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

Key Points

• Fortis Capital Advisors LLC has reduced its holdings in Alphabet Inc. by 20.3%, now owning 10,381 shares valued at approximately $1.6 million after selling 2,648 shares in the first quarter.
• Alphabet recently reported a quarterly earnings per share of $2.31, exceeding the consensus estimate of $2.15, with revenue of $96.43 billion for the quarter.
• The company is set to pay a quarterly dividend of $0.21 on September 15th, representing an annualized dividend yield of 0.4%.

Fortis Capital Advisors LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 20.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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.

Other institutional investors also recently made changes to their positions in the company. Nia Impact Advisors LLC lifted its stake in Alphabet by 0.3% in the fourth quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider's stock worth $3,249,000 after purchasing an additional 59 shares during the last quarter. Enzi Wealth grew its stake in shares of Alphabet by 2.5% during the first quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after buying an additional 62 shares during the last quarter. Whipplewood Advisors LLC increased its holdings in shares of Alphabet by 1.2% in the first quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock worth $817,000 after buying an additional 67 shares during the period. Aspire Capital Advisors LLC lifted its stake in shares of Alphabet by 1.0% in the 1st 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 during the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. boosted its holdings in Alphabet by 2.1% during the 1st quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider's stock valued at $496,000 after acquiring an additional 67 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.

Alphabet Stock Performance

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

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping the consensus estimate of $2.15 by $0.16. 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 analyst estimates of $93.60 billion. As a group, research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is 8.95%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GOOGL shares. Roth Capital raised their price target on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JMP Securities raised their target price on shares of Alphabet from $225.00 to $250.00 and gave the stock a "market outperform" rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Morgan Stanley upped their price target on shares of Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Finally, Wedbush increased their price target on shares of Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $221.44.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the transaction, the director owned 6,316 shares in the company, valued at $1,287,137.64. This trade represents a 8.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,710 shares of company stock valued at $49,208,380. 11.55% of the stock is currently owned by corporate 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.

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