Polen Capital Management LLC lifted its position in Alphabet Inc. (NASDAQ:GOOG) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 969,113 shares of the information services provider’s stock after buying an additional 13,495 shares during the quarter. Alphabet makes up approximately 7.5% of Polen Capital Management LLC’s portfolio, making the stock its 3rd biggest holding. Polen Capital Management LLC owned approximately 0.14% of Alphabet worth $1,014,080,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in GOOG. Rothschild Capital Partners LLC purchased a new stake in Alphabet in the third quarter valued at approximately $3,161,000. Argent Trust Co raised its stake in Alphabet by 3.7% in 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 purchasing an additional 1,999 shares in the last quarter. Ninepoint Partners LP purchased a new stake in Alphabet in the third quarter valued at approximately $1,881,000. Finally, 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 purchasing an additional 1,607 shares in the last quarter. 34.80% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director L John Doerr sold 11,575 shares of Alphabet stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $1,079.99, for a total value of $12,500,884.25. Following the sale, the director now owns 3,485 shares in the company, valued at $3,763,765.15. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $1,018.01, for a total transaction of $4,072,040.00. Following the sale, the chief executive officer now owns 967 shares in the company, valued at approximately $984,415.67. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,223 shares of company stock worth $61,199,974. 13.92% of the stock is currently owned by company insiders.
A number of equities research analysts recently weighed in on the stock. TheStreet downgraded shares of Alphabet from an “a” rating to a “c+” rating in a research note on Thursday, February 1st. BidaskClub raised shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Wednesday. Stifel Nicolaus reaffirmed a “neutral” rating on shares of Alphabet in a research note on Friday, February 2nd. JPMorgan Chase reaffirmed an “overweight” rating and issued a $1,285.00 target price (down from $1,330.00) on shares of Alphabet in a research note on Tuesday, April 24th. Finally, Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Friday, January 26th. Five investment analysts have rated the stock with a hold rating and thirty-three have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $1,130.86.
Shares of Alphabet stock traded down $0.88 on Wednesday, hitting $1,053.91. The stock had a trading volume of 1,217,500 shares, compared to its average volume of 1,889,515. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.85 and a current ratio of 4.87. Alphabet Inc. has a one year low of $894.79 and a one year high of $1,186.89. The stock has a market capitalization of $733.02 billion, a price-to-earnings ratio of 32.88 and a beta of 1.09.
Alphabet (NASDAQ:GOOG) last released 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 business had revenue of $31.15 billion for the quarter, compared to analysts’ expectations of $30.28 billion. Alphabet had a net margin of 14.19% and a return on equity of 15.58%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $7.73 earnings per share.
Alphabet announced that its Board of Directors has approved a share buyback plan on Thursday, February 1st that allows the company to buyback $8.59 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
Alphabet Company Profile
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.