Summit Financial Strategies Inc. Sells 1,302 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• Summit Financial Strategies Inc. reduced its stake in Alphabet Inc. by 15.8%, selling 1,302 shares during the first quarter, leaving them with 6,946 shares valued at approximately $1,074,000.
• Insider selling has occurred with CEO Sundar Pichai selling 32,500 shares for about $6.4 million, reflecting a 1.29% decrease in his ownership.
• Several analysts have raised their price targets for Alphabet, with Barclays increasing its target from $220 to $235, indicating a positive outlook for the stock.

Summit Financial Strategies Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 15.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm 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 quarter.

A number of other institutional investors also recently bought and sold shares of GOOGL. Eagle Capital Management LLC raised its stake in shares of Alphabet by 0.7% in the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock worth $9,490,000 after buying an additional 371 shares during the period. Brighton Jones LLC raised its stake in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after buying an additional 4,110 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of Alphabet by 3.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after buying an additional 506 shares during the period. Highview Capital Management LLC DE raised its stake in shares of Alphabet by 3.6% in the fourth quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock worth $5,509,000 after buying an additional 1,003 shares during the period. Finally, Hudson Value Partners LLC raised its stake in shares of Alphabet by 22.7% in the fourth quarter. Hudson Value Partners LLC now owns 73,282 shares of the information services provider's stock worth $13,873,000 after buying an additional 13,564 shares during the period. Institutional investors own 40.03% of the company's stock.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $196.23, for a total transaction of $6,377,475.00. Following the completion of the sale, the chief executive officer directly owned 2,494,892 shares of the company's stock, valued at $489,572,657.16. The trade was a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 274,819 shares of company stock valued at $49,796,547. Company insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on GOOGL. Barclays raised their price objective on Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Rosenblatt Securities increased their target price on Alphabet from $189.00 to $191.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Roth Capital increased their target price on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Bank of America increased their target price on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. increased their target price on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Ten analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Price Performance

Shares of GOOGL stock opened at $202.94 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a 50 day moving average price of $183.65 and a 200 day moving average price of $173.30. The firm has a market capitalization of $2.45 trillion, a P/E ratio of 21.61, a P/E/G ratio of 1.36 and a beta of 1.01. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, sell-side analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is 8.95%.

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.

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