Fortis Capital Advisors LLC Sells 2,648 Shares of Alphabet Inc. $GOOGL

Fortis Capital Advisors LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 20.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,381 shares of the information services provider’s stock after selling 2,648 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Alphabet were worth $1,605,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Nia Impact Advisors LLC raised its stake in Alphabet by 0.3% during the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock valued at $3,249,000 after buying an additional 59 shares during the last quarter. Enzi Wealth grew its stake in shares of Alphabet by 2.5% in the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock worth $408,000 after acquiring an additional 62 shares during the last quarter. Whipplewood Advisors LLC increased its holdings in shares of Alphabet by 1.2% during the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider’s stock valued at $817,000 after acquiring an additional 67 shares in the last quarter. Aspire Capital Advisors LLC increased its holdings in shares of Alphabet by 1.0% during the first quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider’s stock valued at $1,086,000 after acquiring an additional 67 shares in the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. raised its position in shares of Alphabet by 2.1% in the 1st quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider’s stock worth $496,000 after purchasing an additional 67 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 2.4%

Shares of Alphabet stock opened at $239.63 on Wednesday. The company has a market cap of $2.90 trillion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. The company’s 50 day moving average is $198.22 and its 200 day moving average is $176.17. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $240.47. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GOOGL. Wall Street Zen downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Friday, September 5th. Piper Sandler upped their target price on shares of Alphabet from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Needham & Company LLC increased their price target on shares of Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Wells Fargo & Company raised their price target on shares of Alphabet from $184.00 to $187.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 29th. Finally, Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $221.44.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company’s stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares of the company’s stock, valued at approximately $492,281,408.64. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,710 shares of company stock worth $49,208,380 in the last ninety days. Insiders own 11.55% of the company’s stock.

About Alphabet

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.