Cibc World Market Inc. Reduces Stake in Alphabet Inc. (NASDAQ:GOOG)

Cibc World Market Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,016,027 shares of the information services provider’s stock after selling 73,719 shares during the period. Alphabet accounts for 0.8% of Cibc World Market Inc.’s investment portfolio, making the stock its 27th biggest holding. Cibc World Market Inc.’s holdings in Alphabet were worth $383,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Weiss Asset Management LP bought a new stake in shares of Alphabet in the third quarter valued at $25,000. Safe Harbor Fiduciary LLC purchased a new stake in Alphabet in the 3rd quarter worth about $33,000. Sanctuary Wealth Management L.L.C. raised its stake in Alphabet by 87.3% in the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 117 shares during the period. Iron Horse Wealth Management LLC raised its stake in Alphabet by 32.3% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider’s stock valued at $57,000 after acquiring an additional 84 shares during the period. Finally, Kieckhefer Group LLC purchased a new stake in Alphabet during the fourth quarter valued at about $76,000. Institutional investors own 27.26% of the company’s stock.

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 2,834 shares of Alphabet stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $197.55, for a total value of $559,856.70. Following the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at $4,085,531.55. The trade was a 12.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the completion of the transaction, the chief executive officer now owns 2,084,306 shares in the company, valued at $369,672,512.16. This represents a 1.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 121,189 shares of company stock worth $22,182,696 over the last ninety days. Insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GOOG. Citizens Jmp lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 2nd. Jefferies Financial Group boosted their target price on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group lifted their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer increased their price objective on Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Wells Fargo & Company lifted their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $209.13.

Alphabet Price Performance

Shares of Alphabet stock opened at $205.60 on Monday. The firm has a market capitalization of $2.52 trillion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 1.27 and a beta of 0.99. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $131.55 and a 12 month high of $207.08. The business’s 50-day moving average price is $190.48 and its 200-day moving average price is $175.60.

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.