Cornerstone Wealth Group LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,026 shares of the information services provider’s stock after purchasing an additional 1,379 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Alphabet were worth $4,256,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. VitalStone Financial LLC purchased a new stake in Alphabet in the 4th quarter worth $25,000. Live Oak Investment Partners bought a new position in shares of Alphabet in the fourth quarter worth about $26,000. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Alphabet during the fourth quarter worth about $33,000. Sanctuary Wealth Management L.L.C. bought a new stake in Alphabet during the 4th quarter valued at approximately $34,000. Finally, Turim 21 Investimentos Ltda. bought a new stake in Alphabet during the 3rd quarter valued at approximately $38,000. 35.38% of the stock is owned by institutional investors.
Insider Transactions at Alphabet
In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of Alphabet stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the transaction, the insider now directly owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Alphabet news, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total transaction of $25,130.00. Following the completion of the sale, the director now directly owns 5,740 shares of the company’s stock, valued at $721,231. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the firm’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the completion of the sale, the insider now owns 11,421,476 shares in the company, valued at $161,385,455.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 841,688 shares of company stock valued at $29,376,932. Company insiders own 0.88% of the company’s stock.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $57.19 billion. During the same period in the previous year, the company posted $1.23 earnings per share. On average, analysts predict that Alphabet Inc. will post 5.39 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on GOOGL. TD Cowen increased their price objective on shares of Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, July 13th. Truist Financial raised their target price on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Robert W. Baird boosted their price target on shares of Alphabet from $120.00 to $123.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. 51job restated a “downgrade” rating on shares of Alphabet in a research report on Tuesday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $115.00 target price on shares of Alphabet in a research report on Monday, April 3rd. Seven equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $131.53.
Alphabet Company Profile
Alphabet Inc offers 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 provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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