Canopy Partners LLC Has $6.61 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Canopy Partners LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,877 shares of the information services provider’s stock after selling 1,086 shares during the period. Alphabet comprises about 2.8% of Canopy Partners LLC’s portfolio, making the stock its 8th biggest position. Canopy Partners LLC’s holdings in Alphabet were worth $6,614,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Christopher J. Hasenberg Inc raised its position in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. LMR Partners LLP acquired a new stake in Alphabet during the third quarter worth approximately $32,000. Kings Path Partners LLC bought a new stake in Alphabet in the second quarter worth approximately $36,000. Denver PWM LLC acquired a new position in Alphabet in the second quarter valued at approximately $41,000. Finally, Quarry LP bought a new position in shares of Alphabet during the 2nd quarter worth approximately $53,000. Institutional investors own 40.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Truist Financial boosted their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Evercore ISI increased their price objective on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research report on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a report on Thursday, October 24th. Finally, Loop Capital raised their price objective on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.90.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $160.63, for a total value of $3,614,175.00. Following the sale, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. This trade represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 8.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,624 shares of company stock valued at $27,803,730. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 1.2 %

Shares of Alphabet stock opened at $174.71 on Friday. The stock has a market capitalization of $2.14 trillion, a P/E ratio of 23.17, a P/E/G ratio of 1.21 and a beta of 1.01. Alphabet Inc. has a 52-week low of $129.68 and a 52-week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The stock’s 50-day simple moving average is $169.30 and its 200 day simple moving average is $170.31.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. During the same period in the prior year, the company posted $1.55 EPS. As a group, research analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet 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.