Cidel Asset Management Inc. Sells 167,054 Shares of Alphabet Inc. $GOOGL

Cidel Asset Management Inc. cut its position in Alphabet Inc. (NASDAQ:GOOGL) by 82.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 36,082 shares of the information services provider’s stock after selling 167,054 shares during the period. Cidel Asset Management Inc.’s holdings in Alphabet were worth $6,359,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mystic Asset Management Inc. raised its holdings in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after purchasing an additional 1,791 shares during the period. Harbour Trust & Investment Management Co raised its holdings in shares of Alphabet by 0.3% during the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock worth $4,187,000 after acquiring an additional 80 shares during the period. Cypress Capital LLC raised its holdings in shares of Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after acquiring an additional 563 shares during the period. Bridgeway Capital Management LLC raised its holdings in shares of Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after acquiring an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC raised its holdings in shares of Alphabet by 1.1% during the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after acquiring an additional 84 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GOOGL. BNP Paribas Exane raised their price objective on shares of Alphabet from $187.00 to $247.00 and gave the stock a “neutral” rating in a report on Tuesday, October 21st. Tigress Financial raised their price objective on shares of Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a report on Friday, September 5th. Needham & Company LLC raised their price objective on shares of Alphabet from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Melius Research raised their target price on shares of Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Finally, Jefferies Financial Group raised their target price on shares of Alphabet from $230.00 to $285.00 and gave the company a “buy” rating in a research report on Thursday, October 2nd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $266.69.

Alphabet Stock Performance

Shares of GOOGL opened at $274.57 on Thursday. The firm has a 50-day moving average of $240.86 and a 200-day moving average of $198.25. Alphabet Inc. has a one year low of $140.53 and a one year high of $275.34. The company has a market cap of $3.32 trillion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company’s stock, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 in the last quarter. Company insiders own 11.64% of the company’s stock.

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.