Morris Capital Advisors LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,113 shares of the information services provider’s stock after selling 120 shares during the quarter. Alphabet comprises 2.1% of Morris Capital Advisors LLC’s holdings, making the stock its 24th largest holding. Morris Capital Advisors LLC’s holdings in Alphabet were worth $3,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Argent Trust Co boosted its position in Alphabet by 3.7% during the third quarter. Argent Trust Co now owns 2,110 shares of the information services provider’s stock valued at $2,024,000 after purchasing an additional 75 shares in the last quarter. Commonwealth Equity Services Inc raised its stake in Alphabet by 4.4% in the third quarter. Commonwealth Equity Services Inc now owns 47,546 shares of the information services provider’s stock valued at $45,602,000 after buying an additional 1,999 shares during the last quarter. Ninepoint Partners LP purchased a new stake in Alphabet in the third quarter valued at about $1,881,000. InterOcean Capital LLC raised its stake in Alphabet by 8.2% in the third quarter. InterOcean Capital LLC now owns 21,216 shares of the information services provider’s stock valued at $20,348,000 after buying an additional 1,607 shares during the last quarter. Finally, Ruane Cunniff & Goldfarb Inc. raised its stake in Alphabet by 87.3% in the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 828,631 shares of the information services provider’s stock valued at $794,748,000 after buying an additional 386,289 shares during the last quarter. 34.78% of the stock is currently owned by institutional investors.
Shares of Alphabet opened at $1,078.59 on Friday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.87 and a quick ratio of 4.85. The company has a market cap of $751.77 billion, a P/E ratio of 33.65 and a beta of 1.09. Alphabet Inc. has a twelve month low of $1,076.38 and a twelve month high of $1,088.16.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Monday, April 23rd. The information services provider reported $9.93 earnings per share for the quarter, beating the consensus estimate of $9.28 by $0.65. The company had revenue of $31.15 billion during the quarter, compared to analysts’ expectations of $30.28 billion. Alphabet had a return on equity of 15.58% and a net margin of 14.19%. Alphabet’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the business earned $7.73 earnings per share.
Alphabet announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 1st that allows the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization allows the information services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In related news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $1,106.68, for a total transaction of $4,426,720.00. Following the completion of the transaction, the chief executive officer now directly owns 642 shares in the company, valued at $710,488.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ann Mather sold 37 shares of Alphabet 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 value of $40,991.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,211 shares of company stock valued at $61,748,995. 13.92% of the stock is owned by company insiders.
A number of research firms have commented on GOOG. Deutsche Bank reiterated a “buy” rating on shares of Alphabet in a research note on Monday, January 29th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Friday, January 26th. Atlantic Securities reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Jefferies Group reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Finally, JPMorgan Chase reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Five equities research analysts have rated the stock with a hold rating and thirty-three have given a buy rating to the company’s stock. Alphabet presently has an average rating of “Buy” and an average target price of $1,130.86.
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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