Cortland Associates Inc. MO Lowers Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by MarketBeat News on Aug 1st, 2022

Cortland Associates Inc. MO cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 53.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,460 shares of the information services provider’s stock after selling 13,034 shares during the period. Alphabet accounts for 4.1% of Cortland Associates Inc. MO’s holdings, making the stock its 11th biggest position. Cortland Associates Inc. MO’s holdings in Alphabet were worth $31,874,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Bay Rivers Group lifted its holdings in Alphabet by 5.9% during the first quarter. Bay Rivers Group now owns 1,418 shares of the information services provider’s stock valued at $3,944,000 after purchasing an additional 79 shares in the last quarter. Pinnacle Wealth Management Group Inc. lifted its holdings in Alphabet by 2.6% during the first quarter. Pinnacle Wealth Management Group Inc. now owns 390 shares of the information services provider’s stock valued at $1,085,000 after purchasing an additional 10 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Alphabet by 4.8% during the first quarter. Steward Partners Investment Advisory LLC now owns 40,211 shares of the information services provider’s stock valued at $111,841,000 after purchasing an additional 1,857 shares in the last quarter. Landmark Wealth Management LLC purchased a new position in Alphabet during the first quarter valued at $312,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Alphabet by 2.3% during the first quarter. Pittenger & Anderson Inc. now owns 11,591 shares of the information services provider’s stock valued at $32,239,000 after purchasing an additional 263 shares in the last quarter. 41.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. BMO Capital Markets decreased their price objective on shares of Alphabet from $165.00 to $150.00 and set an “outperform” rating on the stock in a report on Wednesday, April 27th. StockNews.com downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Friday, April 29th. Susquehanna decreased their price target on shares of Alphabet from $187.50 to $150.00 and set a “positive” rating on the stock in a research note on Wednesday, July 27th. Jefferies Financial Group decreased their price target on shares of Alphabet from $155.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, July 27th. Finally, Morgan Stanley raised their price target on shares of Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 27th. Five equities research analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.29.

Insider Transactions at Alphabet

In other news, Director Ann Mather sold 20 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the completion of the sale, the director now owns 565 shares in the company, valued at approximately $1,346,575.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director John L. Hennessy sold 31 shares of Alphabet stock in a transaction on Monday, May 9th. The shares were sold at an average price of $2,280.98, for a total value of $70,710.38. Following the transaction, the director now directly owns 265 shares of the company’s stock, valued at approximately $604,459.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann Mather sold 20 shares of Alphabet stock in a transaction on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the completion of the transaction, the director now directly owns 565 shares in the company, valued at $1,346,575.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,269 shares of company stock worth $12,792,226. 11.44% of the stock is currently owned by insiders.

Alphabet Stock Up 1.8 %

Shares of Alphabet stock opened at $116.32 on Monday. Alphabet Inc. has a 52-week low of $101.88 and a 52-week high of $151.55. The company has a 50 day moving average of $154.46 and a 200 day moving average of $138.72. The company has a quick ratio of 2.85, a current ratio of 2.87 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.53 trillion, a P/E ratio of 21.04, a P/E/G ratio of 1.12 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The information services provider reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.11). Alphabet had a return on equity of 30.18% and a net margin of 27.57%. During the same quarter in the previous year, the company posted $27.26 EPS. As a group, research analysts forecast that Alphabet Inc. will post 5.37 EPS for the current fiscal year.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.