Fred Alger Management Inc. Trims Holdings in Alphabet Inc. (GOOG)

Fred Alger Management Inc. cut its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 917,825 shares of the information services provider’s stock after selling 33,094 shares during the quarter. Alphabet makes up approximately 4.3% of Fred Alger Management Inc.’s portfolio, making the stock its 5th biggest position. Fred Alger Management Inc.’s holdings in Alphabet were worth $960,412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Stuart Chaussee & Associates Inc. raised its stake in shares of Alphabet by 108.3% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 100 shares of the information services provider’s stock valued at $105,000 after acquiring an additional 52 shares during the period. Price Wealth Management Inc. purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $125,000. Signature Estate & Investment Advisors LLC purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $132,000. WealthShield LLC purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $144,000. Finally, WealthTrust Arizona LLC raised its stake in shares of Alphabet by 134.9% in the 4th quarter. WealthTrust Arizona LLC now owns 148 shares of the information services provider’s stock valued at $155,000 after acquiring an additional 85 shares during the period. 34.25% of the stock is currently owned by institutional investors.

In other Alphabet news, VP James Grier Campbell sold 193 shares of the business’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $1,023.10, for a total transaction of $197,458.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $1,077.94, for a total transaction of $4,311,760.00. Following the transaction, the chief executive officer now owns 601 shares of the company’s stock, valued at approximately $647,841.94. The disclosure for this sale can be found here. Insiders have sold a total of 53,211 shares of company stock valued at $57,322,275 in the last quarter. 13.11% of the stock is currently owned by company insiders.

NASDAQ GOOG opened at $1,075.66 on Friday. The company has a quick ratio of 4.85, a current ratio of 4.87 and a debt-to-equity ratio of 0.02. Alphabet Inc. has a 52 week low of $894.79 and a 52 week high of $1,186.89. The company has a market cap of $750.33 billion, a price-to-earnings ratio of 33.56 and a beta of 1.09.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, April 23rd. The information services provider reported $9.93 EPS for the quarter, topping the consensus estimate of $9.28 by $0.65. Alphabet had a net margin of 14.19% and a return on equity of 15.58%. The company had revenue of $31.15 billion during the quarter, compared to analysts’ expectations of $30.28 billion. During the same quarter in the previous year, the business posted $7.73 EPS. The firm’s revenue was up 25.8% on a year-over-year basis.

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

A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Atlantic Securities reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. JPMorgan Chase & Co. reissued a “buy” rating on shares of Alphabet in a research note on Tuesday, April 10th. Vetr raised shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,197.56 price target on the stock in a research note on Monday, March 26th. Finally, Credit Suisse Group reissued a “buy” rating on shares of Alphabet in a research note on Friday, April 20th. Six equities research analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $1,130.86.

About Alphabet

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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