Cornerstone Advisors LLC Acquires 2,500 Shares of Alphabet Inc. (NASDAQ:GOOG)

Cornerstone Advisors LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 0.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 593,500 shares of the information services provider's stock after purchasing an additional 2,500 shares during the quarter. Alphabet makes up approximately 4.5% of Cornerstone Advisors LLC's investment portfolio, making the stock its 4th largest position. Cornerstone Advisors LLC's holdings in Alphabet were worth $113,026,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its position in shares of Alphabet by 5.2% in the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider's stock worth $19,193,768,000 after acquiring an additional 5,655,022 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Alphabet by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 103,557,486 shares of the information services provider's stock valued at $17,247,208,000 after purchasing an additional 259,213 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Alphabet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider's stock worth $5,573,125,000 after acquiring an additional 3,113,395 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Alphabet by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 30,824,307 shares of the information services provider's stock valued at $5,870,181,000 after acquiring an additional 875,480 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in Alphabet by 9.1% during the 3rd quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider's stock worth $2,578,793,000 after purchasing an additional 1,291,274 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O'toole sold 1,374 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $173.47, for a total transaction of $238,347.78. Following the completion of the transaction, the chief accounting officer now owns 15,024 shares of the company's stock, valued at $2,606,213.28. The trade was a 8.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $194.22, for a total value of $291,330.00. Following the completion of the sale, the director now directly owns 23,324 shares in the company, valued at $4,529,987.28. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,182 shares of company stock worth $18,192,354. 12.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several analyst reports. Wedbush restated an "outperform" rating and issued a $220.00 target price on shares of Alphabet in a report on Thursday, January 30th. Oppenheimer lifted their price objective on Alphabet from $215.00 to $225.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Citizens Jmp cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 2nd. Scotiabank raised their target price on shares of Alphabet from $212.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Friday, January 24th. Finally, Benchmark reaffirmed a "negative" rating on shares of Alphabet in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $209.13.

Alphabet Stock Up 1.9 %

GOOG traded up $3.20 on Wednesday, reaching $169.18. 12,287,423 shares of the company traded hands, compared to its average volume of 19,015,984. Alphabet Inc. has a 52-week low of $140.01 and a 52-week high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. The company has a market cap of $2.06 trillion, a price-to-earnings ratio of 21.00, a PEG ratio of 1.34 and a beta of 1.03. The stock's 50 day moving average price is $188.87 and its 200-day moving average price is $178.08.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. On average, sell-side analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, March 10th. Alphabet's dividend payout ratio is 9.94%.

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.