State of Michigan Retirement System Sells 23,000 Shares of Alphabet Inc. (NASDAQ:GOOG)

State of Michigan Retirement System lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGFree Report) by 1.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,387,860 shares of the information services provider’s stock after selling 23,000 shares during the period. Alphabet comprises approximately 1.2% of State of Michigan Retirement System’s investment portfolio, making the stock its 12th largest holding. State of Michigan Retirement System’s holdings in Alphabet were worth $195,591,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tandem Wealth Advisors LLC acquired a new stake in shares of Alphabet during the third quarter valued at about $25,000. Bruce G. Allen Investments LLC bought a new stake in Alphabet in the fourth quarter worth approximately $26,000. HWG Holdings LP acquired a new stake in Alphabet in the second quarter valued at approximately $26,000. Intrepid Capital Management Inc. purchased a new position in shares of Alphabet during the second quarter valued at approximately $31,000. Finally, Buck Wealth Strategies LLC purchased a new position in shares of Alphabet during the third quarter valued at approximately $32,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 0.3 %

NASDAQ GOOG opened at $156.37 on Thursday. The company has a fifty day simple moving average of $145.42 and a two-hundred day simple moving average of $139.98. The stock has a market cap of $1.94 trillion, a P/E ratio of 26.96, a P/E/G ratio of 1.45 and a beta of 1.05. Alphabet Inc. has a 12-month low of $103.27 and a 12-month high of $157.00. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGGet Free Report) last announced its earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.04. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The business had revenue of $86.31 billion for the quarter, compared to analyst estimates of $85.28 billion. During the same quarter last year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, analysts forecast that Alphabet Inc. will post 6.77 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the sale, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Prabhakar Raghavan sold 3,258 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the sale, the senior vice president now directly owns 144,685 shares of the company’s stock, valued at approximately $22,566,519.45. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares in the company, valued at $309,548,095.70. The disclosure for this sale can be found here. Insiders have sold 228,239 shares of company stock valued at $32,432,382 over the last ninety days. Company insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on GOOG shares. Raymond James increased their target price on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Susquehanna raised their target price on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 31st. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $146.33.

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Alphabet Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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