Summit X LLC Lowers Stake in Alphabet Inc. (NASDAQ:GOOGL)

Summit X LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,853 shares of the information services provider's stock after selling 1,646 shares during the period. Alphabet comprises approximately 0.9% of Summit X LLC's portfolio, making the stock its 28th biggest holding. Summit X LLC's holdings in Alphabet were worth $4,152,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in shares of Alphabet during the first quarter valued at approximately $28,000. Financial Gravity Asset Management Inc. purchased a new stake in Alphabet in the first quarter worth $39,000. Elite Financial Inc. purchased a new position in Alphabet during the first quarter valued at $42,000. Anderson Financial Strategies LLC purchased a new stake in Alphabet in the fourth quarter worth about $49,000. Finally, EQ Wealth Advisors LLC purchased a new position in Alphabet during the first quarter valued at $49,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.0%

Shares of GOOGL stock traded up $1.94 during mid-day trading on Thursday, hitting $192.17. 74,740,490 shares of the stock traded hands, compared to its average volume of 39,272,972. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $207.05. The stock's fifty day moving average is $175.23 and its two-hundred day moving average is $173.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market cap of $2.33 trillion, a P/E ratio of 20.47, a P/E/G ratio of 1.33 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a net margin of 31.12% and a return on equity of 35.22%. The firm had revenue of $76.49 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the company earned $1.89 earnings per share. Equities analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday. BNP Paribas downgraded shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Rosenblatt Securities boosted their target price on shares of Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a research note on Thursday. Guggenheim raised their price target on Alphabet from $190.00 to $210.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Barclays increased their target price on Alphabet from $220.00 to $235.00 and gave the company an "overweight" rating in a report on Thursday. Ten investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $211.32.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the transaction, the chief executive officer owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the sale, the director directly owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 249,409 shares of company stock valued at $43,523,710 in the last 90 days. 11.64% of the stock is currently owned by company insiders.

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.