Cobblestone Capital Advisors LLC NY sells 176 shares of Alphabet Inc. (NASDAQ:GOOGL)
Cobblestone Capital Advisors LLC NY reduced its stake in Alphabet Inc. (NASDAQ: GOOGL – Get a rating) by 3.3% in the 1st quarter, Participation channel reports. The company held 5,146 shares of the information services provider after selling 176 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Alphabet were worth $14,313,000 at the end of the last quarter.
Several other hedge funds and other institutional investors also changed their positions in the stock. State Street Corp increased its position in Alphabet shares by 1.4% in the fourth quarter. State Street Corp now owns 11,252,792 shares of the information services provider worth $32,599,789,000 after buying an additional 157,280 shares in the last quarter. Geode Capital Management LLC increased its stake in Alphabet by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 5,322,633 shares of the information services provider worth $15,381,257,000 after acquiring an additional 116,084 shares last quarter. Norges Bank bought a new position in Alphabet during the fourth quarter worth approximately $14,477,662,000. Massachusetts Financial Services Co. MA increased its stake in Alphabet by 0.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,825,959 shares of the information services provider worth $8,186,916,000 after acquiring 20,120 additional shares last quarter. Finally, Invesco Ltd. increased its stake in Alphabet by 14.1% during the fourth quarter. Invesco Ltd. now owns 2,292,059 shares of the information services provider worth $6,640,190,000 after acquiring an additional 283,907 shares last quarter. 41.70% of the shares are currently held by institutional investors.
Alphabet Price Performance
Alphabetical stock opened at $107.90 on Friday. Alphabet Inc. has a 12-month low of $101.88 and a 12-month high of $151.55. The stock’s 50-day moving average is $154.58 and its 200-day moving average is $139.69. The company has a current ratio of 2.87, a quick ratio of 2.85 and a debt ratio of 0.06. The company has a market capitalization of $1.42 trillion, a price/earnings ratio of 19.52, a PEG ratio of 1.18 and a beta of 1.10.
Alphabet (NASDAQ: GOOGL – Get a rating) last released its quarterly results on Tuesday, April 26. The information services provider reported earnings per share (EPS) of $1.23 for the quarter, missing the consensus estimate of $1.28 per ($0.05). The company posted revenue of $56.02 billion in the quarter, versus a consensus estimate of $56.17 billion. Alphabet had a net margin of 27.57% and a return on equity of 30.18%. In the same quarter last year, the company posted earnings per share of $1.31. Equity research analysts expect Alphabet Inc. to post EPS of 5.4 for the current year.
Insider activity at Alphabet
Separately, major shareholder 2021 Gp LLC Gv purchased 255,647 shares of the company in a transaction that took place on Tuesday, May 10. The shares were acquired at an average cost of $34.65 per share, for a total transaction of $8,858,168.55. Following the completion of the purchase, the insider now owns 479,695 shares of the company, valued at approximately $16,621,431.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. In other Alphabet news, CAD Amie Thuener O’toole sold 42 shares of the company in a trade on Tuesday, May 3. The stock was sold at an average price of $2,335.30, for a total transaction of $98,082.60. Following the completion of the sale, the chief accounting officer now directly owns 1,170 shares of the company, valued at $2,732,301. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC website. Additionally, major shareholder 2021 Gp LLC Gv purchased 255,647 shares of the company in a transaction on Tuesday, May 10. The shares were acquired at an average price of $34.65 per share, with a total value of $8,858,168.55. Following the completion of the purchase, the insider now directly owns 479,695 shares of the company, valued at $16,621,431.75. Disclosure of this purchase can be found here. In the past ninety days, insiders have sold 5,739 shares of the company worth $12,616,323. Insiders of the company hold 11.44% of the shares of the company.
Wall Street analysts predict growth
Several research companies have weighed in on GOOGL. Truist Financial reduced its target price on Alphabet from $175.00 to $150.00 in a Tuesday, July 19 report. Wells Fargo & Company reduced its target price on Alphabet from $180.00 to $170.00 in a Wednesday, April 27 report. Citigroup reduced its target price on Alphabet from $158.75 to $145.00 in a Thursday, July 14 report. UBS Group cut its price target on Alphabet from $180.00 to $132.50 and placed a “buy” rating on the stock in a Thursday, June 16 report. Finally, Canaccord Genuity Group cut its price target on Alphabet from $175.00 to $165.00 and set a “buy” rating on the stock in a Wednesday, April 27 report. Three investment analysts gave the stock a hold rating, thirty-four gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $158.36.
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It operates through Google Services, Google Cloud and Other Bets segments. The Google Services segment offers products and services, including Ads, Android, Chrome, Hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.
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