Forte Capital LLC ADV Sells 3,398 Shares of Alphabet Inc. (NASDAQ:GOOG)

Forte Capital LLC ADV trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 12.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,594 shares of the information services provider's stock after selling 3,398 shares during the quarter. Forte Capital LLC ADV's holdings in Alphabet were worth $3,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in GOOG. Brighton Jones LLC grew its stake in Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after purchasing an additional 6,410 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Alphabet by 4.3% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock worth $96,465,000 after purchasing an additional 20,855 shares during the period. Raymond James Financial Inc. acquired a new stake in Alphabet during the fourth quarter worth approximately $1,551,533,000. Advisors Asset Management Inc. grew its stake in Alphabet by 44.6% during the fourth quarter. Advisors Asset Management Inc. now owns 19,559 shares of the information services provider's stock worth $3,725,000 after purchasing an additional 6,033 shares during the period. Finally, Horizon Investments LLC grew its stake in Alphabet by 8.0% during the fourth quarter. Horizon Investments LLC now owns 10,071 shares of the information services provider's stock worth $1,918,000 after purchasing an additional 748 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

GOOG has been the subject of several recent analyst reports. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and set a $220.00 target price (up previously from $200.00) on shares of Alphabet in a research note on Wednesday, July 9th. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. UBS Group raised their price objective on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Needham & Company LLC cut Alphabet from a "buy" rating to a "cautious" rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $208.40.

Alphabet Stock Up 0.5%

Shares of GOOG stock traded up $0.93 during trading hours on Thursday, reaching $184.70. The company had a trading volume of 21,615,710 shares, compared to its average volume of 21,546,002. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The business has a fifty day simple moving average of $172.81 and a 200-day simple moving average of $174.80. The company has a market cap of $2.24 trillion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 1.28 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The business had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. Alphabet's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $1.89 earnings per share. On average, research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were issued a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is 9.36%.

Insider Buying and Selling

In related news, Director Kavitark Ram Shriram sold 9,000 shares of Alphabet stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $1,575,000.00. Following the sale, the director directly owned 255,400 shares in the company, valued at approximately $44,695,000. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total value of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 215,843 shares of company stock worth $37,288,490. 12.99% of the stock is owned by company insiders.

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.