Cannell & Co. Has $19.25 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Cannell & Co. lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,824 shares of the information services provider’s stock after selling 230 shares during the period. Cannell & Co.’s holdings in Alphabet were worth $19,253,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. One Day In July LLC grew its holdings in Alphabet by 21.7% during the 4th quarter. One Day In July LLC now owns 6,818 shares of the information services provider’s stock worth $952,000 after acquiring an additional 1,217 shares during the period. Oakwell Private Wealth Management LLC grew its holdings in Alphabet by 17.4% during the 4th quarter. Oakwell Private Wealth Management LLC now owns 4,800 shares of the information services provider’s stock worth $671,000 after acquiring an additional 713 shares during the period. Hexagon Capital Partners LLC grew its holdings in Alphabet by 2.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 12,875 shares of the information services provider’s stock worth $1,799,000 after acquiring an additional 263 shares during the period. Hollow Brook Wealth Management LLC grew its holdings in Alphabet by 0.3% during the 4th quarter. Hollow Brook Wealth Management LLC now owns 45,959 shares of the information services provider’s stock worth $6,420,000 after acquiring an additional 135 shares during the period. Finally, Waycross Partners LLC grew its holdings in Alphabet by 9.5% during the 4th quarter. Waycross Partners LLC now owns 131,456 shares of the information services provider’s stock worth $18,363,000 after acquiring an additional 11,388 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 800 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $149.73, for a total value of $119,784.00. Following the transaction, the director now owns 7,164 shares in the company, valued at approximately $1,072,665.72. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 800 shares of the stock in a transaction that occurred 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 transaction, the director now owns 7,164 shares in the company, valued at approximately $1,072,665.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,629 shares of company stock worth $37,091,240. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GOOGL. Mizuho lifted their target price on shares of Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Morgan Stanley lifted their price target on shares of Alphabet from $165.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Susquehanna lifted their price target on shares of Alphabet from $170.00 to $225.00 and gave the stock a “positive” rating in a research report on Monday, April 29th. Stifel Nicolaus lifted their price target on shares of Alphabet from $174.00 to $196.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Piper Sandler reissued an “overweight” rating and set a $200.00 price target (up from $160.00) on shares of Alphabet in a research report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, thirty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.60.

Alphabet Stock Up 0.3 %

Alphabet stock opened at $169.96 on Friday. The firm has a market capitalization of $2.10 trillion, a PE ratio of 26.07, a P/E/G ratio of 1.28 and a beta of 1.02. The company’s 50-day moving average is $152.06 and its 200-day moving average is $143.01. Alphabet Inc. has a fifty-two week low of $107.93 and a fifty-two week high of $174.71. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same period in the previous year, the business earned $1.17 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 7.57 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be paid a $0.20 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

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.