Alphabet Inc. $GOOG Shares Sold by Fulton Bank N.A.

Key Points

• Fulton Bank N.A. reduced its stake in Alphabet Inc. by 10.7%, owning 71,393 shares worth approximately $12.66 million after selling 8,567 shares in Q2.
• In contrast, Vanguard Group Inc. raised its investment in Alphabet by 2.4%, now holding over 411 million shares valued at nearly $64.3 billion.
• Alphabet's quarterly earnings topped analyst expectations with an EPS of $2.31, and the company reported revenue of $96.43 billion, reflecting a 13.8% year-over-year increase.

Fulton Bank N.A. decreased its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 10.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 71,393 shares of the information services provider's stock after selling 8,567 shares during the quarter. Fulton Bank N.A.'s holdings in Alphabet were worth $12,664,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC boosted its position in Alphabet by 2.6% during the second quarter. NorthCrest Asset Manangement LLC now owns 57,671 shares of the information services provider's stock worth $10,413,000 after purchasing an additional 1,456 shares during the period. Strathmore Capital Advisors Inc. bought a new stake in Alphabet in the second quarter valued at about $1,317,000. Atticus Wealth Management LLC increased its stake in Alphabet by 22.9% in the second quarter. Atticus Wealth Management LLC now owns 5,131 shares of the information services provider's stock valued at $910,000 after acquiring an additional 955 shares during the period. Bath Savings Trust Co grew its stake in Alphabet by 0.6% during the second quarter. Bath Savings Trust Co now owns 13,613 shares of the information services provider's stock worth $2,415,000 after buying an additional 75 shares during the last quarter. Finally, Capital Advisory Group Advisory Services LLC lifted its position in shares of Alphabet by 14.6% during the second quarter. Capital Advisory Group Advisory Services LLC now owns 3,771 shares of the information services provider's stock worth $669,000 after purchasing an additional 480 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 258,088 shares of company stock valued at $52,405,304. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Down 0.9%

Shares of Alphabet stock traded down $2.36 during trading hours on Monday, reaching $252.88. The company's stock had a trading volume of 20,038,778 shares, compared to its average volume of 25,284,148. Alphabet Inc. has a one year low of $142.66 and a one year high of $256.70. The stock's fifty day simple moving average is $211.48 and its two-hundred day simple moving average is $182.24. 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 $3.06 trillion, a P/E ratio of 26.93, a P/E/G ratio of 1.72 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the company earned $1.89 EPS. The business's quarterly revenue was up 13.8% compared to the same quarter last year. On average, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GOOG shares. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 26th. Barclays reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Robert W. Baird raised their target price on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research report on Monday. Scotiabank raised their target price on shares of Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research report on Tuesday, July 22nd. Finally, KeyCorp set a $265.00 target price on shares of Alphabet in a research report on Wednesday, September 3rd. Four research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $230.35.

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.