Alphabet Inc (NASDAQ:GOOG) Holdings Decreased by CI Investments Inc.

CI Investments Inc. lowered its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 25.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 169,326 shares of the information services provider’s stock after selling 58,632 shares during the quarter. Alphabet accounts for 1.5% of CI Investments Inc.’s holdings, making the stock its 18th biggest holding. CI Investments Inc.’s holdings in Alphabet were worth $162,402,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Investment Advisory Services LLC increased its position in Alphabet by 0.4% during 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 in the last quarter. Capital Advantage Inc. increased its holdings in shares of Alphabet by 0.4% in the second 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 period. Foster & Motley Inc. increased its holdings in shares of Alphabet by 0.8% in the second 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 period. Saratoga Research & Investment Management increased its holdings in shares of Alphabet by 1.2% in the second quarter. Saratoga Research & Investment Management now owns 257 shares of the information services provider’s stock valued at $234,000 after purchasing an additional 3 shares during the period. Finally, Edge Wealth Management LLC increased its holdings in shares of Alphabet by 0.9% in the second quarter. Edge Wealth Management LLC now owns 340 shares of the information services provider’s stock valued at $309,000 after purchasing an additional 3 shares during the period. 34.46% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Inc (NASDAQ GOOG) traded up $17.60 during trading on Wednesday, hitting $1,069.70. The stock had a trading volume of 1,540,487 shares, compared to its average volume of 1,840,000. Alphabet Inc has a fifty-two week low of $803.37 and a fifty-two week high of $1,186.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.14 and a quick ratio of 5.11. The stock has a market cap of $744,090.00, a P/E ratio of 59.56 and a beta of 1.01.

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

Alphabet declared that its board has initiated a stock buyback program 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 programs are generally a sign that the company’s management believes its stock is undervalued.

In other Alphabet news, VP James Grier Campbell sold 184 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $1,012.66, for a total transaction of $186,329.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann Mather sold 38 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $1,015.80, for a total value of $38,600.40. Following the transaction, the director now owns 1,813 shares in the company, valued at approximately $1,841,645.40. The disclosure for this sale can be found here. Insiders sold a total of 27,435 shares of company stock worth $29,030,612 in the last 90 days. 13.92% of the stock is currently owned by insiders.

A number of research analysts have recently weighed in on GOOG shares. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a report on Friday, January 26th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, October 27th. UBS Group reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, October 27th. Jefferies Group reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, February 2nd. Finally, Societe Generale reiterated a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirty-six have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $1,061.93.

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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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