Canoe Financial LP Sells 1,082,581 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Canoe Financial LP decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 82.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,134 shares of the information services provider's stock after selling 1,082,581 shares during the period. Canoe Financial LP's holdings in Alphabet were worth $38,058,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in GOOGL. Vanguard Group Inc. grew its stake in shares of Alphabet by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider's stock worth $75,144,172,000 after purchasing an additional 4,064,073 shares during the last quarter. Capital Research Global Investors boosted its holdings in Alphabet by 14.4% during the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider's stock worth $8,724,251,000 after buying an additional 7,275,757 shares in the last quarter. Bank of New York Mellon Corp grew its position in Alphabet by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider's stock worth $9,011,412,000 after buying an additional 238,403 shares during the last quarter. Capital World Investors increased its holdings in shares of Alphabet by 1.7% in the first quarter. Capital World Investors now owns 35,412,299 shares of the information services provider's stock valued at $5,344,778,000 after buying an additional 597,756 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Alphabet by 1.8% during the 2nd quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider's stock valued at $4,274,184,000 after acquiring an additional 418,204 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GOOGL. Scotiabank upgraded Alphabet to a "strong-buy" rating in a report on Friday, October 11th. UBS Group lifted their price target on Alphabet from $200.00 to $204.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 24th. JMP Securities upped their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company a "market outperform" rating in a research note on Wednesday, October 30th. Tigress Financial lifted their target price on shares of Alphabet from $210.00 to $220.00 and gave the stock a "strong-buy" rating in a research report on Thursday, September 26th. Finally, Roth Mkm lifted their price objective on shares of Alphabet from $206.00 to $212.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $205.90.

Alphabet Stock Performance

Shares of NASDAQ GOOGL traded down $2.40 during trading hours on Friday, hitting $178.35. 22,006,182 shares of the stock were exchanged, compared to its average volume of 25,879,976. The firm has a market capitalization of $2.18 trillion, a P/E ratio of 23.65, a P/E/G ratio of 1.25 and a beta of 1.03. Alphabet Inc. has a one year low of $127.90 and a one year high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The company's 50 day moving average is $163.54 and its 200 day moving average is $169.59.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analysts' expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same quarter in the previous year, the firm earned $1.55 EPS. On average, research analysts expect that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Alphabet's dividend payout ratio is 10.61%.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O'toole sold 2,835 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares of the company's stock, valued at $4,421,948.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Kavitark Ram Shriram sold 10,500 shares of Alphabet stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $177.41, for a total transaction of $1,862,805.00. Following the sale, the director now owns 319,966 shares of the company's stock, valued at approximately $56,765,168.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O'toole sold 2,835 shares of the company's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares of the company's stock, valued at $4,421,948.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 242,552 shares of company stock valued at $40,287,253. 11.55% of the stock is owned by company insiders.

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.