Cornerstone Wealth Management LLC Sells 300 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Cornerstone Wealth Management LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the third quarter, Holdings Channel reports. The fund owned 42,944 shares of the information services provider’s stock after selling 300 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Alphabet were worth $7,122,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Henrickson Nauta Wealth Advisors Inc. increased its stake in shares of Alphabet by 2.1% in the first quarter. Henrickson Nauta Wealth Advisors Inc. now owns 3,274 shares of the information services provider’s stock worth $511,000 after purchasing an additional 68 shares during the period. CFM Wealth Partners LLC grew its holdings in Alphabet by 1.7% in the 1st quarter. CFM Wealth Partners LLC now owns 126,927 shares of the information services provider’s stock valued at $19,157,000 after buying an additional 2,169 shares during the last quarter. CIC Wealth LLC increased its position in Alphabet by 2.7% in the 1st quarter. CIC Wealth LLC now owns 25,316 shares of the information services provider’s stock worth $3,821,000 after buying an additional 675 shares during the period. Eagle Wealth Strategies LLC bought a new stake in shares of Alphabet in the first quarter valued at approximately $219,000. Finally, Elevated Capital Advisors LLC acquired a new stake in shares of Alphabet in the first quarter worth $215,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total value of $3,741,750.00. Following the completion of the sale, the chief executive officer now owns 2,106,806 shares in the company, valued at approximately $350,361,837.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the transaction, the chief executive officer now directly owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock worth $35,993,340 in the last three months. Insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $165.27 on Friday. The stock has a market capitalization of $2.04 trillion, a P/E ratio of 25.35, a P/E/G ratio of 1.21 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 1-year low of $120.21 and a 1-year high of $191.75. The business has a 50-day moving average price of $161.90 and a two-hundred day moving average price of $168.36.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the prior year, the business posted $1.44 earnings per share. Equities analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GOOGL. JPMorgan Chase & Co. increased their price target on shares of Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Jefferies Financial Group increased their target price on shares of Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Bank of America boosted their price target on Alphabet from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. BMO Capital Markets decreased their price objective on Alphabet from $222.00 to $215.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $190.00 target price on shares of Alphabet in a research note on Monday, October 7th. Seven analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.76.

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