Equity Investment Corp Purchases New Stake in Alphabet Inc (GOOG)

Equity Investment Corp purchased a new stake in Alphabet Inc (NASDAQ:GOOG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 246 shares of the information services provider’s stock, valued at approximately $236,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital Investment Advisory Services LLC raised its position in Alphabet by 0.4% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 253 shares of the information services provider’s stock valued at $230,000 after buying an additional 1 shares during the last quarter. Capital Advantage Inc. increased its position in shares of Alphabet by 0.4% during the 2nd quarter. Capital Advantage Inc. now owns 273 shares of the information services provider’s stock valued at $248,000 after purchasing an additional 1 shares during the last quarter. Foster & Motley Inc. increased its position in shares of Alphabet by 0.8% during the 2nd quarter. Foster & Motley Inc. now owns 265 shares of the information services provider’s stock valued at $241,000 after purchasing an additional 2 shares during the last quarter. Financial Consulate Inc. increased its position in shares of Alphabet by 1.2% during the 2nd quarter. Financial Consulate Inc. now owns 262 shares of the information services provider’s stock valued at $238,000 after purchasing an additional 3 shares during the last quarter. Finally, Fiduciary Financial Services of The Southwest Inc. TX increased its position in shares of Alphabet by 0.3% during the 2nd quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 874 shares of the information services provider’s stock valued at $794,000 after purchasing an additional 3 shares during the last quarter. 34.46% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on the company. BidaskClub raised Alphabet from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 10th. TheStreet lowered Alphabet from an “a” rating to a “c+” rating in a research report on Thursday, February 1st. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $1,054.53 target price for the company in a research report on Monday. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. Finally, JMP Securities reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirty-six have assigned a buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and an average target price of $1,061.93.

Alphabet Inc (NASDAQ GOOG) opened at $1,051.94 on Tuesday. Alphabet Inc has a 12 month low of $803.37 and a 12 month high of $1,186.89. The company has a quick ratio of 5.11, a current ratio of 5.14 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $721,031.94, a PE ratio of 58.57 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, February 1st. The information services provider reported $9.70 EPS for the quarter, missing the consensus estimate of $10.07 by ($0.37). Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The company had revenue of $32.32 billion during the quarter, compared to the consensus estimate of $31.88 billion. During the same quarter in the prior year, the business earned $9.36 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year.

Alphabet announced that its Board of Directors has initiated a share buyback plan on Thursday, February 1st that allows the company to buyback $8.59 billion in shares. This buyback authorization allows the information services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $1,002.86, for a total value of $4,011,440.00. Following the completion of the transaction, the chief executive officer now owns 1,178 shares in the company, valued at approximately $1,181,369.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP James Grier Campbell sold 184 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $1,012.66, for a total value of $186,329.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,671 shares of company stock valued at $45,613,302. 13.92% of the stock is owned by corporate insiders.

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About Alphabet

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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