CIBC Private Wealth Group LLC reduced its position in Alphabet Inc. (NASDAQ:GOOG) by 1.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 295,434 shares of the information services provider’s stock after selling 4,460 shares during the period. Alphabet accounts for about 1.5% of CIBC Private Wealth Group LLC’s holdings, making the stock its 9th biggest holding. CIBC Private Wealth Group LLC’s holdings in Alphabet were worth $611,146,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the company. Centric Wealth Management increased its position in Alphabet by 3.7% during the 4th quarter. Centric Wealth Management now owns 361 shares of the information services provider’s stock worth $632,000 after purchasing an additional 13 shares during the period. FWL Investment Management LLC acquired a new stake in shares of Alphabet in the 4th quarter worth approximately $7,256,000. Sage Mountain Advisors LLC acquired a new stake in shares of Alphabet in the 4th quarter worth approximately $806,000. Ironwood Wealth Management LLC. lifted its stake in Alphabet by 876.0% in the 4th quarter. Ironwood Wealth Management LLC. now owns 732 shares of the information services provider’s stock valued at $1,282,000 after buying an additional 657 shares in the last quarter. Finally, Meritage Portfolio Management lifted its stake in Alphabet by 21.5% in the 4th quarter. Meritage Portfolio Management now owns 294 shares of the information services provider’s stock valued at $515,000 after buying an additional 52 shares in the last quarter. 31.73% of the stock is owned by institutional investors and hedge funds.
Shares of GOOG traded down $14.64 during mid-day trading on Friday, reaching $2,506.96. 18,164 shares of the company’s stock traded hands, compared to its average volume of 1,477,568. The firm’s 50-day simple moving average is $2,344.39. The company has a market cap of $1.68 trillion, a PE ratio of 33.57, a P/E/G ratio of 1.52 and a beta of 1.01. The company has a quick ratio of 3.09, a current ratio of 3.10 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12 month low of $1,347.01 and a 12 month high of $2,523.26.
GOOG has been the topic of a number of recent analyst reports. KGI Securities assumed coverage on Alphabet in a research note on Wednesday, June 2nd. They set an “outperform” rating on the stock. Mizuho increased their price target on Alphabet from $2,350.00 to $2,600.00 and gave the company a “buy” rating in a report on Monday, April 19th. Jefferies Financial Group restated a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Piper Sandler raised their target price on Alphabet from $2,250.00 to $2,635.00 and gave the company an “overweight” rating in a research note on Wednesday, April 28th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Alphabet from $2,600.00 to $3,050.00 and gave the company a “buy” rating in a research note on Wednesday, April 28th. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $2,495.63.
In other Alphabet news, Director John L. Hennessy sold 70 shares of Alphabet stock in a transaction that occurred on Monday, June 7th. The shares were sold at an average price of $2,449.71, for a total value of $171,479.70. Following the transaction, the director now owns 128 shares in the company, valued at $313,562.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John Kent Walker sold 2,570 shares of Alphabet stock in a transaction that occurred on Monday, March 29th. The stock was sold at an average price of $2,037.34, for a total transaction of $5,235,963.80. Following the completion of the transaction, the senior vice president now owns 26,707 shares in the company, valued at approximately $54,411,239.38. The disclosure for this sale can be found here. Insiders have sold 57,998 shares of company stock worth $132,704,290 in the last quarter. Company insiders own 12.99% of the company’s stock.
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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