Pitti Group Wealth Management LLC Has $720,000 Holdings in Alphabet Inc. (NASDAQ:GOOG)

Pitti Group Wealth Management LLC lessened its position in Alphabet Inc. (NASDAQ:GOOG) by 7.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,781 shares of the information services provider’s stock after selling 322 shares during the period. Pitti Group Wealth Management LLC’s holdings in Alphabet were worth $720,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC boosted its position in shares of Alphabet by 6.8% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 16,248 shares of the information services provider’s stock valued at $3,094,000 after buying an additional 1,041 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Alphabet by 14.4% during the third quarter. Coldstream Capital Management Inc. now owns 116,776 shares of the information services provider’s stock valued at $19,642,000 after buying an additional 14,738 shares during the last quarter. Requisite Capital Management LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $927,000. Stevens Capital Management LP boosted its position in shares of Alphabet by 172.9% during the third quarter. Stevens Capital Management LP now owns 91,237 shares of the information services provider’s stock valued at $15,254,000 after buying an additional 57,810 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Alphabet by 44.2% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,032,476 shares of the information services provider’s stock valued at $172,620,000 after buying an additional 316,674 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GOOG shares. Oppenheimer lifted their price target on Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. Citizens Jmp lowered Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Benchmark reiterated a “negative” rating on shares of Alphabet in a report on Wednesday, February 5th. Finally, Morgan Stanley restated an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $209.13.

Insider Transactions at Alphabet

In other news, insider Ruth Porat sold 17,690 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $183.48, for a total value of $3,245,761.20. Following the completion of the transaction, the insider now directly owns 1,449,286 shares in the company, valued at approximately $265,914,995.28. This represents a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 16,820 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the completion of the transaction, the insider now owns 43,981 shares of the company’s stock, valued at $8,471,620.22. The trade was a 27.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 93,048 shares of company stock worth $17,374,274. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

Alphabet stock opened at $167.62 on Monday. Alphabet Inc. has a 52 week low of $141.13 and a 52 week high of $208.70. The business has a 50-day simple moving average of $187.41 and a 200 day simple moving average of $178.10. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.04 trillion, a price-to-earnings ratio of 20.82, a PEG ratio of 1.34 and a beta of 1.03.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. On average, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Monday, March 10th. Alphabet’s payout ratio is currently 9.94%.

Alphabet Company 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.