Wallington Asset Management LLC increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,532 shares of the information services provider’s stock after buying an additional 80 shares during the quarter. Alphabet comprises approximately 2.0% of Wallington Asset Management LLC’s holdings, making the stock its 23rd largest holding. Wallington Asset Management LLC’s holdings in Alphabet were worth $7,881,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of GOOG. Stuart Chaussee & Associates Inc. increased its stake in Alphabet by 108.3% in the fourth quarter. Stuart Chaussee & Associates Inc. now owns 100 shares of the information services provider’s stock worth $105,000 after purchasing an additional 52 shares during the period. Price Wealth Management Inc. purchased a new stake in Alphabet in the fourth quarter worth $125,000. Signature Estate & Investment Advisors LLC purchased a new stake in Alphabet in the fourth quarter worth $132,000. WealthTrust Arizona LLC increased its stake in Alphabet by 134.9% in the fourth quarter. WealthTrust Arizona LLC now owns 148 shares of the information services provider’s stock worth $155,000 after purchasing an additional 85 shares during the period. Finally, Front Row Advisors LLC purchased a new stake in Alphabet in the fourth quarter worth $155,000. Institutional investors own 34.84% of the company’s stock.
GOOG opened at $1,037.98 on Tuesday. Alphabet Inc. has a 1 year low of $824.47 and a 1 year high of $1,186.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.11 and a current ratio of 5.14. The stock has a market capitalization of $715,119.31, a price-to-earnings ratio of 32.15 and a beta of 1.08.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $10.07 by ($0.37). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The company had revenue of $32.32 billion during the quarter, compared to analysts’ expectations of $31.88 billion. During the same quarter last year, the firm earned $9.36 EPS. Alphabet’s revenue for the quarter was up 24.0% on a year-over-year basis.
Alphabet announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 1st that allows the company to repurchase $8.59 billion in shares. This repurchase authorization allows the information services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
A number of analysts have weighed in on GOOG shares. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Friday, January 26th. Jefferies Group reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. BidaskClub lowered Alphabet from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 5th. TheStreet lowered Alphabet from an “a” rating to a “c+” rating in a research note on Thursday, February 1st. Finally, Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,172.75 target price on the stock in a research note on Monday, March 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $1,089.34.
In other Alphabet news, SVP David C. Drummond sold 5,690 shares of Alphabet stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $1,164.43, for a total value of $6,625,606.70. Following the transaction, the senior vice president now owns 2,897 shares in the company, valued at $3,373,353.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet 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 completion of the transaction, the chief executive officer now owns 656 shares in the company, valued at approximately $739,423.52. The disclosure for this sale can be found here. Insiders sold 54,410 shares of company stock worth $58,606,136 in the last quarter. 13.92% of the stock is owned by insiders.
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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.
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