Summit Global Investments Has $358,000 Holdings in Alphabet Inc. (NASDAQ:GOOG)

Summit Global Investments lowered its stake in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 88.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,290 shares of the information services provider's stock after selling 16,774 shares during the quarter. Summit Global Investments' holdings in Alphabet were worth $358,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. FMR LLC grew its stake in shares of Alphabet by 2.8% during the fourth quarter. FMR LLC now owns 117,991,725 shares of the information services provider's stock valued at $22,470,344,000 after acquiring an additional 3,189,592 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Alphabet by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 104,777,092 shares of the information services provider's stock valued at $19,894,651,000 after acquiring an additional 1,219,606 shares in the last quarter. Capital International Investors grew its stake in shares of Alphabet by 6.7% during the fourth quarter. Capital International Investors now owns 91,236,069 shares of the information services provider's stock valued at $17,376,706,000 after acquiring an additional 5,758,244 shares in the last quarter. Northern Trust Corp raised its position in shares of Alphabet by 16.1% in the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after purchasing an additional 7,917,625 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of Alphabet by 0.8% in the 4th quarter. Capital Research Global Investors now owns 39,148,500 shares of the information services provider's stock valued at $7,455,571,000 after purchasing an additional 294,556 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $165.53, for a total value of $33,106.00. Following the transaction, the director now owns 7,813 shares of the company's stock, valued at approximately $1,293,285.89. This trade represents a 2.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 11,764 shares of Alphabet stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $166.84, for a total value of $1,962,705.76. Following the completion of the transaction, the insider now directly owns 49,037 shares in the company, valued at $8,181,333.08. This represents a 19.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 163,270 shares of company stock valued at $26,553,563. 12.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of recent analyst reports. Tigress Financial reaffirmed a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. KeyCorp cut their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Oppenheimer upped their target price on Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $171.00 target price on shares of Alphabet in a research report on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and five have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and an average target price of $204.88.

Alphabet Price Performance

NASDAQ:GOOG traded up $1.62 during mid-day trading on Wednesday, reaching $169.33. 12,956,027 shares of the stock were exchanged, compared to its average volume of 23,131,207. The business has a fifty day moving average price of $161.02 and a 200 day moving average price of $176.18. The firm has a market capitalization of $2.05 trillion, a PE ratio of 21.03, a PEG ratio of 1.34 and a beta of 1.01. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $208.70. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Alphabet's revenue was up 12.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.89 earnings per share. Research analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 9th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a yield of 0.50%. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio (DPR) is currently 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.