Cullen Frost Bankers Inc. Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

Cullen Frost Bankers Inc. lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 612,648 shares of the information services provider’s stock after selling 31,894 shares during the quarter. Alphabet makes up about 1.4% of Cullen Frost Bankers Inc.’s holdings, making the stock its 11th biggest holding. Cullen Frost Bankers Inc.’s holdings in Alphabet were worth $86,340,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. EdgeRock Capital LLC raised its holdings in Alphabet by 16.5% during the fourth quarter. EdgeRock Capital LLC now owns 3,550 shares of the information services provider’s stock worth $510,000 after purchasing an additional 503 shares in the last quarter. Everpar Advisors LLC purchased a new position in shares of Alphabet in the 4th quarter valued at $2,036,000. Moss Adams Wealth Advisors LLC boosted its stake in Alphabet by 5.9% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 25,536 shares of the information services provider’s stock valued at $3,599,000 after acquiring an additional 1,416 shares in the last quarter. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Alphabet during the fourth quarter worth about $34,000. Finally, Sawgrass Asset Management LLC increased its position in shares of Alphabet by 0.4% during the fourth quarter. Sawgrass Asset Management LLC now owns 25,507 shares of the information services provider’s stock worth $3,595,000 after purchasing an additional 94 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on GOOG. Morgan Stanley restated an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research note on Thursday, April 11th. Raymond James upped their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Susquehanna raised their price objective on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Oppenheimer upped their target price on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus raised their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $165.67.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $146.29, for a total value of $3,291,525.00. Following the completion of the transaction, the chief executive officer now owns 2,377,691 shares in the company, valued at approximately $347,832,416.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $149.73, for a total transaction of $119,784.00. Following the sale, the director now directly owns 7,164 shares in the company, valued at $1,072,665.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $146.29, for a total value of $3,291,525.00. Following the completion of the transaction, the chief executive officer now owns 2,377,691 shares of the company’s stock, valued at approximately $347,832,416.39. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,129 shares of company stock worth $40,382,765. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock traded up $3.15 during mid-day trading on Tuesday, hitting $172.98. The stock had a trading volume of 21,087,028 shares, compared to its average volume of 22,735,842. Alphabet Inc. has a fifty-two week low of $105.79 and a fifty-two week high of $176.42. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The company’s 50-day simple moving average is $152.74 and its 200-day simple moving average is $144.21. The firm has a market cap of $2.14 trillion, a PE ratio of 26.53, a PEG ratio of 1.26 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.38. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $78.75 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.17 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 7.66 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a — dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a $0.20 dividend. The ex-dividend date is Monday, June 10th.

About Alphabet

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.