the company, valued at approximately $2,467,824. The disclosure for this sale can be found here. Insiders sold a total of 41,036 shares of company stock valued at $91,551,013 over the last quarter. Company insiders own 12.99% of the company’s stock.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.
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