Westpac Banking Corp Decreases Stake in Alphabet Inc. (GOOG)

Westpac Banking Corp cut its position in Alphabet Inc. (NASDAQ:GOOG) by 19.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 137,223 shares of the information services provider’s stock after selling 32,096 shares during the period. Alphabet accounts for 1.2% of Westpac Banking Corp’s investment portfolio, making the stock its 9th largest position. Westpac Banking Corp’s holdings in Alphabet were worth $121,068,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. increased its position in Alphabet by 6.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,917 shares of the information services provider’s stock worth $15,384,000 after buying an additional 1,270 shares during the period. MIG Capital LLC bought a new stake in Alphabet during the fourth quarter worth about $18,987,000. HCR Wealth Advisors bought a new stake in Alphabet during the fourth quarter worth about $1,540,000. AQR Capital Management LLC raised its stake in Alphabet by 3.2% in the fourth quarter. AQR Capital Management LLC now owns 371,848 shares of the information services provider’s stock worth $286,999,000 after buying an additional 11,608 shares during the period. Finally, Guggenheim Capital LLC raised its stake in Alphabet by 2.2% in the fourth quarter. Guggenheim Capital LLC now owns 134,810 shares of the information services provider’s stock worth $104,047,000 after buying an additional 2,945 shares during the period. Institutional investors own 34.57% of the company’s stock.

Alphabet Inc. (GOOG) opened at 910.67 on Friday. The stock’s 50 day moving average price is $933.52 and its 200-day moving average price is $892.51. Alphabet Inc. has a one year low of $727.54 and a one year high of $988.25. The stock has a market cap of $630.98 billion, a P/E ratio of 33.00 and a beta of 0.94.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The business had revenue of $26.01 billion during the quarter, compared to analysts’ expectations of $25.61 billion. During the same quarter in the prior year, the company earned $8.42 EPS. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. On average, analysts predict that Alphabet Inc. will post $30.60 earnings per share for the current year.

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A number of equities research analysts have recently issued reports on the company. BidaskClub lowered Alphabet from a “buy” rating to a “hold” rating in a research note on Thursday. Vetr lowered Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,034.88 target price for the company. in a research note on Wednesday. SunTrust Banks, Inc. assumed coverage on Alphabet in a research note on Wednesday. They issued a “buy” rating and a $1,100.00 target price for the company. Cowen and Company reiterated an “outperform” rating and issued a $1,075.00 target price on shares of Alphabet in a research note on Thursday, August 10th. Finally, MKM Partners reiterated a “buy” rating and issued a $1,210.00 target price (up previously from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and forty have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $1,030.56.

In other Alphabet news, Director L John Doerr sold 13,556 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $922.15, for a total transaction of $12,500,665.40. Following the completion of the transaction, the director now owns 3,485 shares in the company, valued at approximately $3,213,692.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the transaction, the chief executive officer now owns 2,058 shares of the company’s stock, valued at $2,019,824.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,169 shares of company stock valued at $44,206,482. Corporate insiders own 13.92% of the company’s stock.

Alphabet Company Profile

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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