Alphabet Inc. (NASDAQ: GOOG) sees significant increase in overdraft interest


Alphabet Inc. (NASDAQ: GOOG) benefited from strong growth in short-term interest in June. As of June 15, there was short interest totaling 3,140,000 shares, an increase of 16.7% over the May 31 total of 2,690,000 shares. Based on an average daily trading volume of 1,310,000 shares, the short-term interest rate is currently 2.4 days. Currently, 1.1% of the company’s shares are sold short.

In other Alphabet news, CAD Amie Thuener O’toole sold 18 shares of Alphabet in a trade on Friday, May 7. The stock was sold for an average price of $ 2,400.00, for a total value of $ 43,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 979 shares of the company, valued at approximately $ 2,349,600. The sale was disclosed in a legal file with the Securities & Exchange Commission, which is available through this hyperlink. In addition, Executive Vice President Philipp Schindler sold 1,385 shares of the company in a trade on Friday, April 30. The shares were sold for an average price of $ 2,403.54, for a total value of $ 3,328,902.90. Following the sale, the Senior Vice President now owns 18,465 shares of the company, valued at $ 44,381,366.10. Disclosure of this sale can be found here. Insiders sold a total of 69,312 shares of the company valued at $ 164,353,955 during the last quarter. Company insiders own 12.99% of the company’s shares.

Several hedge funds have recently bought and sold shares of GOOG. CWS Financial Advisors LLC strengthened its position in Alphabet shares by 3.2% in the 4th quarter. CWS Financial Advisors LLC now owns 162 shares of the information service provider valued at $ 284,000 after purchasing 5 additional shares in the last quarter. Silverleafe Capital Partners LLC increased its stake in Alphabet shares by 2.8% during the 1st quarter. Silverleafe Capital Partners LLC now owns 181 shares of the information service provider valued at $ 374,000 after purchasing 5 additional shares in the last quarter. Alliance Wealth Advisors LLC increased its position in Alphabet shares by 2.7% during the 1st quarter. Alliance Wealth Advisors LLC now owns 190 shares of the information service provider valued at $ 393,000 after purchasing 5 additional shares during the period. GPS Wealth Strategies Group LLC increased its stake in Alphabet shares by 0.6% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 814 shares of the information service provider valued at $ 1,683,000 after acquiring 5 additional shares in the last quarter. Finally, Triton Wealth Management PLLC increased its position in Alphabet shares by 3.8% during the first quarter. Triton Wealth Management PLLC now owns 136 shares of the information service provider valued at $ 303,000 after acquiring 5 additional shares during the period. 31.70% of the shares are held by hedge funds and other institutional investors.

GOOG has been the subject of several recent analyst reports. Raymond James raised his price target for Alphabet shares from $ 2,440.00 to $ 2,750.00 and gave the company an “outperformance” rating in a report released on Wednesday, April 28. Deutsche Bank Aktiengesellschaft raised its price target on Alphabet from $ 2,600.00 to $ 3,050.00 and gave the company a “buy” rating in a report released on Wednesday April 28. Barclays reaffirmed a “buy” note on Alphabet shares in a research report on Wednesday April 28. Mizuho raised his price target on Alphabet from $ 2,350.00 to $ 2,600.00 and gave the company a “buy” rating in a research report on Monday, April 19. Finally, Evercore ISI reissued an “outperformance” rating and set a target price of $ 2,525.00 on Alphabet shares in a research note on Tuesday, April 13. Four equity research analysts rated the stock with a conservation rating and twenty-two issued a buy rating for the company’s stock. Alphabet has a consensus rating of “Buy” and an average target price of $ 2,519.32.

Alphabet shares traded up $ 47.01 at noon Monday, reaching $ 2,574.38. The company had a trading volume of 1,058,256 shares, compared to an average volume of 1,451,089. The stock’s fifty-day moving average is $ 2,428.99. Alphabet has a 52 week minimum at $ 1,406.55 and a 52 week maximum of $ 2,576.96. The stock has a market cap of $ 1.73 trillion, a price-to-earnings ratio of 34.27, a PEG ratio of 1.59, and a beta of 1.00. The company has a current ratio of 3.10, a quick ratio of 3.09, and a debt ratio of 0.06.

Alphabet (NASDAQ: GOOG) last released its quarterly earnings data on Monday, April 26. The news service provider reported EPS of $ 26.29 for the quarter, beating the Zacks’ consensus estimate of $ 15.74 by $ 10.55. Alphabet had a net margin of 26.11% and a return on equity of 23.54%. The company posted revenue of $ 55.30 billion for the quarter, compared to $ 51.40 billion according to analysts’ estimates. During the same period of the previous year, the company posted EPS of $ 9.87. The company’s quarterly revenue grew 34.4% year-over-year. Research analysts predict that Alphabet will post 89.46 earnings per share for the current fiscal year.

About the alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. The company offers performance and brand advertising services. It operates through the Google Services, Google Cloud and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search and YouTube, as well as technical infrastructure; and digital content.

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