Westpac Banking Corp Reduces Holdings in Alphabet Inc (NASDAQ:GOOG)

Westpac Banking Corp trimmed its position in Alphabet Inc (NASDAQ:GOOG) by 2.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 20,819 shares of the information services provider’s stock after selling 521 shares during the period. Westpac Banking Corp’s holdings in Alphabet were worth $21,785,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GOOG. Beach Investment Management LLC. purchased a new stake in Alphabet in the 2nd quarter worth approximately $268,000. Mogy Joel R Investment Counsel Inc. raised its position in shares of Alphabet by 0.4% during the 2nd quarter. Mogy Joel R Investment Counsel Inc. now owns 20,191 shares of the information services provider’s stock valued at $18,348,000 after buying an additional 90 shares in the last quarter. Richard Bernstein Advisors LLC raised its position in shares of Alphabet by 17.4% during the 2nd quarter. Richard Bernstein Advisors LLC now owns 13,210 shares of the information services provider’s stock valued at $12,004,000 after buying an additional 1,957 shares in the last quarter. Adell Harriman & Carpenter Inc. grew its holdings in shares of Alphabet by 0.9% during the 2nd quarter. Adell Harriman & Carpenter Inc. now owns 9,489 shares of the information services provider’s stock valued at $8,623,000 after purchasing an additional 80 shares during the last quarter. Finally, Comprehensive Portfolio Management LLC bought a new position in shares of Alphabet during the 2nd quarter valued at $276,000. 34.85% of the stock is owned by institutional investors and hedge funds.

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A number of brokerages have issued reports on GOOG. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,172.75 price target on the stock in a report on Monday, March 19th. SunTrust Banks raised their target price on shares of Alphabet to $1,250.00 and gave the stock a “buy” rating in a research report on Friday, January 12th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, January 12th. Morningstar reissued a “neutral” rating on shares of Alphabet in a research report on Friday, January 19th. Finally, BidaskClub cut shares of Alphabet from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet presently has an average rating of “Buy” and an average price target of $1,089.34.

Alphabet stock opened at $1,007.04 on Friday. Alphabet Inc has a 1 year low of $817.02 and a 1 year high of $1,186.89. The firm has a market capitalization of $712,249.88, a P/E ratio of 31.42 and a beta of 1.08. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.11 and a current ratio of 5.14.

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

Alphabet declared that its board has authorized a stock repurchase plan on Thursday, February 1st that permits the company to repurchase $8.59 billion in shares. This repurchase authorization permits the information services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In related news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $1,127.17, for a total value of $4,508,680.00. Following the sale, the chief executive officer now directly owns 656 shares in the company, valued at approximately $739,423.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP James Grier Campbell sold 238 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $1,162.61, for a total transaction of $276,701.18. The disclosure for this sale can be found here. Insiders sold a total of 48,720 shares of company stock worth $52,755,337 in the last 90 days. 13.92% of the stock is currently owned by insiders.

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Alphabet Company Profile

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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