Covey Capital Advisors LLC grew its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 13.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,942 shares of the information services provider’s stock after acquiring an additional 340 shares during the quarter. Alphabet comprises approximately 3.8% of Covey Capital Advisors LLC’s portfolio, making the stock its 12th biggest position. Covey Capital Advisors LLC’s holdings in Alphabet were worth $3,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of GOOG. Beacon Pointe Wealth Advisors LLC bought a new position in shares of Alphabet during the fourth quarter valued at $921,000. Atwood & Palmer Inc. increased its holdings in shares of Alphabet by 2.3% during the fourth quarter. Atwood & Palmer Inc. now owns 15,097 shares of the information services provider’s stock valued at $15,635,000 after acquiring an additional 341 shares in the last quarter. Beacon Pointe Advisors LLC bought a new position in shares of Alphabet during the fourth quarter valued at $706,000. Good Life Advisors LLC increased its holdings in shares of Alphabet by 4.4% during the fourth quarter. Good Life Advisors LLC now owns 590 shares of the information services provider’s stock valued at $611,000 after acquiring an additional 25 shares in the last quarter. Finally, Partnervest Advisory Services LLC increased its holdings in shares of Alphabet by 8.4% during the fourth quarter. Partnervest Advisory Services LLC now owns 863 shares of the information services provider’s stock valued at $894,000 after acquiring an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 33.97% of the company’s stock.
In other news, Director Ann Mather sold 39 shares of Alphabet stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $1,100.00, for a total transaction of $42,900.00. Following the transaction, the director now directly owns 1,797 shares of the company’s stock, valued at approximately $1,976,700. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amie Thuener O’toole sold 69 shares of Alphabet stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $1,100.52, for a total value of $75,935.88. Following the transaction, the vice president now directly owns 388 shares in the company, valued at $427,001.76. The disclosure for this sale can be found here. Insiders sold 3,744 shares of company stock worth $4,480,345 over the last three months. Insiders own 12.99% of the company’s stock.
Shares of NASDAQ:GOOG opened at $1,239.56 on Friday. The stock has a market capitalization of $836.24 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.39 and a beta of 0.98. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.96 and a current ratio of 3.98. The stock’s 50-day simple moving average is $1,191.99 and its two-hundred day simple moving average is $1,163.91. Alphabet Inc has a 52-week low of $970.11 and a 52-week high of $1,289.27.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.49 by $2.72. The business had revenue of $38.94 billion for the quarter, compared to analysts’ expectations of $38.21 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period last year, the firm posted $11.75 earnings per share. As a group, equities analysts forecast that Alphabet Inc will post 51.48 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on GOOG shares. Pivotal Research started coverage on Alphabet in a report on Wednesday, May 29th. They set a “hold” rating for the company. Benchmark restated a “buy” rating and set a $1,360.00 price target (up from $1,315.00) on shares of Alphabet in a report on Friday, July 26th. Bank of America restated a “buy” rating and set a $1,450.00 price target (up from $1,350.00) on shares of Alphabet in a report on Friday, July 26th. Cowen lifted their price objective on Alphabet from $1,400.00 to $1,500.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, BidaskClub downgraded Alphabet from a “buy” rating to a “hold” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and an average target price of $1,378.93.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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