Cornerstone Wealth Management LLC Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

by · The Cerbat Gem

Cornerstone Wealth Management LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 4.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,232 shares of the information services provider’s stock after selling 1,360 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Alphabet were worth $3,697,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GOOG. Totem Point Management LLC raised its position in shares of Alphabet by 22.0% during the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock valued at $8,857,000 after buying an additional 571 shares in the last quarter. Somerville Kurt F raised its position in shares of Alphabet by 10.3% during the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock valued at $330,000 after buying an additional 11 shares in the last quarter. BCK Partners Inc. purchased a new stake in shares of Alphabet during the 1st quarter valued at about $2,564,000. Hall Capital Management Co. Inc. raised its position in shares of Alphabet by 53.2% during the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock valued at $402,000 after buying an additional 50 shares in the last quarter. Finally, Fairfield Bush & CO. raised its position in shares of Alphabet by 6.8% during the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after buying an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 27.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GOOG. Susquehanna upped their target price on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 31st. Raymond James upped their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Alphabet has an average rating of “Buy” and a consensus price target of $146.33.

Check Out Our Latest Stock Analysis on Alphabet

Alphabet Stock Performance

Shares of NASDAQ:GOOG opened at $142.17 on Monday. The company has a market capitalization of $1.77 trillion, a price-to-earnings ratio of 24.51, a PEG ratio of 1.30 and a beta of 1.05. Alphabet Inc. has a 12 month low of $95.87 and a 12 month high of $155.20. The firm’s 50-day moving average is $143.64 and its 200 day moving average is $138.64. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $85.28 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The firm’s revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.05 EPS. Research analysts predict that Alphabet Inc. will post 6.77 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the transaction, the chief executive officer now directly owns 2,332,691 shares in the company, valued at approximately $309,548,095.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Frances Arnold sold 230 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the sale, the director now owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The disclosure for this sale can be found here. Insiders have sold 279,159 shares of company stock worth $39,220,185 in the last three months. Corporate insiders own 12.99% of the company’s stock.

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

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