Sterneck Capital Management LLC Cuts Holdings in Alphabet Inc. (GOOG)

Sterneck Capital Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 6.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,039 shares of the information services provider’s stock after selling 140 shares during the period. Sterneck Capital Management LLC’s holdings in Alphabet were worth $2,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Rothschild Capital Partners LLC bought a new stake in Alphabet in the third quarter valued at approximately $3,161,000. Founders Capital Management LLC lifted its position in Alphabet by 1,868.4% in the third quarter. Founders Capital Management LLC now owns 9,468 shares of the information services provider’s stock valued at $9,081,000 after purchasing an additional 8,987 shares during the last quarter. Argent Trust Co lifted its position 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 during the last quarter. Commonwealth Equity Services Inc lifted its position 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 during the last quarter. Finally, Ninepoint Partners LP bought a new stake in Alphabet in the third quarter valued at approximately $1,881,000. 34.84% of the stock is owned by institutional investors and hedge funds.

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In other news, Director Ann Mather sold 38 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $1,162.61, for a total value of $44,179.18. Following the sale, the director now directly owns 1,829 shares of the company’s stock, valued at $2,126,413.69. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $1,018.01, for a total value of $4,072,040.00. Following the completion of the sale, the chief executive officer now directly owns 967 shares in the company, valued at $984,415.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,410 shares of company stock worth $58,408,136. 13.92% of the stock is owned by insiders.

GOOG has been the subject of several recent research reports. SunTrust Banks boosted their price objective on Alphabet to $1,250.00 and gave the company a “buy” rating in a research report on Friday, January 12th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research report on Friday, January 12th. Deutsche Bank reiterated a “buy” rating on shares of Alphabet in a research report on Monday, January 29th. Goldman Sachs reiterated a “buy” rating on shares of Alphabet in a research report on Thursday, January 25th. Finally, UBS reiterated a “buy” rating on shares of Alphabet in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirty-five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $1,088.68.

Shares of GOOG stock opened at $1,072.96 on Friday. The firm has a market capitalization of $755,715.44, a P/E ratio of 33.48 and a beta of 1.08. Alphabet Inc. has a twelve month low of $840.60 and a twelve month 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.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 return on equity of 14.94% and a net margin of 11.42%. Alphabet’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the company earned $9.36 earnings per share.

Alphabet announced that its board has approved a share repurchase program on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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Alphabet 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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