Cardinal Capital Management Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Cardinal Capital Management decreased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 64,405 shares of the information services provider’s stock after selling 490 shares during the quarter. Alphabet comprises approximately 1.7% of Cardinal Capital Management’s portfolio, making the stock its 13th largest position. Cardinal Capital Management’s holdings in Alphabet were worth $8,997,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GOOGL. DC Investments Management LLC acquired a new position in Alphabet in the 1st quarter worth $114,000. Bridgefront Capital LLC purchased a new stake in shares of Alphabet during the first quarter worth about $225,000. Worth Asset Management LLC purchased a new position in Alphabet in the first quarter valued at about $206,000. Eudaimonia Advisors LLC grew its stake in Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after purchasing an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC purchased a new stake in Alphabet during the 1st quarter worth approximately $281,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Trading Up 0.3 %

NASDAQ:GOOGL opened at $156.01 on Friday. Alphabet Inc. has a 1 year low of $102.63 and a 1 year high of $160.22. The business has a fifty day moving average of $146.16 and a 200-day moving average of $140.40. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The stock has a market cap of $1.94 trillion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.42 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. The firm had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $70.77 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. During the same quarter last year, the company earned $1.05 EPS. Equities analysts predict that Alphabet Inc. will post 6.78 earnings per share for the current year.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research analyst reports. Redburn Atlantic increased their target price on Alphabet from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Roth Mkm reduced their price objective on shares of Alphabet from $166.00 to $164.00 and set a “buy” rating on the stock in a research note on Wednesday, January 31st. Citigroup reissued a “buy” rating and issued a $168.00 target price on shares of Alphabet in a research report on Wednesday, April 10th. Wells Fargo & Company reduced their price target on shares of Alphabet from $144.00 to $141.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $160.00 price objective on shares of Alphabet in a report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $157.97.

Insider Activity at Alphabet

In other news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the completion of the sale, the senior vice president now owns 144,685 shares in the company, valued at $22,566,519.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Prabhakar Raghavan sold 3,258 shares of Alphabet stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the transaction, the senior vice president now owns 144,685 shares of the company’s stock, valued at approximately $22,566,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the sale, the chief executive officer now owns 2,303,011 shares in the company, valued at $362,516,961.51. The disclosure for this sale can be found here. Insiders have sold 251,339 shares of company stock worth $36,377,482 over the last quarter. 0.88% 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.