Home Latest News Short Interest in Alphabet Inc. (NASDAQ:GOOG) Grows By 26.5% – MarketBeat

Short Interest in Alphabet Inc. (NASDAQ:GOOG) Grows By 26.5% – MarketBeat

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Alphabet Inc. (NASDAQ:GOOGGet Rating) was the recipient of a significant increase in short interest in May. As of May 31st, there was short interest totalling 2,150,000 shares, an increase of 26.5% from the May 15th total of 1,700,000 shares. Based on an average trading volume of 1,490,000 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.8% of the shares of the stock are short sold.
Shares of Alphabet stock opened at $2,132.72 on Friday. The stock has a market capitalization of $1.40 trillion, a P/E ratio of 19.29, a PEG ratio of 1.05 and a beta of 1.13. The company has a quick ratio of 2.85, a current ratio of 2.87 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average price of $2,341.07 and a two-hundred day moving average price of $2,622.47. Alphabet has a 12-month low of $2,044.16 and a 12-month high of $3,042.00.
Shares of Alphabet are set to split before the market opens on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly minted shares will be payable to shareholders after the closing bell on Friday, July 15th.
Alphabet (NASDAQ:GOOGGet Rating) last issued its quarterly earnings results on Tuesday, April 26th. The information services provider reported $24.62 EPS for the quarter, missing analysts’ consensus estimates of $25.70 by ($1.08). Alphabet had a return on equity of 30.18% and a net margin of 27.57%. The business had revenue of $56.02 billion for the quarter, compared to analyst estimates of $56.17 billion. During the same quarter last year, the firm earned $26.29 earnings per share. Sell-side analysts anticipate that Alphabet will post 111.86 earnings per share for the current year.
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In related news, major shareholder 2021 Gp L.L.C. Gv acquired 13,528 shares of the business’s stock in a transaction on Tuesday, May 24th. The shares were purchased at an average price of $33.72 per share, for a total transaction of $456,164.16. Following the acquisition, the insider now owns 593,402 shares in the company, valued at $20,009,515.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of the business’s stock in a transaction dated Monday, April 11th. The stock was sold at an average price of $11.16, for a total value of $6,073,818.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 551,700 shares of company stock worth $25,637,428. 12.99% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of GOOG. Aaron Wealth Advisors LLC raised its stake in shares of Alphabet by 492,443.2% in the first quarter. Aaron Wealth Advisors LLC now owns 6,476,943 shares of the information services provider’s stock valued at $2,319,000 after purchasing an additional 6,475,628 shares in the last quarter. Norges Bank acquired a new position in shares of Alphabet in the fourth quarter valued at $2,249,092,000. Royal London Asset Management Ltd. raised its stake in shares of Alphabet by 362.6% in the first quarter. Royal London Asset Management Ltd. now owns 444,067 shares of the information services provider’s stock valued at $1,236,081,000 after purchasing an additional 348,078 shares in the last quarter. TD Asset Management Inc. raised its stake in shares of Alphabet by 62.0% in the fourth quarter. TD Asset Management Inc. now owns 890,592 shares of the information services provider’s stock valued at $2,577,008,000 after purchasing an additional 340,733 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Alphabet in the fourth quarter valued at $754,814,000. Institutional investors own 31.20% of the company’s stock.
Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Alphabet from $3,150.00 to $2,900.00 in a report on Wednesday, April 27th. Raymond James cut their price objective on Alphabet from $3,630.00 to $3,180.00 in a report on Wednesday, April 27th. JPMorgan Chase & Co. cut their price objective on Alphabet from $3,450.00 to $3,200.00 in a report on Wednesday, April 27th. Oppenheimer reaffirmed an “outperform” rating and set a $3,290.00 target price on shares of Alphabet in a research note on Thursday, April 28th. Finally, Canaccord Genuity Group lowered their target price on Alphabet from $3,500.00 to $3,300.00 and set a “buy” rating on the stock in a research note on Wednesday, April 27th. Twenty-nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $3,315.38.
Alphabet Company Profile (Get Rating)
Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.