Corundum Group Inc. Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

Corundum Group Inc. reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 23.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,282 shares of the information services provider’s stock after selling 2,599 shares during the period. Alphabet makes up about 0.6% of Corundum Group Inc.’s investment portfolio, making the stock its 29th biggest holding. Corundum Group Inc.’s holdings in Alphabet were worth $1,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Burns J W & Co. Inc. NY increased its stake in shares of Alphabet by 7.4% in the first quarter. Burns J W & Co. Inc. NY now owns 24,861 shares of the information services provider’s stock worth $3,752,000 after buying an additional 1,720 shares during the last quarter. Grimes & Company Inc. grew its stake in Alphabet by 1.6% during the 1st quarter. Grimes & Company Inc. now owns 176,121 shares of the information services provider’s stock worth $26,582,000 after buying an additional 2,727 shares during the last quarter. Saratoga Research & Investment Management boosted its stake in Alphabet by 19.1% during the 1st quarter. Saratoga Research & Investment Management now owns 1,001,128 shares of the information services provider’s stock valued at $151,100,000 after purchasing an additional 160,884 shares during the period. First Bank & Trust increased its position in Alphabet by 2.5% in the 1st quarter. First Bank & Trust now owns 9,694 shares of the information services provider’s stock valued at $1,463,000 after acquiring an additional 239 shares during the period. Finally, Baker Ellis Asset Management LLC lifted its holdings in Alphabet by 5.7% in the first quarter. Baker Ellis Asset Management LLC now owns 21,355 shares of the information services provider’s stock worth $3,223,000 after purchasing an additional 1,150 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the sale, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 220,426 shares of company stock worth $35,993,340 in the last quarter. 11.55% of the stock is owned by company insiders.

Alphabet Trading Up 2.8 %

Shares of GOOGL stock opened at $174.46 on Thursday. The firm has a 50-day moving average price of $162.17 and a 200 day moving average price of $168.78. Alphabet Inc. has a 12-month low of $122.68 and a 12-month high of $191.75. The company has a market capitalization of $2.16 trillion, a P/E ratio of 26.76, a P/E/G ratio of 1.27 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the prior year, the firm earned $1.55 earnings per share. Research analysts forecast that Alphabet Inc. will post 7.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group boosted their price objective on Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. Argus increased their price target on shares of Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Scotiabank raised Alphabet to a “strong-buy” rating in a research note on Friday, October 11th. UBS Group raised their target price on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $181.00 target price on shares of Alphabet in a research report on Wednesday, July 24th. Seven investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $205.51.

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.