Cullen Frost Bankers Inc. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 650,623 shares of the information services provider's stock after purchasing an additional 12,976 shares during the quarter. Alphabet comprises approximately 1.4% of Cullen Frost Bankers Inc.'s holdings, making the stock its 15th largest position. Cullen Frost Bankers Inc.'s holdings in Alphabet were worth $100,612,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Parcion Private Wealth LLC raised its stake in shares of Alphabet by 2.7% in the 1st quarter. Parcion Private Wealth LLC now owns 65,989 shares of the information services provider's stock valued at $10,205,000 after buying an additional 1,705 shares in the last quarter. Private Wealth Management Group LLC lifted its holdings in Alphabet by 20.6% during the 1st quarter. Private Wealth Management Group LLC now owns 2,515 shares of the information services provider's stock worth $389,000 after buying an additional 429 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Alphabet by 1.0% in the 1st quarter. Victory Capital Management Inc. now owns 3,598,033 shares of the information services provider's stock valued at $556,400,000 after buying an additional 35,758 shares during the period. Kornitzer Capital Management Inc. KS boosted its holdings in Alphabet by 2.0% in the first quarter. Kornitzer Capital Management Inc. KS now owns 362,262 shares of the information services provider's stock valued at $56,020,000 after acquiring an additional 6,985 shares during the last quarter. Finally, Larson Financial Group LLC lifted its position in Alphabet by 69.7% during the 1st quarter. Larson Financial Group LLC now owns 45,094 shares of the information services provider's stock valued at $6,973,000 after purchasing an additional 18,521 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Alphabet
In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 249,409 shares of company stock worth $43,523,710 over the last three months. Insiders own 11.64% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on GOOGL. BMO Capital Markets lifted their price objective on shares of Alphabet from $208.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday. Morgan Stanley raised their price objective on Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a report on Thursday. Susquehanna boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday. Finally, Tigress Financial lifted their price target on Alphabet from $220.00 to $240.00 and gave the company a "strong-buy" rating in a research note on Wednesday, April 30th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $211.32.
View Our Latest Analysis on Alphabet
Alphabet Trading Up 1.0%
Alphabet stock traded up $1.94 during trading hours on Thursday, reaching $192.17. The stock had a trading volume of 74,740,490 shares, compared to its average volume of 39,272,972. The company has a fifty day simple moving average of $175.23 and a 200-day simple moving average of $173.10. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The stock has a market cap of $2.33 trillion, a PE ratio of 20.47, a PEG ratio of 1.33 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion for the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a return on equity of 35.22% and a net margin of 31.12%. During the same period last year, the firm earned $1.89 earnings per share. Analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Profile
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Free Report)
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.
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