Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 11.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 213,288 shares of the information services provider’s stock after selling 28,175 shares during the quarter. Alphabet makes up about 2.0% of Summit Global Investments’ holdings, making the stock its 8th largest position. Summit Global Investments’ holdings in Alphabet were worth $29,794,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in 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 acquiring an additional 12,070,681 shares during the period. Northern Trust Corp lifted its position in shares of Alphabet by 3.7% during the 3rd quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock valued at $8,857,154,000 after acquiring an additional 2,416,328 shares during the period. Fisher Asset Management LLC lifted its position in shares of Alphabet by 3.4% during the 4th quarter. Fisher Asset Management LLC now owns 45,220,857 shares of the information services provider’s stock valued at $6,316,902,000 after acquiring an additional 1,472,043 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Alphabet by 1.0% during 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 period. Finally, American Century Companies Inc. lifted its position in shares of Alphabet by 7.8% during the 3rd quarter. American Century Companies Inc. now owns 25,064,614 shares of the information services provider’s stock valued at $3,279,955,000 after acquiring an additional 1,809,910 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $139.51, for a total transaction of $41,853.00. Following the completion of the transaction, the director now owns 9,291 shares in the company, valued at approximately $1,296,187.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 252,629 shares of company stock worth $37,091,240. 0.88% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 0.8 %

Shares of NASDAQ GOOGL opened at $168.65 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.08 trillion, a PE ratio of 25.87, a P/E/G ratio of 1.29 and a beta of 1.02. The firm has a fifty day moving average of $152.69 and a 200-day moving average of $143.20. Alphabet Inc. has a 52-week low of $114.41 and a 52-week high of $174.71.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.40. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same quarter in the previous year, the business posted $1.17 EPS. On average, analysts anticipate that Alphabet Inc. will post 7.57 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.47%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted their price target on shares of Alphabet from $160.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Susquehanna raised their price objective on shares of Alphabet from $170.00 to $225.00 and gave the stock a “positive” rating in a research note on Monday, April 29th. Jefferies Financial Group raised their price objective on shares of Alphabet from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Wolfe Research raised their price objective on shares of Alphabet from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Finally, Wells Fargo & Company raised their price objective on shares of Alphabet from $141.00 to $168.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Five equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.60.

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.