Sandy Spring Bank Increases Position in Alphabet Inc. (GOOG)
Sandy Spring Bank increased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.6% during the second quarter, Holdings Channel reports. The fund owned 7,839 shares of the company’s stock after buying an additional 752 shares during the period. Sandy Spring Bank’s holdings in Alphabet were worth $5,425,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Taylor Cottrill Erickson & Associates Inc. bought a new position in shares of Alphabet during the second quarter worth $208,000. Modera Wealth Management LLC raised its stake in shares of Alphabet by 76.9% in the second quarter. Modera Wealth Management LLC now owns 575 shares of the company’s stock worth $398,000 after buying an additional 250 shares in the last quarter. Edge Asset Management Inc. raised its stake in shares of Alphabet by 54.0% in the second quarter. Edge Asset Management Inc. now owns 32,222 shares of the company’s stock worth $22,302,000 after buying an additional 11,292 shares in the last quarter. Vestor Capital LLC raised its stake in shares of Alphabet by 2.1% in the second quarter. Vestor Capital LLC now owns 11,324 shares of the company’s stock worth $7,837,000 after buying an additional 238 shares in the last quarter. Finally, Denver Investment Advisors LLC raised its stake in shares of Alphabet by 3.0% in the second quarter. Denver Investment Advisors LLC now owns 18,705 shares of the company’s stock worth $12,946,000 after buying an additional 537 shares in the last quarter. 34.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 1.38% during trading on Thursday, reaching $775.30. The company’s stock had a trading volume of 400,446 shares. Alphabet Inc. has a one year low of $641.73 and a one year high of $792.28. The firm has a market cap of $532.84 billion, a P/E ratio of 30.04 and a beta of 1.03. The stock’s 50 day moving average is $774.16 and its 200 day moving average is $741.30.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $8.03 by $0.39. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The firm earned $21.50 billion during the quarter, compared to the consensus estimate of $20.74 billion. During the same quarter in the previous year, the company posted $6.99 earnings per share. The business’s revenue was up 21.3% on a year-over-year basis. On average, equities analysts forecast that Alphabet Inc. will post $34.14 EPS for the current fiscal year.
A number of analysts have recently commented on GOOG shares. Goldman Sachs Group Inc. set a $810.00 price objective on shares of Alphabet and gave the stock a “buy” rating in a research report on Wednesday, July 20th. Vetr raised shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $778.71 price objective on the stock in a research report on Monday, June 20th. Longbow Research started coverage on shares of Alphabet in a research report on Wednesday, July 6th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. reissued a “buy” rating on shares of Alphabet in a research report on Tuesday, September 27th. Finally, Societe Generale set a $910.00 price objective on shares of Alphabet and gave the stock a “buy” rating in a research report on Thursday, July 7th. One 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 assigned a strong buy rating to the company. Alphabet presently has a consensus rating of “Buy” and an average price target of $926.55.
In related news, CEO Lawrence Page sold 33,332 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $748.02, for a total value of $24,933,002.64. Following the sale, the chief executive officer now directly owns 30,666 shares of the company’s stock, valued at $22,938,781.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ann Mather sold 43 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $773.49, for a total value of $33,260.07. Following the completion of the sale, the director now directly owns 1,656 shares in the company, valued at $1,280,899.44. The disclosure for this sale can be found here. 13.92% of the stock is owned by company insiders.
Alphabet Company Profile
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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