OLD National Bancorp IN increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 5.9% during the second quarter, Holdings Channel reports. The institutional investor owned 5,070 shares of the company’s stock after buying an additional 283 shares during the period. OLD National Bancorp IN’s holdings in Alphabet were worth $3,509,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of Montreal Can acquired a new stake in Alphabet during the second quarter valued at $927,982,000. Emerald Acquisition Ltd. acquired a new stake in Alphabet during the second quarter valued at $481,330,000. Jana Partners LLC acquired a new stake in Alphabet during the first quarter valued at $472,266,000. Bessemer Group Inc. acquired a new stake in Alphabet during the first quarter valued at $402,406,000. Finally, State Board of Administration of Florida Retirement System boosted its stake in Alphabet by 136.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 864,773 shares of the company’s stock valued at $603,415,000 after buying an additional 499,023 shares during the last quarter. Institutional investors and hedge funds own 34.39% of the company’s stock.
Shares of Alphabet Inc. (NASDAQ:GOOG) traded down 0.23% during midday trading on Friday, reaching $775.08. The company’s stock had a trading volume of 933,158 shares. Alphabet Inc. has a one year low of $639.01 and a one year high of $789.87. The stock’s 50 day moving average price is $773.14 and its 200 day moving average price is $740.29. The firm has a market cap of $532.69 billion, a price-to-earnings ratio of 30.03 and a beta of 1.03.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $8.03 by $0.39. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The firm earned $21.50 billion during the quarter, compared to analyst estimates of $20.74 billion. During the same quarter in the previous year, the business earned $6.99 EPS. Alphabet’s revenue for the quarter was up 21.3% compared to the same quarter last year. Analysts predict that Alphabet Inc. will post $34.14 earnings per share for the current year.
Several analysts have weighed in on GOOG shares. Credit Agricole SA reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, September 23rd. Macquarie reissued an “outperform” rating and set a $975.00 price objective on shares of Alphabet in a report on Wednesday. Jefferies Group reissued a “buy” rating on shares of Alphabet in a report on Friday, September 9th. RBC Capital Markets reissued an “outperform” rating and set a $1,025.00 price objective (up from $1,000.00) on shares of Alphabet in a report on Friday, September 30th. Finally, Robert W. Baird reissued an “outperform” rating and set a $900.00 price objective on shares of Alphabet in a report on Wednesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-five have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $926.55.
In related news, SVP David C. Drummond sold 5,000 shares of Alphabet stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $725.52, for a total value of $3,627,600.00. Following the completion of the transaction, the senior vice president now owns 13,248 shares in the company, valued at approximately $9,611,688.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ann Mather sold 43 shares of Alphabet stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $773.49, for a total value of $33,260.07. Following the completion of the sale, the director now owns 1,656 shares in the company, valued at $1,280,899.44. The disclosure for this sale can be found here. 13.92% of the stock is owned by corporate insiders.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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