Cannon Advisors Inc. Has $4.44 Million Stake in Alphabet Inc. $GOOGL

Cannon Advisors Inc. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,201 shares of the information services provider’s stock after buying an additional 450 shares during the quarter. Alphabet makes up approximately 3.6% of Cannon Advisors Inc.’s investment portfolio, making the stock its 7th largest position. Cannon Advisors Inc.’s holdings in Alphabet were worth $4,441,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Gimbal Financial lifted its holdings in Alphabet by 1.9% during the 2nd quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock valued at $489,000 after purchasing an additional 53 shares during the last quarter. Missouri Trust & Investment Co raised its position in shares of Alphabet by 0.3% in the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock valued at $2,981,000 after purchasing an additional 55 shares during the period. Silver Coast Investments LLC raised its position in shares of Alphabet by 1.3% in the second quarter. Silver Coast Investments LLC now owns 4,317 shares of the information services provider’s stock valued at $761,000 after purchasing an additional 55 shares during the period. AM Investment Strategies LLC lifted its stake in shares of Alphabet by 0.9% during the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after buying an additional 57 shares during the last quarter. Finally, Bfsg LLC boosted its holdings in shares of Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock worth $1,838,000 after buying an additional 59 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

GOOGL opened at $320.02 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $328.83. The firm has a market cap of $3.86 trillion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The business’s fifty day moving average is $269.25 and its 200-day moving average is $218.76.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to the consensus estimate of $99.90 billion. Sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.28%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Moffett Nathanson increased their price target on shares of Alphabet from $305.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler reiterated an “overweight” rating and set a $330.00 target price (up previously from $285.00) on shares of Alphabet in a research note on Thursday, October 30th. Susquehanna boosted their price target on Alphabet from $225.00 to $350.00 and gave the company a “positive” rating in a research note on Thursday, October 30th. BMO Capital Markets set a $294.00 price objective on Alphabet and gave the company an “outperform” rating in a report on Thursday, October 9th. Finally, Morgan Stanley lifted their target price on Alphabet from $270.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $307.84.

Insider Activity at Alphabet

In other news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the transaction, the chief accounting officer directly owned 14,516 shares of the company’s stock, valued at $3,629,725.80. This trade represents a 16.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 225,072 shares of company stock valued at $58,074,027 over the last three months. 11.64% of the stock is owned by insiders.

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.