While last year there was a lot of buzz about Alphabet’s (NASDAQ:GOOG) Project Tango smartphone technology, which allows for the mapping of the device’s 3D environment, this week we got news that the first actual smartphone using this technology will be here sooner than many had imagined. At the Consumer Electronic Show yesterday Alphabet Inc (NASDAQ:GOOG) announced that they have partnered with Lenova and will be releasing the first Project Tango smartphone this Summer.
The new device will use cameras, imaging technology and sensors to track its surroundings and cost less than $500 according to the Alphabet Inc (NASDAQ:GOOG). So far we know that it will utilize a Qualcomm processor and have a form factor that is no larger than 6.5 inches. Google and Lenova have also announced an incubator project which will seek to find developers who can create apps to utilize the Project Tango software.
Google Project Tango lead Johnny Lee stated, “With Project Tango, the smartphone becomes a magic window into the physical world by enabling it to perceive space and motion that goes beyond the boundaries of a touch screen.”
The stock is currently trading higher by 0.64% or $4.67 following the positive news, hitting $731.06 per share at the time of us publishing this article. About 294,494 shares traded hands. GOOG has risen 35.34% since June 4, 2015 and is uptrending. It has outperformed the S&P500 by 40.04%.
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 12.99% above today’s ($731.06) 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 dived, 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 buys, and 44 insider sales 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 $3.33M. Drummond David C sold 5,290 shares worth $3.39M. The insider Mather Ann sold 6,000 shares worth $3.48M.
Alphabet Inc is a collection of Companies. The company has a market cap of $508.83 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 34.39 P/E ratio. These will be managed separately in Alphabet.