Alphabet Inc. (NASDAQ:GOOGL) is Cornerstone Capital Inc.’s 2nd Largest Position

Cornerstone Capital Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 9.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 254,013 shares of the information services provider’s stock after selling 25,906 shares during the period. Alphabet comprises approximately 5.1% of Cornerstone Capital Inc.’s holdings, making the stock its 2nd biggest holding. Cornerstone Capital Inc.’s holdings in Alphabet were worth $48,085,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Curi RMB Capital LLC lifted its position in shares of Alphabet by 4.8% during the fourth quarter. Curi RMB Capital LLC now owns 351,972 shares of the information services provider’s stock worth $66,628,000 after purchasing an additional 16,274 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Alphabet by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,772,229 shares of the information services provider’s stock worth $3,364,581,000 after buying an additional 207,470 shares in the last quarter. First Trust Advisors LP boosted its position in Alphabet by 13.2% in the 4th quarter. First Trust Advisors LP now owns 4,193,981 shares of the information services provider’s stock valued at $793,920,000 after buying an additional 488,340 shares during the last quarter. Forum Financial Management LP grew its stake in shares of Alphabet by 6.4% during the fourth quarter. Forum Financial Management LP now owns 79,160 shares of the information services provider’s stock valued at $14,985,000 after acquiring an additional 4,756 shares in the last quarter. Finally, Freedom Investment Management Inc. increased its position in shares of Alphabet by 9.0% during the fourth quarter. Freedom Investment Management Inc. now owns 50,378 shares of the information services provider’s stock worth $9,537,000 after acquiring an additional 4,166 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $156.16, for a total value of $5,075,200.00. Following the completion of the transaction, the chief executive officer now owns 2,685,196 shares in the company, valued at $419,320,207.36. This trade represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total value of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares in the company, valued at approximately $2,377,014.99. The trade was a 4.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 148,163 shares of company stock valued at $25,361,647 over the last ninety days. Insiders own 11.55% of the company’s stock.

Alphabet Stock Down 1.5 %

Shares of GOOGL stock opened at $151.08 on Monday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The business’s fifty day moving average is $165.14 and its 200-day moving average is $175.91. The stock has a market cap of $1.84 trillion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.53%. Alphabet’s payout ratio is currently 9.94%.

Analysts Set New Price Targets

GOOGL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective on Alphabet from $220.00 to $180.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Roth Mkm restated a “buy” rating and issued a $220.00 price target on shares of Alphabet in a research note on Wednesday, March 19th. Piper Sandler reduced their price objective on shares of Alphabet from $208.00 to $185.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Citigroup dropped their target price on shares of Alphabet from $229.00 to $195.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, Citizens Jmp cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 2nd. Ten investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $200.74.

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.