Fulton Bank N.A. Sells 2,815 Shares of Alphabet Inc. $GOOGL

Key Points

• Fulton Bank N.A. has reduced its position in Alphabet Inc. by 2.3%, currently holding 120,045 shares valued at approximately $21.16 million.
• Insider John Kent Walker sold 23,820 shares of Alphabet stock for around $4.64 million, resulting in a 35.65% decrease in ownership.
• Research analysts have raised their price targets for Alphabet, with a consensus rating of “Moderate Buy” and an average price target of $225.54.

Fulton Bank N.A. trimmed its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,045 shares of the information services provider's stock after selling 2,815 shares during the period. Alphabet accounts for about 0.8% of Fulton Bank N.A.'s investment portfolio, making the stock its 28th biggest holding. Fulton Bank N.A.'s holdings in Alphabet were worth $21,156,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. lifted its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares during the period. Harbour Trust & Investment Management Co boosted its position in Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after buying an additional 80 shares in the last quarter. Cypress Capital LLC raised its stake in Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after buying an additional 563 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after purchasing an additional 13,371 shares during the last quarter. Finally, Alaethes Wealth LLC raised its position in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock valued at $1,182,000 after purchasing an additional 84 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

GOOGL stock traded up $2.69 during trading hours on Friday, hitting $254.72. 55,452,697 shares of the stock traded hands, compared to its average volume of 38,953,800. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00. The stock has a 50-day simple moving average of $209.36 and a 200 day simple moving average of $180.41. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.08 trillion, a P/E ratio of 27.13, a P/E/G ratio of 1.72 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating 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 return on equity of 34.31% and a net margin of 31.12%. Equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wedbush lifted their price target on shares of Alphabet from $225.00 to $245.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Oppenheimer restated an "outperform" rating and set a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Wall Street Zen lowered Alphabet from a "buy" rating to a "hold" rating in a research note on Sunday. Susquehanna boosted their price objective on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Finally, Tigress Financial boosted their target price on Alphabet from $240.00 to $280.00 and gave the company a "strong-buy" rating in a research note on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and a consensus target price of $225.54.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the transaction, the director owned 5,716 shares in the company, valued at approximately $1,425,799.04. This represents a 9.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 258,088 shares of company stock worth $52,405,304. Insiders own 11.55% of the company's stock.

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.