Summit Asset Management LLC Has $1.43 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Summit Asset Management LLC raised its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 8,535 shares of the information services provider’s stock after acquiring an additional 127 shares during the quarter. Summit Asset Management LLC’s holdings in Alphabet were worth $1,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOG. China Universal Asset Management Co. Ltd. increased its stake in Alphabet by 360.1% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 20,249 shares of the information services provider’s stock valued at $3,083,000 after purchasing an additional 15,848 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Alphabet by 5.8% in the 1st quarter. Quent Capital LLC now owns 32,706 shares of the information services provider’s stock worth $4,980,000 after acquiring an additional 1,798 shares during the last quarter. Empowered Funds LLC lifted its position in Alphabet by 19.0% in the 1st quarter. Empowered Funds LLC now owns 86,040 shares of the information services provider’s stock valued at $13,100,000 after acquiring an additional 13,756 shares in the last quarter. Elite Life Management LLC boosted its stake in Alphabet by 2.9% during the 1st quarter. Elite Life Management LLC now owns 4,015 shares of the information services provider’s stock valued at $611,000 after purchasing an additional 115 shares during the last quarter. Finally, Landaas & Co. WI ADV bought a new stake in Alphabet during the 1st quarter worth approximately $211,000. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOOG. Phillip Securities raised Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Oppenheimer upped their target price on shares of Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company lifted their target price on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $200.56.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director John L. Hennessy sold 700 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now directly owns 29,324 shares in the company, valued at $4,838,460. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John L. Hennessy sold 700 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now owns 29,324 shares of the company’s stock, valued at $4,838,460. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 207,495 shares of company stock valued at $34,586,641 in the last three months. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Down 1.5 %

Shares of GOOG stock opened at $180.49 on Thursday. The stock has a market capitalization of $2.21 trillion, a price-to-earnings ratio of 23.94, a PEG ratio of 1.29 and a beta of 1.04. The company’s fifty day simple moving average is $165.75 and its two-hundred day simple moving average is $171.50. Alphabet Inc. has a 1 year low of $129.40 and a 1 year high of $193.31. 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 (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 EPS. As a group, analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 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.