RMB Capital Management LLC cut its stake in Alphabet Inc (NASDAQ:GOOG) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,067 shares of the information services provider’s stock after selling 525 shares during the quarter. Alphabet comprises about 1.2% of RMB Capital Management LLC’s portfolio, making the stock its 16th biggest position. RMB Capital Management LLC’s holdings in Alphabet were worth $24,497,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Lighthouse Financial Advisors Inc. purchased a new position in Alphabet during the 4th quarter worth $25,000. Cox Capital Mgt LLC purchased a new position in Alphabet during the 1st quarter worth $27,000. Wealthcare Capital Management LLC grew its stake in Alphabet by 300.0% during the 4th quarter. Wealthcare Capital Management LLC now owns 32 shares of the information services provider’s stock worth $43,000 after buying an additional 24 shares during the last quarter. Cedar Mountain Advisors LLC purchased a new position in Alphabet during the 4th quarter worth $43,000. Finally, HighMark Wealth Management LLC purchased a new stake in Alphabet during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 33.61% of the company’s stock.
Several analysts have weighed in on the company. Deutsche Bank reiterated a “buy” rating and set a $1,700.00 price target on shares of Alphabet in a research note on Tuesday, May 5th. Piper Sandler boosted their price target on Alphabet from $1,500.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Nomura Securities boosted their price target on Alphabet from $1,560.00 to $1,680.00 in a research note on Tuesday, February 4th. Pivotal Research boosted their price target on Alphabet from $1,425.00 to $1,575.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Susquehanna Bancshares boosted their price target on Alphabet from $1,550.00 to $1,800.00 in a research note on Wednesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $1,580.52.
In other news, CAO Amie Thuener O’toole sold 61 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $1,098.26, for a total value of $66,993.86. Following the completion of the sale, the chief accounting officer now directly owns 388 shares in the company, valued at $426,124.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 60 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $1,363.61, for a total value of $81,816.60. Following the completion of the sale, the director now owns 592 shares of the company’s stock, valued at $807,257.12. The disclosure for this sale can be found here. Insiders have sold 325 shares of company stock valued at $409,753 in the last three months. Insiders own 12.99% of the company’s stock.
Shares of Alphabet stock traded up $7.62 during mid-day trading on Friday, reaching $1,410.42. 1,294,475 shares of the stock traded hands, compared to its average volume of 1,797,878. The business has a 50-day moving average of $1,284.33 and a 200 day moving average of $1,331.95. Alphabet Inc has a fifty-two week low of $1,013.54 and a fifty-two week high of $1,532.11. The stock has a market capitalization of $957.58 billion, a PE ratio of 28.46, a PEG ratio of 2.10 and a beta of 1.06. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.08.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, April 28th. The information services provider reported $9.87 EPS for the quarter, missing analysts’ consensus estimates of $11.27 by ($1.40). Alphabet had a net margin of 20.71% and a return on equity of 17.43%. The firm had revenue of $41.16 billion for the quarter, compared to analyst estimates of $40.29 billion. During the same period in the previous year, the company earned $9.50 EPS. Alphabet’s revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts expect that Alphabet Inc will post 41.47 EPS for the current fiscal year.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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