Austin Residents Blame Alphabet’s (GOOG) Google Fiber For Flooding

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While flooding being caused by Alphabet Inc (NASDAQ:GOOG) seems like something you’d read from a conspiracy theorist, residents in Austin Texas may actually be telling the truth when they blame Alphabet’s Google Fiber for flooding, which damaged numerous homes in the area.

According to reports coming out of Austin, ‘socks’, which were used to contain construction debris and left behind after Google Fiber had completed an infrastructure buildout, ended up clogging drainage outlets in the city. This resulted in water remaining in portions of Austin, thus flooding local residents during storms experienced around the time of Halloween.

“Our sympathies are with the families affected by the historic Halloween floods,” said Google of the complaints. “We’re still working closely with our contractors to understand the details of the situation. Whenever we learn of issues, we do everything we can to identify and resolve them appropriately.”

The stock has fallen 2.48% or $18.41 following this negative news, hitting $725.21 per share. Approximately 503,588 shares traded hands. GOOG shares have risen 37.63% since June 3, 2015 and are currently uptrending. It has outperformed the S&P500 by 42.32%.

From a total of 28 analysts covering Google Inc. (NASDAQ:GOOG) stock, 24 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 86% of the ratings are positive. The highest target price is $900 while the lowest target price is $700. The mean of all analyst targets is $826 which is 13.90% above today’s ($725.21) stock price. Google Inc. was the topic of 38 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Pacific Crest maintained shares on December 21 with a “Overweight” rating. Pivotal Research maintained shares with a”Hold” rating and a $740 target share price in their report from an October 23. UBS maintained GOOG stock in a recent report from October 23 with a “Buy” rating. Credit Suisse maintained the rating on October 23. Credit Suisse has a “Outperform” rating and a $850 price target on shares. Finally, Needham maintained the stock with a “Buy” rating in a report they issued on an October 23.

The institutional sentiment decreased to 0.67 in Q2 2015. It’s down 0.53, from 1.2 in 2015Q2. The ratio is negative, as 445 funds sold all their Alphabet Inc shares they owned while 412 reduced their positions. 109 funds bought stakes while 464 increased their total positions. Institutions now own 203.36 million shares which is 12.54% less than the previous share count of 232.53 million in 2015Q2.

Ancient Art L.P. holds 22.07% of its total portfolio in Alphabet Inc, equating to 213,887 shares. Jgp Global Gestao De Recursos Ltda. owns 38,052 shares representing 12.71% of their total US portfolio. Moreover, Cantillon Capital Management Llc has 11.84% of their total portfolio invested in the company, equating to 888,378 shares. The California-based Dalal Street Llc has a total of 11.16% of their portfolio invested in the stock. Glade Brook Capital Partners Llc, a Connecticut-based fund reported 50,799 shares owned.

Since February 25, 2015, the stock had 0 insider buys, and 44 selling transactions for a total of $594.51 million in net activity. Brin Sergey sold 16,670 shares worth $10.24M. Page Lawrence sold 16,670 shares worth $10.34M. Doerr L John sold 5,269 shares worth $3.33 million. Drummond David C sold 5,290 shares worth $3.39 million. The insider Mather Ann sold 6,000 shares worth $3.48 million.

Alphabet Inc is a collection of Companies. The company has a market cap of $513.87 billion. The Company’s collection include Calico, Google’s health and longevity effort; Nest its connected home business; Fiber, its gigabit internet arm; and its investment divisions such as Google Ventures and Google Capital, and incubator projects, such as Google X. It has 34.11 P/E ratio. These will be managed separately in Alphabet.

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