Summit Financial Strategies Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,946 shares of the information services provider's stock after selling 1,302 shares during the quarter. Summit Financial Strategies Inc.'s holdings in Alphabet were worth $1,074,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. lifted its holdings in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after acquiring an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC lifted its stake in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after purchasing an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet in the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.
Analyst Ratings Changes
Several research firms have recently issued reports on GOOGL. DA Davidson raised their price objective on Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Stifel Nicolaus upped their price target on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Piper Sandler upped their price target on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Guggenheim upped their price target on shares of Alphabet from $190.00 to $210.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Finally, Morgan Stanley raised their price target on Alphabet from $185.00 to $205.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $211.53.
Get Our Latest Stock Analysis on GOOGL
Insider Buying and Selling
In related news, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the sale, the director directly owned 240,400 shares of the company's stock, valued at $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 274,819 shares of company stock valued at $49,796,547 in the last three months. 11.55% of the stock is currently owned by insiders.
Alphabet Stock Performance
Shares of GOOGL stock traded down $1.31 during mid-day trading on Monday, reaching $202.59. The stock had a trading volume of 8,791,928 shares, compared to its average volume of 36,495,262. The business's fifty day moving average is $184.25 and its 200-day moving average is $173.01. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.45 trillion, a price-to-earnings ratio of 21.57, a PEG ratio of 1.37 and a beta of 1.01. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is 8.95%.
About Alphabet
(
Free Report)
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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