Alphabet Inc. (NASDAQ:GOOGL) Position Lessened by Summerhill Capital Management lnc.

Summerhill Capital Management lnc. decreased its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 27.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 49,366 shares of the information services provider's stock after selling 18,448 shares during the quarter. Alphabet makes up 10.2% of Summerhill Capital Management lnc.'s portfolio, making the stock its biggest position. Summerhill Capital Management lnc.'s holdings in Alphabet were worth $7,634,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rockbridge Capital Management LLC acquired a new stake in shares of Alphabet during the 4th quarter valued at approximately $3,119,000. Optivise Advisory Services LLC raised its holdings in shares of Alphabet by 8.0% during the fourth quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after purchasing an additional 403 shares during the period. Community Bank N.A. boosted its holdings in shares of Alphabet by 6.4% in the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock valued at $8,741,000 after buying an additional 2,790 shares during the period. Premier Fund Managers Ltd boosted its holdings in shares of Alphabet by 30.0% in the 4th quarter. Premier Fund Managers Ltd now owns 61,792 shares of the information services provider's stock valued at $11,816,000 after buying an additional 14,262 shares during the period. Finally, Absolute Capital Management LLC grew its position in shares of Alphabet by 14.0% during the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock valued at $401,000 after buying an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $176.68, for a total transaction of $5,742,100.00. Following the sale, the chief executive officer now directly owns 2,555,196 shares of the company's stock, valued at $451,452,029.28. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the completion of the sale, the director now owns 261,966 shares of the company's stock, valued at $45,844,050. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 216,195 shares of company stock worth $35,764,898 in the last quarter. 11.55% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Bank of America raised their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Friday, April 25th. JPMorgan Chase & Co. reduced their price objective on Alphabet from $220.00 to $180.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Roth Mkm reaffirmed a "buy" rating and issued a $220.00 target price on shares of Alphabet in a research report on Wednesday, March 19th. Morgan Stanley reduced their price target on shares of Alphabet from $210.00 to $185.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Citizens Jmp upgraded shares of Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price target for the company in a research report on Friday. Ten investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $199.95.

Alphabet Trading Up 2.9%

Shares of NASDAQ:GOOGL opened at $178.53 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The stock has a market capitalization of $2.17 trillion, a price-to-earnings ratio of 19.90, a PEG ratio of 1.26 and a beta of 1.01. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The company has a 50 day moving average price of $166.45 and a 200 day moving average price of $174.26.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same quarter in the prior year, the firm earned $1.89 EPS. On average, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were given a $0.21 dividend. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet's dividend payout ratio (DPR) is 9.36%.

About Alphabet

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.

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