Forum Financial Management LP Has $10.73 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

04 Nov 2024, 20:50 by Michael Walen · The Markets Daily

Forum Financial Management LP trimmed its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 0.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 64,187 shares of the information services provider’s stock after selling 395 shares during the quarter. Forum Financial Management LP’s holdings in Alphabet were worth $10,731,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of GOOG. Abich Financial Wealth Management LLC boosted its stake in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 184 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Alphabet during the 2nd quarter worth approximately $37,000. HWG Holdings LP bought a new stake in Alphabet during the 2nd quarter worth approximately $40,000. Slocum Gordon & Co LLP bought a new position in shares of Alphabet during the second quarter valued at $44,000. Finally, Hoese & Co LLP grew its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 230,244 shares of company stock valued at $37,776,954. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Pivotal Research increased their price target on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer boosted their price objective on Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group raised their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Citigroup boosted their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $200.56.

Get Our Latest Research Report on Alphabet

Alphabet Stock Down 0.0 %

GOOG stock opened at $172.65 on Monday. Alphabet Inc. has a 1-year low of $128.11 and a 1-year high of $193.31. The stock has a market cap of $2.13 trillion, a P/E ratio of 22.90, a P/E/G ratio of 1.24 and a beta of 1.04. The stock’s fifty day simple moving average is $163.81 and its two-hundred day simple moving average is $170.63. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. Analysts expect that Alphabet Inc. will post 7.89 EPS for the current year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

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