Fortune Financial Advisors LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 15.5% during the third quarter, Holdings Channel reports. The firm owned 19,538 shares of the information services provider’s stock after selling 3,582 shares during the period. Alphabet makes up approximately 2.9% of Fortune Financial Advisors LLC’s investment portfolio, making the stock its 5th largest position. Fortune Financial Advisors LLC’s holdings in Alphabet were worth $3,240,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also modified their holdings of the stock. Mcrae Capital Management Inc. raised its stake in Alphabet by 566.3% during the 3rd quarter. Mcrae Capital Management Inc. now owns 26,840 shares of the information services provider’s stock worth $4,451,000 after acquiring an additional 22,812 shares in the last quarter. Goldstein Advisors LLC boosted its holdings in shares of Alphabet by 10.4% in the third quarter. Goldstein Advisors LLC now owns 11,025 shares of the information services provider’s stock valued at $1,828,000 after acquiring an additional 1,043 shares during the period. Smith Salley Wealth Management grew its position in shares of Alphabet by 9.2% during the third quarter. Smith Salley Wealth Management now owns 69,670 shares of the information services provider’s stock worth $11,555,000 after acquiring an additional 5,870 shares during the last quarter. Bristlecone Advisors LLC raised its position in Alphabet by 5.0% in the 3rd quarter. Bristlecone Advisors LLC now owns 122,345 shares of the information services provider’s stock valued at $20,291,000 after purchasing an additional 5,880 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its stake in Alphabet by 0.9% during the 3rd quarter. Modera Wealth Management LLC now owns 92,758 shares of the information services provider’s stock worth $15,384,000 after purchasing an additional 842 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.
Analyst Upgrades and Downgrades
GOOGL has been the topic of several analyst reports. Scotiabank raised Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Mizuho lifted their price target on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $217.00 price target (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Tigress Financial upped their target price on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 26th. Finally, China Renaissance upgraded Alphabet from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Seven 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 company. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $205.90.
View Our Latest Research Report on Alphabet
Alphabet Stock Performance
Alphabet stock opened at $180.75 on Friday. Alphabet Inc. has a 12-month low of $127.90 and a 12-month 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 has a market capitalization of $2.23 trillion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 1.20 and a beta of 1.03. The firm’s fifty day moving average price is $162.86 and its 200 day moving average price is $169.36.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion for 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 posted $1.55 earnings per share. On average, research analysts forecast that Alphabet Inc. will post 7.99 EPS for the current fiscal year.
Alphabet Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.
Insider Buying and Selling
In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the transaction, the chief accounting officer now directly owns 32,017 shares of the company’s stock, valued at $5,136,807.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Kavitark Ram Shriram sold 10,500 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total value of $1,898,190.00. Following the completion of the sale, the director now owns 330,466 shares of the company’s stock, valued at $59,741,643.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 242,552 shares of company stock worth $40,287,253 in the last three months. 11.55% of the stock is owned by insiders.
Alphabet Profile
(Free Report)
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.
See Also
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