Canoe Financial LP Sells 167,300 Shares of Alphabet Inc. $GOOGL

Key Points

• Canoe Financial LP cut its Alphabet stake by 16.3% in the first quarter, selling 167,300 shares and leaving it with 856,914 shares worth about $246.4 million. Alphabet remains Canoe’s 4th-largest holding, representing roughly 3.4% of its portfolio.
• Despite some selling, institutional ownership remains strong, with hedge funds and other investors holding about 40.03% of Alphabet shares. Several firms also increased positions during the period.
• Alphabet continues to receive mixed headlines: analysts largely remain positive with multiple price-target hikes, but the stock faces ongoing legal pressure, including an upheld €4.1 billion EU Android antitrust fine and a separate nearly $2 billion Swedish ruling.

Canoe Financial LP decreased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 16.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 856,914 shares of the information services provider's stock after selling 167,300 shares during the quarter. Alphabet comprises approximately 3.4% of Canoe Financial LP's investment portfolio, making the stock its 4th largest holding. Canoe Financial LP's holdings in Alphabet were worth $246,414,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC increased its position in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after buying an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares in the last quarter. Matrix Asset Advisors Inc. NY boosted its holdings in Alphabet by 17.6% in the second quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock worth $685,000 after acquiring an additional 581 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in Alphabet by 11.2% in the second quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock valued at $85,557,000 after acquiring an additional 48,805 shares during the period. Finally, United Bank grew its stake in Alphabet by 6.9% in the second quarter. United Bank now owns 48,204 shares of the information services provider's stock valued at $8,495,000 after acquiring an additional 3,120 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Several recent stories highlight Alphabet’s AI and cloud momentum, including Google Cloud traction with enterprise customers like Jack Henry and growing use of Google’s cloud tech by Italy’s Intesa Sanpaolo, which supports the bull case for future growth. Article Title
• Positive Sentiment: Jim Cramer argued that Alphabet still looks cheap, reinforcing a valuation-supportive narrative for GOOGL after its pullback. Article Title
• Positive Sentiment: Wall Street sentiment remains constructive, with Wells Fargo keeping an overweight rating and multiple analysts maintaining buy recommendations, which may help support the stock. Article Title
• Neutral Sentiment: Alphabet’s insider selling by John Kent Walker appears routine and is not, by itself, a major fundamental concern for investors. Article Title
• Neutral Sentiment: Coverage around Alphabet’s growing role in AI-powered shopping, robotaxis, and other ecosystem developments adds to the long-term story, but these are more thesis-supportive than immediate catalysts. Article Title
• Negative Sentiment: The biggest drag is the EU Supreme Court decision upholding Alphabet’s €4.1 billion Android antitrust fine, which reinforces legal and regulatory overhangs for the stock. Article Title
• Negative Sentiment: A separate Swedish court ruling ordered Alphabet to pay nearly $2 billion in a price-comparison dispute, adding to the sense that antitrust and competition risks remain active. Article Title

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Dbs Bank increased their target price on Alphabet from $400.00 to $460.00 in a report on Thursday, May 7th. Robert W. Baird upped their price objective on shares of Alphabet from $380.00 to $400.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Morgan Stanley reiterated an "overweight" rating and set a $415.00 price objective (up from $375.00) on shares of Alphabet in a report on Tuesday, June 30th. Piper Sandler reissued an "overweight" rating and set a $445.00 target price (up from $425.00) on shares of Alphabet in a research report on Monday, June 1st. Finally, Cantor Fitzgerald upped their target price on shares of Alphabet from $395.00 to $465.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, forty-seven have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $413.54.

Alphabet Stock Performance

Shares of GOOGL stock opened at $359.91 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The firm has a market cap of $4.36 trillion, a price-to-earnings ratio of 27.45, a P/E/G ratio of 1.54 and a beta of 1.24. The firm's 50-day simple moving average is $371.05 and its two-hundred day simple moving average is $334.60. Alphabet Inc. has a 52 week low of $172.77 and a 52 week high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The information services provider reported $5.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $109.90 billion for the quarter, compared to analyst estimates of $106.98 billion. As a group, equities analysts forecast that Alphabet Inc. will post 14.32 earnings per share for the current year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 0.2%. This is a boost from Alphabet's previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Monday, June 8th. Alphabet's payout ratio is currently 6.71%.

Insider Activity

In related news, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $23.75, for a total value of $2,077,531.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 8,998 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider directly owned 75,290 shares in the company, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 160,465 shares of company stock valued at $8,020,511. 11.61% of the stock is currently owned by corporate insiders.

Alphabet Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google's core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google's consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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