Google Stock Gobbled by Fidelity Investments
Fidelity Investments, the world’s largest mutual fund manager, bought $549 million of stock in search engine Google’s IPO, about 23 percent of the shares offered during the initial public offering. Fidelity reported in a filing with the U.S. Securities and Exchange Commission that it now holds 5.21 million Google Class A shares. That’s about 16 percent of Class A stock and 1.9 percent of Google’s total shares outstanding.
The Boston Herald reports
“We don’t comment on buying or selling of individual securities, nor on SEC filings,” said a Fidelity spokesman yesterday. Fidelity’s fund managers tend to be shrewd, but on balance conservative, stock pickers. “Fidelity has a very good research department, and a particularly good group of technology analysts,” adds John Bonannzio, commentator at Wellesley-based research firm Fidelity Insight.”
The Herald adds that Fidelity could be sitting on a $100 million dollar profit in a month – wow.
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