Cornerstone Wealth Management LLC Has $5.02 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Cornerstone Wealth Management LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 4.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 26,333 shares of the information services provider’s stock after selling 1,223 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Alphabet were worth $5,015,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. M&G PLC acquired a new position in Alphabet in the third quarter valued at $2,240,000. Coldstream Capital Management Inc. raised its position in shares of Alphabet by 14.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 116,776 shares of the information services provider’s stock worth $19,642,000 after acquiring an additional 14,738 shares in the last quarter. Metis Global Partners LLC lifted its stake in shares of Alphabet by 1.4% in the 3rd quarter. Metis Global Partners LLC now owns 301,980 shares of the information services provider’s stock valued at $50,488,000 after purchasing an additional 4,292 shares during the period. Stevens Capital Management LP boosted its position in shares of Alphabet by 172.9% during the 3rd quarter. Stevens Capital Management LP now owns 91,237 shares of the information services provider’s stock valued at $15,254,000 after purchasing an additional 57,810 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its stake in Alphabet by 10.2% during the third quarter. Verdence Capital Advisors LLC now owns 63,545 shares of the information services provider’s stock worth $10,624,000 after purchasing an additional 5,892 shares during the period. Institutional investors own 27.26% of the company’s stock.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 2,834 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at approximately $4,085,531.55. The trade was a 12.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frances Arnold sold 441 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the sale, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. This trade represents a 2.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 133,387 shares of company stock valued at $24,368,654 over the last three months. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $201.90 on Monday. Alphabet Inc. has a 1-year low of $131.55 and a 1-year high of $203.84. 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 $2.47 trillion, a PE ratio of 26.78, a price-to-earnings-growth ratio of 1.27 and a beta of 0.99. The stock’s fifty day simple moving average is $187.95 and its two-hundred day simple moving average is $175.21.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.55 earnings per share. As a group, analysts forecast that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GOOG shares. UBS Group boosted their price target on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their price target on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer increased their price objective on shares of Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Scotiabank boosted their target price on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $205.13.

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.