Traders Buy Alphabet (GOOG) on Weakness Following Insider Selling

Traders purchased shares of Alphabet Inc (NASDAQ:GOOG) on weakness during trading on Friday following insider selling activity. $470.78 million flowed into the stock on the tick-up and $300.61 million flowed out of the stock on the tick-down, for a money net flow of $170.17 million into the stock. Of all stocks tracked, Alphabet had the 6th highest net in-flow for the day. Alphabet traded down ($16.25) for the day and closed at $1,066.15Specifically, SVP David C. Drummond sold 5,690 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $1,244.09, for a total value of $7,078,872.10. Following the transaction, the senior vice president now owns 41,234 shares in the company, valued at $51,298,807.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $1,073.27, for a total value of $10,732,700.00. Following the completion of the transaction, the chief executive officer now owns 844 shares in the company, valued at approximately $905,839.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,621 shares of company stock worth $102,660,942. 13.11% of the stock is owned by company insiders.

Several research firms recently issued reports on GOOG. Oppenheimer reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 25th. Barclays reissued a “buy” rating on shares of Alphabet in a research note on Friday, October 26th. Cowen increased their target price on Alphabet from $1,245.00 to $1,350.00 and gave the company an “outperform” rating in a research note on Friday, July 13th. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Tuesday, July 24th. Finally, Wedbush initiated coverage on Alphabet in a research note on Wednesday, October 17th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $1,301.81.

The stock has a market capitalization of $734.71 billion, a P/E ratio of 23.76 and a beta of 1.16. The company has a quick ratio of 4.10, a current ratio of 4.14 and a debt-to-equity ratio of 0.02.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 25th. The information services provider reported $13.06 EPS for the quarter, topping the Zacks’ consensus estimate of $10.41 by $2.65. The company had revenue of $27.16 billion for the quarter. Alphabet had a return on equity of 19.40% and a net margin of 14.45%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOOG. IMS Capital Management raised its position in Alphabet by 2.9% in the 2nd quarter. IMS Capital Management now owns 1,465 shares of the information services provider’s stock valued at $1,634,000 after buying an additional 41 shares during the last quarter. Trust Co. of Virginia VA raised its position in Alphabet by 7.2% in the 2nd quarter. Trust Co. of Virginia VA now owns 614 shares of the information services provider’s stock valued at $685,000 after buying an additional 41 shares during the last quarter. Intl Fcstone Inc. raised its position in Alphabet by 13.8% in the 2nd quarter. Intl Fcstone Inc. now owns 347 shares of the information services provider’s stock valued at $387,000 after buying an additional 42 shares during the last quarter. Security National Trust Co. raised its position in Alphabet by 1.9% in the 2nd quarter. Security National Trust Co. now owns 2,229 shares of the information services provider’s stock valued at $2,487,000 after buying an additional 42 shares during the last quarter. Finally, Providence First Trust Co raised its position in Alphabet by 2.7% in the 2nd quarter. Providence First Trust Co now owns 1,581 shares of the information services provider’s stock valued at $1,764,000 after buying an additional 42 shares during the last quarter. 34.16% of the stock is currently owned by institutional investors.

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Alphabet Company Profile (NASDAQ:GOOG)

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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