Investors Buy Shares of Alphabet Inc. (GOOG) on Weakness
Investors purchased shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading on Monday. $272.43 million flowed into the stock on the tick-up and $167.62 million flowed out of the stock on the tick-down, for a money net flow of $104.81 million into the stock. Of all companies tracked, Alphabet had the 3rd highest net in-flow for the day. Alphabet traded down ($2.97) for the day and closed at $739.77
Several equities research analysts have recently issued reports on the stock. Citigroup Inc. reiterated a “buy” rating and set a $900.00 price objective on shares of Alphabet in a research report on Saturday, June 18th. Vetr cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $778.60 price objective on the stock. in a research report on Thursday, April 21st. Longbow Research assumed coverage on shares of Alphabet in a research report on Wednesday, July 6th. They set a “buy” rating on the stock. Sanford C. Bernstein set a $900.00 target price on shares of Alphabet and gave the company a “buy” rating in a report on Friday, April 22nd. Finally, Goldman Sachs Group Inc. set a $810.00 target price on shares of Alphabet and gave the company a “buy” rating in a report on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $898.56.
The stock has a market capitalization of $507.89 billion and a PE ratio of 30.10. The company’s 50-day moving average is $710.72 and its 200-day moving average is $717.06.
In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $739.21, for a total transaction of $2,956,840.00. Following the completion of the transaction, the chief executive officer now directly owns 3,297 shares of the company’s stock, valued at approximately $2,437,175.37. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Sergey Brin sold 33,332 shares of the stock in a transaction on Monday, June 27th. The shares were sold at an average price of $673.30, for a total value of $22,442,435.60. Following the transaction, the insider now directly owns 16,666 shares of the company’s stock, valued at $11,221,217.80. The disclosure for this sale can be found here.
Other institutional investors have recently modified their holdings of the company. Nelson Roberts Investment Advisors LLC raised its position in shares of Alphabet by 0.8% in the fourth quarter. Nelson Roberts Investment Advisors LLC now owns 9,937 shares of the company’s stock worth $7,541,000 after buying an additional 80 shares during the last quarter. NEXT Financial Group Inc raised its position in shares of Alphabet by 6.5% in the fourth quarter. NEXT Financial Group Inc now owns 2,290 shares of the company’s stock worth $1,737,000 after buying an additional 139 shares during the last quarter. United States Steel & Carnegie Pension Fund purchased a new position in shares of Alphabet during the fourth quarter worth about $59,397,000. Farmers & Merchants Investments Inc. raised its position in shares of Alphabet by 0.7% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 5,232 shares of the company’s stock worth $3,970,000 after buying an additional 34 shares during the last quarter. Finally, Westport Resources Management Inc. raised its position in shares of Alphabet by 17.2% in the fourth quarter. Westport Resources Management Inc. now owns 2,354 shares of the company’s stock worth $1,786,000 after buying an additional 345 shares during the last quarter.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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