Pitti Group Wealth Management LLC Sells 2,016 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Pitti Group Wealth Management LLC cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 15.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,088 shares of the information services provider’s stock after selling 2,016 shares during the period. Alphabet comprises approximately 1.7% of Pitti Group Wealth Management LLC’s holdings, making the stock its 17th largest position. Pitti Group Wealth Management LLC’s holdings in Alphabet were worth $1,549,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in shares of Alphabet by 5.6% during the 3rd quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock valued at $29,746,764,000 after buying an additional 12,070,681 shares in the last quarter. Northern Trust Corp boosted its position in shares of Alphabet by 3.7% during the third quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock worth $8,857,154,000 after acquiring an additional 2,416,328 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Alphabet by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 34,035,275 shares of the information services provider’s stock valued at $4,453,856,000 after acquiring an additional 335,219 shares during the last quarter. American Century Companies Inc. lifted its stake in Alphabet by 7.8% in the 3rd quarter. American Century Companies Inc. now owns 25,064,614 shares of the information services provider’s stock worth $3,279,955,000 after purchasing an additional 1,809,910 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Alphabet by 9.3% during the 3rd quarter. Jennison Associates LLC now owns 24,145,417 shares of the information services provider’s stock valued at $3,159,669,000 after purchasing an additional 2,058,221 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of GOOGL stock opened at $167.24 on Monday. The company has a market capitalization of $2.08 trillion, a P/E ratio of 25.65, a P/E/G ratio of 1.28 and a beta of 1.02. Alphabet Inc. has a 12-month low of $103.97 and a 12-month high of $174.71. The business’s 50 day moving average is $150.14 and its two-hundred day moving average is $142.36. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. The firm had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same quarter last year, the company earned $1.17 EPS. Analysts expect that Alphabet Inc. will post 7.57 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Monday, June 10th.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GOOGL shares. Barclays raised their price target on Alphabet from $173.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Truist Financial raised their target price on shares of Alphabet from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 26th. Susquehanna upped their price target on shares of Alphabet from $170.00 to $225.00 and gave the company a “positive” rating in a research note on Monday, April 29th. Robert W. Baird increased their price objective on shares of Alphabet from $160.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Finally, Sanford C. Bernstein boosted their target price on shares of Alphabet from $165.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.60.

Insider Buying and Selling

In other news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total value of $6,597,125.94. Following the transaction, the chief financial officer now owns 1,777,106 shares in the company, valued at $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now owns 1,777,106 shares of the company’s stock, valued at $243,854,485.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $146.29, for a total transaction of $3,291,525.00. Following the completion of the transaction, the chief executive officer now directly owns 2,377,691 shares in the company, valued at $347,832,416.39. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,129 shares of company stock worth $40,382,765. Insiders own 0.88% of the company’s stock.

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.