Cullen Frost Bankers Inc. Has $113.81 Million Position in Alphabet Inc. $GOOGL

Cullen Frost Bankers Inc. decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 645,799 shares of the information services provider’s stock after selling 4,824 shares during the period. Alphabet accounts for approximately 1.4% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 16th biggest position. Cullen Frost Bankers Inc.’s holdings in Alphabet were worth $113,809,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Gimbal Financial boosted its holdings in Alphabet by 1.9% during the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock valued at $489,000 after purchasing an additional 53 shares in the last quarter. Missouri Trust & Investment Co boosted its holdings in Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after purchasing an additional 55 shares in the last quarter. AM Investment Strategies LLC boosted its holdings in Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock valued at $1,141,000 after purchasing an additional 57 shares in the last quarter. Bfsg LLC grew its holdings in shares of Alphabet by 0.6% in the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock worth $1,838,000 after purchasing an additional 59 shares during the last quarter. Finally, Financial Council LLC grew its holdings in shares of Alphabet by 1.0% in the 2nd quarter. Financial Council LLC now owns 5,800 shares of the information services provider’s stock worth $1,022,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Down 0.1%

Shares of NASDAQ GOOGL opened at $281.31 on Friday. The firm’s 50-day moving average is $244.00 and its 200-day moving average is $199.68. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $291.59. The firm has a market capitalization of $3.40 trillion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. Equities analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 246,150 shares of company stock worth $55,805,379 over the last 90 days. 11.64% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Alphabet from $300.00 to $340.00 and gave the stock an “overweight” rating in a report on Thursday. Barclays reaffirmed an “overweight” rating and set a $315.00 price objective (up previously from $250.00) on shares of Alphabet in a report on Thursday. Guggenheim upped their price objective on Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial upped their price objective on Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Morgan Stanley raised their target price on shares of Alphabet from $270.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $301.98.

Alphabet Company Profile

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.