First Interstate Bank Boosts Stake in Alphabet Inc. (GOOG)
First Interstate Bank increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 16.9% during the second quarter, Holdings Channel reports. The firm owned 2,693 shares of the company’s stock after buying an additional 390 shares during the period. First Interstate Bank’s holdings in Alphabet were worth $1,864,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of GOOG. Mesirow Financial Investment Management Equity Management acquired a new position in Alphabet during the second quarter worth about $121,000. Whitnell & Co. increased its position in Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock worth $129,000 after buying an additional 32 shares during the last quarter. D. Scott Neal Inc. increased its position in Alphabet by 2,000.0% in the second quarter. D. Scott Neal Inc. now owns 210 shares of the company’s stock worth $145,000 after buying an additional 200 shares during the last quarter. Cacti Asset Management LLC acquired a new position in Alphabet during the second quarter worth about $159,000. Finally, Wedge Capital Management L L P NC acquired a new position in Alphabet during the second quarter worth about $210,000. Institutional investors and hedge funds own 34.39% of the company’s stock.
Alphabet Inc. (NASDAQ:GOOG) traded down 0.23% during midday trading on Friday, hitting $775.08. The stock had a trading volume of 933,158 shares. The firm’s 50-day moving average price is $773.14 and its 200 day moving average price is $740.29. The company has a market cap of $532.69 billion, a P/E ratio of 30.03 and a beta of 1.03. Alphabet Inc. has a 12 month low of $639.01 and a 12 month high of $789.87.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $8.42 EPS for the quarter, beating the consensus estimate of $8.03 by $0.39. The firm had revenue of $21.50 billion for the quarter, compared to analyst estimates of $20.74 billion. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The company’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the company earned $6.99 EPS. On average, analysts expect that Alphabet Inc. will post $34.14 earnings per share for the current fiscal year.
GOOG has been the subject of a number of recent analyst reports. Credit Agricole SA reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, September 23rd. Macquarie reaffirmed an “outperform” rating and issued a $975.00 price target on shares of Alphabet in a research note on Wednesday. Jefferies Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, September 9th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $1,025.00 price target (up from $1,000.00) on shares of Alphabet in a research note on Friday, September 30th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $900.00 price target on shares of Alphabet in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, forty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $926.55.
In related news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 3,297 shares in the company, valued at approximately $2,437,175.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David C. Drummond sold 5,000 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $725.52, for a total value of $3,627,600.00. Following the sale, the senior vice president now owns 13,248 shares of the company’s stock, valued at $9,611,688.96. The disclosure for this sale can be found here. Insiders own 13.92% of the company’s stock.
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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