Cornerstone Wealth Management LLC Buys 95 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Cornerstone Wealth Management LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,999 shares of the information services provider’s stock after acquiring an additional 95 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Alphabet were worth $6,340,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in Alphabet during the fourth quarter worth approximately $24,383,677,000. FMR LLC lifted its holdings in Alphabet by 9.8% during the 4th quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock valued at $47,025,322,000 after purchasing an additional 22,100,902 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Alphabet by 16,993.2% during the 1st quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider’s stock worth $2,483,898,000 after buying an additional 15,968,487 shares during the period. Northern Trust Corp boosted its holdings in shares of Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock worth $13,178,470,000 after acquiring an additional 10,135,430 shares during the period. Finally, Capital Research Global Investors grew its position in shares of Alphabet by 16.2% in the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock valued at $13,635,878,000 after purchasing an additional 10,037,685 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on GOOGL. Jefferies Financial Group decreased their price target on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Tigress Financial raised their target price on shares of Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Piper Sandler increased their price target on Alphabet from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, April 25th. Truist Financial decreased their price target on Alphabet from $220.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, Morgan Stanley lowered their price target on shares of Alphabet from $210.00 to $185.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Ten investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $199.75.

Insider Activity

In other news, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $161.90, for a total transaction of $32,380.00. Following the transaction, the director now directly owns 7,613 shares in the company, valued at approximately $1,232,544.70. This represents a 2.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $158.56, for a total value of $5,153,200.00. Following the completion of the sale, the chief executive officer now owns 2,717,696 shares of the company’s stock, valued at $430,917,877.76. The trade was a 1.18% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,570 shares of company stock worth $32,003,532. 11.64% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

Alphabet stock opened at $173.32 on Friday. The stock has a market cap of $2.10 trillion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.11 and a beta of 1.01. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The business has a 50-day simple moving average of $164.58 and a 200 day simple moving average of $174.75. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the previous year, the firm earned $1.89 earnings per share. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were issued a $0.21 dividend. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s dividend payout ratio is presently 9.36%.

Alphabet 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.