Cornerstone Advisory LLC Has $12.38 Million Holdings in Alphabet Inc. $GOOGL

Cornerstone Advisory LLC trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 3.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,274 shares of the information services provider’s stock after selling 2,732 shares during the quarter. Alphabet comprises about 1.3% of Cornerstone Advisory LLC’s holdings, making the stock its 21st biggest position. Cornerstone Advisory LLC’s holdings in Alphabet were worth $12,384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Alphabet by 11.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Invesco Ltd. raised its position in shares of Alphabet by 1.4% during the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the period. Deutsche Bank AG raised its position in shares of Alphabet by 1.9% during the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock worth $6,153,481,000 after purchasing an additional 727,335 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Alphabet by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock worth $5,962,389,000 after purchasing an additional 104,859 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citizens Jmp raised their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Wolfe Research reaffirmed an “outperform” rating and issued a $350.00 price objective (up from $290.00) on shares of Alphabet in a research note on Thursday. DZ Bank reaffirmed a “buy” rating on shares of Alphabet in a research note on Thursday. Loop Capital raised their price objective on shares of Alphabet from $190.00 to $260.00 and gave the company a “hold” rating in a research note on Friday, October 24th. Finally, Sanford C. Bernstein raised their price objective on shares of Alphabet from $260.00 to $305.00 and gave the company a “market perform” rating in a research note on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $302.20.

Alphabet Stock Down 0.1%

GOOGL opened at $281.31 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company’s 50-day moving average is $244.00 and its 200 day moving average is $200.31. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $291.59. The firm has a market capitalization of $3.40 trillion, a P/E ratio of 27.74, a PEG ratio of 1.86 and a beta of 1.00.

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

Insider Activity

In other Alphabet news, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at approximately $3,629,725.80. This represents a 16.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 222,330 shares of company stock worth $51,167,625. 11.64% of the stock is owned by 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.