Alphabet Inc. (NASDAQ:GOOGL) is Cannon Advisors Inc.’s 7th Largest Position

Cannon Advisors Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 10.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,705 shares of the information services provider’s stock after selling 2,909 shares during the period. Alphabet comprises approximately 4.1% of Cannon Advisors Inc.’s holdings, making the stock its 7th largest position. Cannon Advisors Inc.’s holdings in Alphabet were worth $4,866,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in GOOGL. Bennett Selby Investments LP grew its stake in Alphabet by 4.0% in the 4th quarter. Bennett Selby Investments LP now owns 1,354 shares of the information services provider’s stock worth $256,000 after acquiring an additional 52 shares in the last quarter. Macroview Investment Management LLC boosted its stake in shares of Alphabet by 4.2% during the fourth quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider’s stock valued at $245,000 after purchasing an additional 52 shares in the last quarter. Conrad Siegel Investment Advisors Inc. boosted its stake in shares of Alphabet by 0.5% during the fourth quarter. Conrad Siegel Investment Advisors Inc. now owns 9,845 shares of the information services provider’s stock valued at $1,864,000 after purchasing an additional 53 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in shares of Alphabet by 2.3% during the fourth quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider’s stock valued at $457,000 after purchasing an additional 53 shares in the last quarter. Finally, Addison Advisors LLC boosted its stake in shares of Alphabet by 0.7% during the fourth quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock valued at $1,425,000 after purchasing an additional 53 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on GOOGL shares. Rosenblatt Securities reiterated a “neutral” rating and set a $205.00 price objective on shares of Alphabet in a research note on Wednesday, March 19th. Wells Fargo & Company lowered their target price on shares of Alphabet from $184.00 to $167.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Jefferies Financial Group lowered their target price on shares of Alphabet from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 31st. UBS Group set a $190.00 target price on shares of Alphabet in a research note on Thursday, March 27th. Finally, Westpark Capital upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, April 1st. Ten research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $207.97.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $158.56, for a total transaction of $5,153,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,717,696 shares in the company, valued at $430,917,877.76. The trade was a 1.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 673 shares of Alphabet stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $155.33, for a total transaction of $104,537.09. Following the sale, the chief accounting officer now owns 15,303 shares of the company’s stock, valued at approximately $2,377,014.99. This trade represents a 4.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,797 shares of company stock worth $21,089,470. Insiders own 11.55% of the company’s stock.

Alphabet Stock Up 9.7 %

Shares of NASDAQ GOOGL opened at $158.71 on Thursday. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The firm has a 50-day moving average price of $170.47 and a 200 day moving average price of $176.32. The stock has a market capitalization of $1.93 trillion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, March 10th. Alphabet’s payout ratio is currently 9.94%.

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.