Stonebridge Capital Management Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 0.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,840 shares of the information services provider’s stock after buying an additional 35 shares during the period. Alphabet comprises about 1.3% of Stonebridge Capital Management Inc.’s holdings, making the stock its 28th largest position. Stonebridge Capital Management Inc.’s holdings in Alphabet were worth $3,186,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Shepherd Financial Partners LLC bought a new position in Alphabet during the fourth quarter valued at about $3,291,000. Lyell Wealth Management LP purchased a new position in Alphabet during the fourth quarter valued at $2,134,000. Aviva PLC boosted its position in Alphabet by 5.2% in the fourth quarter. Aviva PLC now owns 190,746 shares of the information services provider’s stock valued at $147,357,000 after buying an additional 9,363 shares during the last quarter. Worth Venture Partners LLC purchased a new position in Alphabet during the fourth quarter valued at $1,532,000. Finally, Norges Bank purchased a new position in Alphabet during the fourth quarter valued at $2,128,163,000. 34.59% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Inc. (NASDAQ:GOOG) opened at 953.42 on Tuesday. Alphabet Inc. has a 12 month low of $719.05 and a 12 month high of $988.25. The firm has a market capitalization of $659.53 billion, a PE ratio of 32.22 and a beta of 0.95. The stock has a 50 day moving average of $952.24 and a 200 day moving average of $860.20.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating analysts’ consensus estimates of $7.38 by $0.35. The business had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $24.18 billion. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. Alphabet’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period last year, the firm posted $7.50 earnings per share. On average, equities analysts predict that Alphabet Inc. will post $34.00 earnings per share for the current fiscal year.
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Several equities analysts have weighed in on the stock. Canaccord Genuity cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price objective on the stock. in a research report on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reiterated a “hold” rating and set a $980.00 price objective (down from $990.00) on shares of Alphabet in a research report on Monday. Susquehanna Bancshares Inc restated a “positive” rating and set a $1,200.00 price target on shares of Alphabet in a report on Wednesday, June 28th. Credit Suisse Group boosted their price target on shares of Alphabet from $1,100.00 to $1,150.00 and gave the company an “outperform” rating in a report on Friday, April 28th. Finally, Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $891.70 price objective for the company in a report on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, forty have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $994.64.
In other news, SVP David C. Drummond sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $949.77, for a total value of $1,899,540.00. Following the transaction, the senior vice president now owns 1,800 shares in the company, valued at $1,709,586. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 19th. The stock was sold at an average price of $841.50, for a total transaction of $3,366,000.00. Following the completion of the transaction, the chief executive officer now owns 1,976 shares in the company, valued at approximately $1,662,804. The disclosure for this sale can be found here. Insiders have sold 46,268 shares of company stock worth $42,981,057 over the last three months. Insiders own 13.92% of the company’s stock.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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