Bank of Montreal Can Trims Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Bank of Montreal Can reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 14.1% during the fourth quarter, Holdings Channel reports. The firm owned 819,737 shares of the information services provider’s stock after selling 134,312 shares during the quarter. Alphabet makes up approximately 1.3% of Bank of Montreal Can’s portfolio, making the stock its 14th biggest position. Bank of Montreal Can’s holdings in Alphabet were worth $2,424,454,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GOOGL. Allspring Global Investments Holdings LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $1,680,864,000. Fortis Advisors LLC raised its holdings in Alphabet by 149,779.0% in the 3rd quarter. Fortis Advisors LLC now owns 535,068 shares of the information services provider’s stock worth $1,508,000 after acquiring an additional 534,711 shares during the last quarter. Liontrust Investment Partners LLP purchased a new position in Alphabet in the 3rd quarter worth approximately $431,244,000. Two Sigma Advisers LP raised its holdings in Alphabet by 213.2% in the 3rd quarter. Two Sigma Advisers LP now owns 225,786 shares of the information services provider’s stock worth $603,643,000 after acquiring an additional 153,700 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in Alphabet in the 4th quarter worth approximately $52,000. Hedge funds and other institutional investors own 41.70% of the company’s stock.

In related news, Director John L. Hennessy sold 31 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $2,280.98, for a total value of $70,710.38. Following the sale, the director now directly owns 265 shares in the company, valued at approximately $604,459.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brin Sergey sold 2,639 shares of the business’s stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $2,632.28, for a total transaction of $6,946,586.92. Following the completion of the sale, the director now owns 18,599,842 shares in the company, valued at $48,959,992,099.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 550,261 shares of company stock worth $21,637,779. Corporate insiders own 11.70% of the company’s stock.

GOOGL has been the subject of a number of recent analyst reports. Barclays decreased their price objective on shares of Alphabet from $3,300.00 to $3,200.00 and set an “overweight” rating for the company in a report on Wednesday, April 27th. Stifel Nicolaus cut their target price on shares of Alphabet from $3,500.00 to $3,100.00 and set a “buy” rating for the company in a research report on Wednesday, April 27th. Susquehanna lifted their target price on shares of Alphabet from $3,600.00 to $3,750.00 and gave the stock a “positive” rating in a research report on Wednesday, February 2nd. Royal Bank of Canada lifted their target price on shares of Alphabet from $3,400.00 to $3,500.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 2nd. Finally, Piper Sandler cut their target price on shares of Alphabet from $3,475.00 to $2,900.00 and set an “overweight” rating for the company in a research report on Wednesday, April 27th. Four analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet has an average rating of “Buy” and an average target price of $3,314.08.

Shares of NASDAQ:GOOGL traded up $38.94 during trading on Tuesday, hitting $2,327.84. 60,751 shares of the stock traded hands, compared to its average volume of 2,194,914. The company has a quick ratio of 2.85, a current ratio of 2.87 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.53 trillion, a price-to-earnings ratio of 20.92, a P/E/G ratio of 1.08 and a beta of 1.13. The company has a fifty day moving average price of $2,565.25 and a two-hundred day moving average price of $2,726.19. Alphabet Inc. has a 52-week low of $2,196.49 and a 52-week high of $3,030.93.

Alphabet shares are scheduled to split on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly minted shares will be payable to shareholders after the market closes on Friday, July 15th.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $25.51 by ($0.89). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same quarter last year, the firm posted $26.29 earnings per share. On average, equities research analysts predict that Alphabet Inc. will post 112.62 EPS for the current fiscal year.

Alphabet Profile (Get Rating)

Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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