Alphabet Inc. (NASDAQ:GOOGL) Position Lessened by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC decreased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,904 shares of the information services provider’s stock after selling 2,040 shares during the period. Cornerstone Wealth Management LLC’s holdings in Alphabet were worth $7,743,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GOOGL. LMR Partners LLP acquired a new stake in Alphabet in the 3rd quarter valued at approximately $32,000. Denver PWM LLC increased its position in Alphabet by 25.4% in the 3rd quarter. Denver PWM LLC now owns 281 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 57 shares during the period. Quarry LP acquired a new stake in Alphabet in the 2nd quarter valued at approximately $53,000. Teachers Insurance & Annuity Association of America acquired a new stake in Alphabet in the 3rd quarter valued at approximately $66,000. Finally, Mendota Financial Group LLC increased its position in Alphabet by 19.0% in the 3rd quarter. Mendota Financial Group LLC now owns 401 shares of the information services provider’s stock valued at $67,000 after acquiring an additional 64 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOGL opened at $195.41 on Thursday. Alphabet Inc. has a 1 year low of $130.66 and a 1 year high of $202.29. The stock has a fifty day moving average price of $187.14 and a 200 day moving average price of $173.69. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.39 trillion, a price-to-earnings ratio of 25.92, a PEG ratio of 1.27 and a beta of 0.98.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period last year, the company earned $1.55 earnings per share. Analysts forecast that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GOOGL shares. Royal Bank of Canada raised their target price on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Piper Sandler reiterated an “overweight” rating and set a $210.00 price target (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. The Goldman Sachs Group reiterated a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Thursday, December 12th. Finally, Truist Financial lifted their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Nine research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $209.82.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total value of $3,990,600.00. Following the transaction, the chief executive officer now directly owns 2,084,306 shares in the company, valued at approximately $369,672,512.16. The trade was a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $197.55, for a total value of $559,856.70. Following the completion of the transaction, the chief accounting officer now owns 20,681 shares in the company, valued at $4,085,531.55. The trade was a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 122,887 shares of company stock worth $22,470,464 over the last three months. Corporate insiders own 11.55% of the company’s stock.

About Alphabet

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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.