Edgewood Management LLC Decreases Stake in Alphabet Inc (NASDAQ:GOOG)

Edgewood Management LLC cut its holdings in Alphabet Inc (NASDAQ:GOOG) by 5.1% during the first quarter, Holdings Channel reports. The institutional investor owned 6,053 shares of the information services provider’s stock after selling 324 shares during the quarter. Alphabet comprises 0.0% of Edgewood Management LLC’s investment portfolio, making the stock its 29th biggest holding. Edgewood Management LLC’s holdings in Alphabet were worth $7,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Alphabet during the fourth quarter worth $2,325,502,000. BlackRock Inc. boosted its position in Alphabet by 1.5% during the first quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock worth $23,563,444,000 after purchasing an additional 295,467 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Alphabet by 17.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,462,119 shares of the information services provider’s stock worth $1,700,167,000 after purchasing an additional 218,275 shares in the last quarter. Swiss National Bank boosted its position in Alphabet by 21.7% during the first quarter. Swiss National Bank now owns 1,199,996 shares of the information services provider’s stock worth $1,395,367,000 after purchasing an additional 214,200 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its position in Alphabet by 9.2% during the fourth quarter. Baillie Gifford & Co. now owns 2,515,209 shares of the information services provider’s stock worth $3,362,886,000 after purchasing an additional 211,618 shares in the last quarter. Hedge funds and other institutional investors own 33.00% of the company’s stock.

GOOG has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated a “buy” rating on shares of Alphabet in a research report on Tuesday, February 4th. Raymond James decreased their target price on Alphabet from $1,580.00 to $1,425.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. They noted that the move was a valuation call. Wedbush reissued an “outperform” rating and issued a $1,625.00 price target on shares of Alphabet in a report on Tuesday, February 4th. Piper Sandler boosted their price target on Alphabet from $1,500.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Finally, Deutsche Bank reissued a “buy” rating and issued a $1,700.00 price target on shares of Alphabet in a report on Tuesday, May 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. Alphabet presently has a consensus rating of “Buy” and an average target price of $1,580.52.

In related news, Director John L. Hennessy sold 45 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $1,151.24, for a total value of $51,805.80. Following the completion of the transaction, the director now owns 32 shares of the company’s stock, valued at $36,839.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann Mather sold 34 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $1,121.18, for a total value of $38,120.12. Following the completion of the transaction, the director now directly owns 1,119 shares of the company’s stock, valued at approximately $1,254,600.42. The disclosure for this sale can be found here. Insiders sold 265 shares of company stock valued at $327,951 in the last ninety days. Company insiders own 12.99% of the company’s stock.

NASDAQ:GOOG traded down $0.82 on Tuesday, hitting $1,431.00. 850,395 shares of the stock were exchanged, compared to its average volume of 1,490,917. The stock has a market cap of $974.49 billion, a PE ratio of 28.87, a PEG ratio of 2.14 and a beta of 1.06. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average of $1,337.40 and a 200-day moving average of $1,338.15. Alphabet Inc has a fifty-two week low of $1,013.54 and a fifty-two week high of $1,532.11.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, April 28th. The information services provider reported $9.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $11.27 by ($1.40). Alphabet had a return on equity of 17.43% and a net margin of 20.71%. The company had revenue of $41.16 billion during the quarter, compared to analysts’ expectations of $40.29 billion. During the same period in the previous year, the company earned $9.50 EPS. Alphabet’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, analysts predict that Alphabet Inc will post 41.47 earnings per share for the current year.

Alphabet Profile

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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