Cypress Capital Management LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Cypress Capital Management LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 11.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 989 shares of the information services provider’s stock after selling 125 shares during the quarter. Cypress Capital Management LLC’s holdings in Alphabet were worth $2,046,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its holdings in Alphabet by 0.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,443,194 shares of the information services provider’s stock valued at $23,550,863,000 after buying an additional 46,822 shares in the last quarter. FMR LLC lifted its stake in shares of Alphabet by 0.9% in the 4th quarter. FMR LLC now owns 7,753,822 shares of the information services provider’s stock valued at $13,583,766,000 after purchasing an additional 66,564 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Alphabet by 28.9% in the 1st quarter. JPMorgan Chase & Co. now owns 3,594,116 shares of the information services provider’s stock valued at $7,434,896,000 after purchasing an additional 804,739 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Alphabet by 2.6% in the 4th quarter. Nuveen Asset Management LLC now owns 2,888,003 shares of the information services provider’s stock valued at $5,059,434,000 after purchasing an additional 73,880 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Alphabet by 6.5% in the 4th quarter. Morgan Stanley now owns 2,509,483 shares of the information services provider’s stock valued at $4,396,316,000 after purchasing an additional 152,485 shares during the last quarter. Institutional investors and hedge funds own 31.73% of the company’s stock.

Several equities research analysts have recently issued reports on GOOG shares. Piper Sandler raised their price objective 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. Barclays reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Deutsche Bank Aktiengesellschaft raised their price target on Alphabet from $2,600.00 to $3,050.00 and gave the stock a “buy” rating in a research note on Wednesday, April 28th. Wedbush began coverage on Alphabet in a research note on Wednesday, April 14th. They set an “outperform” rating and a $2,953.00 price target for the company. Finally, Canaccord Genuity raised their price target on Alphabet from $2,400.00 to $2,600.00 and gave the stock a “buy” rating in a research note on Monday, April 26th. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and an average target price of $2,495.63.

In other news, CAO Amie Thuener O’toole sold 30 shares of the business’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $2,152.94, for a total value of $64,588.20. Following the completion of the transaction, the chief accounting officer now owns 966 shares of the company’s stock, valued at approximately $2,079,740.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 17th. The shares were sold at an average price of $2,075.03, for a total value of $6,225,090.00. Following the completion of the transaction, the chief executive officer now directly owns 6,582 shares of the company’s stock, valued at approximately $13,657,847.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,998 shares of company stock worth $132,704,290. Company insiders own 12.99% of the company’s stock.

Alphabet stock traded down $7.81 during trading hours on Friday, hitting $2,513.79. 29,479 shares of the stock traded hands, compared to its average volume of 1,477,568. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 3.09. The firm’s 50 day moving average price is $2,344.39. The firm has a market capitalization of $1.68 trillion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 1.52 and a beta of 1.01. Alphabet Inc. has a 1 year low of $1,347.01 and a 1 year high of $2,523.26.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, April 26th. The information services provider reported $26.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $15.74 by $10.55. The business had revenue of $55.30 billion for the quarter, compared to the consensus estimate of $51.40 billion. Alphabet had a return on equity of 23.54% and a net margin of 26.11%. The company’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $9.87 EPS. Sell-side analysts expect that Alphabet Inc. will post 89.46 earnings per share for the current year.

About Alphabet

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.

Recommended Story: Initial Coin Offerings entail a high degree of risk

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.