Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Cullen Frost Bankers Inc.

Posted by Defense World Staff on Aug 12th, 2023

Cullen Frost Bankers Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 774,983 shares of the information services provider’s stock after selling 10,325 shares during the quarter. Alphabet accounts for approximately 1.5% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 10th largest holding. Cullen Frost Bankers Inc.’s holdings in Alphabet were worth $80,389,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Bornite Capital Management LP purchased a new position in shares of Alphabet in the 1st quarter worth about $16,688,000. Markel Corp boosted its holdings in shares of Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares during the last quarter. United Bank boosted its holdings in shares of Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after buying an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after buying an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management boosted its holdings in shares of Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after buying an additional 1,570 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $129.56 on Friday. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $133.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. The business has a fifty day moving average price of $123.85 and a 200-day moving average price of $110.97. The company has a market capitalization of $1.63 trillion, a PE ratio of 27.45, a PEG ratio of 1.50 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The firm had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. During the same period last year, the company earned $1.21 earnings per share. As a group, equities analysts expect that Alphabet Inc. will post 5.64 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder 2019 Gp L.L.C. Gv sold 157,952 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $12.74, for a total transaction of $2,012,308.48. Following the sale, the insider now directly owns 10,800,973 shares of the company’s stock, valued at $137,604,396.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director John L. Hennessy sold 200 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following 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 Securities & Exchange Commission, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 157,952 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $12.74, for a total value of $2,012,308.48. Following the sale, the insider now directly owns 10,800,973 shares in the company, valued at $137,604,396.02. The disclosure for this sale can be found here. Insiders sold 588,742 shares of company stock worth $22,455,363 over the last three months. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research reports. TD Cowen boosted their price objective on Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, July 13th. Credit Suisse Group boosted their price objective on Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. Tigress Financial upped their price target on Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a research report on Friday, July 14th. JMP Securities upped their price target on Alphabet from $132.00 to $138.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 26th. Finally, Royal Bank of Canada upped their price target on Alphabet from $145.00 to $155.00 in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $142.19.

Check Out Our Latest Report on GOOGL

Alphabet Company Profile

(Free Report)

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.