Norway Savings Bank Decreases Stake in Alphabet Inc (NASDAQ:GOOG)
Norway Savings Bank trimmed its holdings in shares of Alphabet Inc (NASDAQ:GOOG) by 18.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 65 shares of the information services provider’s stock after selling 15 shares during the quarter. Norway Savings Bank’s holdings in Alphabet were worth $96,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Alphabet by 0.4% in the second quarter. BlackRock Inc. now owns 20,335,553 shares of the information services provider’s stock worth $28,746,541,000 after buying an additional 71,328 shares during the last quarter. State Street Corp grew its holdings in Alphabet by 0.8% during the 1st quarter. State Street Corp now owns 11,814,026 shares of the information services provider’s stock worth $13,737,468,000 after acquiring an additional 98,084 shares in the last quarter. Capital International Investors increased its position in shares of Alphabet by 5.0% in the 1st quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock worth $5,297,617,000 after purchasing an additional 218,823 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Alphabet by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,723,037 shares of the information services provider’s stock valued at $5,262,923,000 after purchasing an additional 340,937 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Alphabet by 1.1% in the 2nd quarter. Swiss National Bank now owns 1,213,596 shares of the information services provider’s stock valued at $1,715,551,000 after purchasing an additional 13,600 shares in the last quarter. Institutional investors and hedge funds own 32.42% of the company’s stock.
In related news, Director John L. Hennessy sold 60 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $1,538.29, for a total transaction of $92,297.40. Following the transaction, the director now owns 517 shares in the company, valued at $795,295.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann Mather sold 22 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $1,484.27, for a total value of $32,653.94. Following the sale, the director now directly owns 1,134 shares in the company, valued at approximately $1,683,162.18. The disclosure for this sale can be found here. Insiders sold 142 shares of company stock valued at $213,357 in the last ninety days. Corporate insiders own 12.99% of the company’s stock.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.43 by $1.70. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. The company had revenue of $31.60 billion during the quarter, compared to analyst estimates of $30.58 billion. On average, equities analysts anticipate that Alphabet Inc will post 44.84 EPS for the current fiscal year.
Several analysts recently weighed in on the company. Pivotal Research boosted their price objective on Alphabet from $1,575.00 to $1,725.00 and gave the company a “buy” rating in a report on Friday, July 31st. Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a report on Friday, July 31st. BidaskClub cut Alphabet from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Alphabet in a report on Monday, October 12th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Alphabet from $1,975.00 to $2,020.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Four analysts have rated the stock with a hold rating, twenty-four have assigned 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 a consensus target price of $1,703.33.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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