Alphabet Inc. (NASDAQ:GOOGL) Shares Purchased by Cornerstone Advisory LLC

Cornerstone Advisory LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 73,006 shares of the information services provider’s stock after purchasing an additional 230 shares during the quarter. Alphabet accounts for approximately 1.4% of Cornerstone Advisory LLC’s holdings, making the stock its 21st biggest position. Cornerstone Advisory LLC’s holdings in Alphabet were worth $11,917,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of GOOGL. Bedel Financial Consulting Inc. lifted its holdings in Alphabet by 2.5% in the first quarter. Bedel Financial Consulting Inc. now owns 21,081 shares of the information services provider’s stock valued at $3,441,000 after acquiring an additional 507 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in Alphabet in the first quarter valued at $15,535,000. Bearing Point Capital LLC lifted its holdings in Alphabet by 8.0% in the first quarter. Bearing Point Capital LLC now owns 38,025 shares of the information services provider’s stock valued at $5,880,000 after acquiring an additional 2,814 shares during the period. Serenus Wealth Advisors LLC lifted its holdings in Alphabet by 11.2% in the first quarter. Serenus Wealth Advisors LLC now owns 705,207 shares of the information services provider’s stock valued at $109,053,000 after acquiring an additional 70,775 shares during the period. Finally, Allium Financial Advisors LLC acquired a new stake in Alphabet in the first quarter valued at $958,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GOOGL shares. Citigroup lifted their price target on Alphabet from $203.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Sanford C. Bernstein lifted their price target on Alphabet from $185.00 to $195.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 22nd. Tigress Financial lifted their price target on Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. Guggenheim lifted their price target on Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Finally, JMP Securities lifted their price target on Alphabet from $220.00 to $225.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $211.39.

Alphabet Stock Down 1.4%

Shares of NASDAQ:GOOGL opened at $189.13 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The stock has a market capitalization of $2.30 trillion, a P/E ratio of 20.14, a PEG ratio of 1.28 and a beta of 1.01. The stock has a 50-day simple moving average of $178.32 and a 200-day simple moving average of $172.96.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet’s payout ratio is presently 8.95%.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the completion of the sale, the chief executive officer owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. The trade was a 1.27% 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, Director Kavitark Ram Shriram sold 18,566 shares of the business’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director owned 243,400 shares of the company’s stock, valued at $45,213,984. The trade was a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 249,399 shares of company stock worth $43,525,794. 11.64% of the stock is currently owned by company insiders.

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.