Lorne Steinberg Wealth Management Inc. trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 229 shares of the information services provider’s stock after selling 8 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Alphabet were worth $474,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Mascoma Wealth Management LLC bought a new stake in shares of Alphabet in the 1st quarter valued at about $27,000. Resolute Partners Group purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $26,000. Brand Asset Management Group Inc. increased its position in shares of Alphabet by 200.0% during the first quarter. Brand Asset Management Group Inc. now owns 15 shares of the information services provider’s stock valued at $31,000 after acquiring an additional 10 shares during the last quarter. ADE LLC purchased a new stake in shares of Alphabet during the 4th quarter valued at $32,000. Finally, Carolina Wealth Advisors LLC increased its holdings in Alphabet by 50.0% during the first quarter. Carolina Wealth Advisors LLC now owns 18 shares of the information services provider’s stock worth $37,000 after buying an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 31.94% of the company’s stock.
In other Alphabet news, CAO Amie Thuener O’toole sold 18 shares of the company’s stock in a transaction that occurred on Friday, May 7th. The stock was sold at an average price of $2,400.00, for a total transaction of $43,200.00. Following the completion of the sale, the chief accounting officer now owns 979 shares of the company’s stock, valued at $2,349,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sergey Brin sold 13,889 shares of the company’s stock in a transaction that occurred on Monday, May 10th. The stock was sold at an average price of $2,301.36, for a total value of $31,963,589.04. Following the transaction, the director now owns 13,889 shares of the company’s stock, valued at $31,963,589.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,038 shares of company stock worth $82,507,816. Company insiders own 12.99% of the company’s stock.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Monday, April 26th. The information services provider reported $26.29 EPS for the quarter, topping analysts’ consensus estimates of $15.74 by $10.55. The firm had revenue of $55.30 billion during the quarter, compared to the consensus estimate of $51.40 billion. Alphabet had a net margin of 20.80% and a return on equity of 17.31%. The firm’s revenue was up 34.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.87 earnings per share. As a group, sell-side analysts forecast that Alphabet Inc. will post 52.19 earnings per share for the current year.
A number of research analysts recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Alphabet from $2,050.00 to $2,200.00 and gave the company an “overweight” rating in a report on Wednesday, February 3rd. UBS Group reaffirmed a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Credit Suisse Group upped their target price on Alphabet from $2,500.00 to $2,755.00 and gave the stock an “outperform” rating in a report on Tuesday, May 4th. Barclays reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Finally, Cowen raised their target price on Alphabet from $2,600.00 to $2,700.00 and gave the stock an “outperform” rating in a report on Wednesday, April 28th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $2,495.63.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.
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