Cadence Capital Management LLC Lowers Holdings in Alphabet Inc (GOOG)
Cadence Capital Management LLC lowered its position in shares of Alphabet Inc (NASDAQ:GOOG) by 79.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 761 shares of the information services provider’s stock after selling 2,904 shares during the quarter. Cadence Capital Management LLC’s holdings in Alphabet were worth $730,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of GOOG. Burt Wealth Advisors lifted its position in Alphabet by 17.2% during the 2nd quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock worth $123,000 after acquiring an additional 20 shares during the period. Signature Estate & Investment Advisors LLC lifted its position in Alphabet by 3.8% during the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock worth $124,000 after acquiring an additional 5 shares during the period. Archford Capital Strategies LLC lifted its position in Alphabet by 400.0% during the 2nd quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock worth $139,000 after acquiring an additional 832 shares during the period. Almanack Investment Partners LLC. lifted its position in Alphabet by 4.5% during the 2nd quarter. Almanack Investment Partners LLC. now owns 162 shares of the information services provider’s stock worth $147,000 after acquiring an additional 7 shares during the period. Finally, Catamount Wealth Management lifted its position in Alphabet by 5.8% during the 2nd quarter. Catamount Wealth Management now owns 182 shares of the information services provider’s stock worth $165,000 after acquiring an additional 10 shares during the period. 34.64% of the stock is owned by institutional investors.
In other Alphabet news, Director Ann Mather sold 38 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $1,015.80, for a total transaction of $38,600.40. Following the completion of the sale, the director now directly owns 1,813 shares in the company, valued at approximately $1,841,645.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director L John Doerr sold 12,236 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $1,021.57, for a total value of $12,499,930.52. Following the sale, the director now owns 3,485 shares of the company’s stock, valued at $3,560,171.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,981 shares of company stock valued at $39,624,577. 13.92% of the stock is owned by company insiders.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $10.07 by ($0.37). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The business had revenue of $32.32 billion during the quarter, compared to analysts’ expectations of $31.88 billion. During the same quarter in the prior year, the firm earned $9.36 EPS. Alphabet’s revenue for the quarter was up 24.0% on a year-over-year basis.
Alphabet announced that its board has approved a stock buyback program on Thursday, February 1st that permits the company to buyback $8.59 billion in shares. This buyback authorization permits the information services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
A number of brokerages have commented on GOOG. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $1,054.53 price target for the company in a research report on Monday. TheStreet cut Alphabet from an “a” rating to a “c+” rating in a research report on Thursday, February 1st. BidaskClub cut Alphabet from a “strong-buy” rating to a “buy” rating in a report on Monday, February 5th. Stifel Nicolaus cut Alphabet from a “buy” rating to a “hold” rating and set a $1,150.00 price objective for the company. in a report on Friday, February 2nd. Finally, Piper Jaffray Companies reissued an “overweight” rating on shares of Alphabet in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirty-six have issued a buy rating to the stock. Alphabet has an average rating of “Buy” and a consensus target price of $1,061.93.
WARNING: This article was posted by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are viewing this article on another website, it was copied illegally and reposted in violation of U.S. & international trademark and copyright legislation. The original version of this article can be accessed at https://theolympiareport.com/2018/02/11/cadence-capital-management-llc-lowers-holdings-in-alphabet-inc-goog.html.
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.
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOG).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.