Fortitude Advisory Group L.L.C. Sells 139 Shares of Alphabet Inc. $GOOG

Fortitude Advisory Group L.L.C. lessened its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,722 shares of the information services provider’s stock after selling 139 shares during the period. Fortitude Advisory Group L.L.C.’s holdings in Alphabet were worth $1,015,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the 1st quarter valued at about $26,000. Robbins Farley increased its holdings in Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 60 shares during the period. Goodman Advisory Group LLC purchased a new position in Alphabet during the 1st quarter valued at about $32,000. Greykasell Wealth Strategies Inc. purchased a new position in Alphabet during the 1st quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. purchased a new position in Alphabet during the 1st quarter valued at about $34,000. Institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GOOG shares. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Scotiabank boosted their price target on Alphabet from $200.00 to $240.00 and gave the company a “sector outperform” rating in a report on Tuesday, July 22nd. Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Lake Street Capital reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Alphabet in a report on Saturday, September 27th. Five equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.33.

Insider Buying and Selling

In related news, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the sale, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 953 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the transaction, the chief accounting officer directly owned 17,294 shares in the company, valued at $4,171,312.80. This trade represents a 5.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,738 shares of company stock worth $59,135,475 over the last three months. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Down 1.7%

GOOG stock opened at $247.13 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $2.99 trillion, a price-to-earnings ratio of 26.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The business’s 50 day moving average price is $224.07 and its two-hundred day moving average price is $188.32. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $256.70.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 EPS. As a group, analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.95%.

Alphabet 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.