Traders Buy Alphabet (GOOG) on Weakness on Insider Selling

Investors purchased shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading hours on Thursday after an insider sold shares in the company. $292.36 million flowed into the stock on the tick-up and $228.62 million flowed out of the stock on the tick-down, for a money net flow of $63.74 million into the stock. Of all stocks tracked, Alphabet had the 8th highest net in-flow for the day. Alphabet traded down ($3.18) for the day and closed at $1,078.59Specifically, 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 sale, the senior vice president now owns 2,897 shares of the company’s stock, valued at approximately $3,373,353.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $1,106.68, for a total value of $4,426,720.00. Following the completion of the sale, the chief executive officer now directly owns 642 shares in the company, valued at approximately $710,488.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,211 shares of company stock worth $61,748,995. Corporate insiders own 13.92% of the company’s stock.

GOOG has been the topic of several recent research reports. TheStreet raised Alphabet from a “c+” rating to an “a-” rating in a research note on Monday, April 23rd. Deutsche Bank reissued a “buy” rating on shares of Alphabet in a research note on Monday, January 29th. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Friday, January 26th. Goldman Sachs reissued a “buy” rating on shares of Alphabet in a research note on Thursday, January 25th. Finally, Robert W. Baird reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 2nd. Five analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $1,130.86.

The stock has a market capitalization of $750.01 billion, a price-to-earnings ratio of 33.65 and a beta of 1.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.87 and a quick ratio of 4.85.

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

Alphabet declared that its Board of Directors has authorized a share repurchase program on Thursday, February 1st that allows the company to buyback $8.59 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in GOOG. Gables Capital Management Inc. bought a new stake in shares of Alphabet during the first quarter worth approximately $2,433,000. Israel Discount Bank of New York boosted its holdings in shares of Alphabet by 7.4% during the first quarter. Israel Discount Bank of New York now owns 802 shares of the information services provider’s stock worth $827,000 after acquiring an additional 55 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in shares of Alphabet by 7.4% during the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 52,400 shares of the information services provider’s stock worth $54,066,000 after acquiring an additional 3,600 shares during the period. Private Capital Group LLC boosted its holdings in shares of Alphabet by 39.6% during the first quarter. Private Capital Group LLC now owns 1,138 shares of the information services provider’s stock worth $1,174,000 after acquiring an additional 323 shares during the period. Finally, Laurel Wealth Advisors Inc. boosted its holdings in shares of Alphabet by 4.0% during the first quarter. Laurel Wealth Advisors Inc. now owns 5,183 shares of the information services provider’s stock worth $5,347,000 after acquiring an additional 199 shares during the period. 34.78% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Company 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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