Alphabet Inc. (NASDAQ:GOOG) is Fortis Capital Management LLC’s 6th Largest Position

Fortis Capital Management LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,567 shares of the information services provider’s stock after acquiring an additional 1,895 shares during the period. Alphabet comprises approximately 2.0% of Fortis Capital Management LLC’s portfolio, making the stock its 6th largest position. Fortis Capital Management LLC’s holdings in Alphabet were worth $9,792,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Abich Financial Wealth Management LLC boosted its holdings in shares of Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the 2nd quarter worth approximately $37,000. HWG Holdings LP purchased a new position in shares of Alphabet during the 2nd quarter worth approximately $40,000. Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet in the 2nd quarter valued at approximately $44,000. Finally, Sanctuary Wealth Management L.L.C. grew its holdings in Alphabet by 87.3% during the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after acquiring an additional 117 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the topic of several recent analyst reports. Citigroup upped their target price on shares of Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group raised their target price on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Scotiabank assumed coverage on Alphabet in a research report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective for the company. Oppenheimer lifted their price objective on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Barclays raised their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $200.56.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares in the company, valued at $362,126,319.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Alphabet news, insider John Kent Walker sold 21,467 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the completion of the sale, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the completion of the transaction, the chief executive officer now directly owns 2,159,885 shares in the company, valued at $362,126,319.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,495 shares of company stock valued at $34,586,641. Insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $180.49 on Thursday. The company has a fifty day moving average price of $165.75 and a two-hundred day moving average price of $171.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. Alphabet Inc. has a 12 month low of $129.40 and a 12 month high of $193.31. The company has a market cap of $2.21 trillion, a PE ratio of 23.94, a P/E/G ratio of 1.29 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 earnings per share. Research analysts expect that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Alphabet’s payout ratio is currently 10.61%.

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.