Summit Investment Advisors Inc. Raises Position in Alphabet Inc. (NASDAQ:GOOGL)

Summit Investment Advisors Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 137,477 shares of the information services provider's stock after acquiring an additional 4,762 shares during the period. Alphabet accounts for about 23.2% of Summit Investment Advisors Inc.'s holdings, making the stock its 15th biggest position. Summit Investment Advisors Inc.'s holdings in Alphabet were worth $26,024,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Community Bank N.A. lifted its stake in shares of Alphabet by 6.4% during the fourth 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 stake in Alphabet by 30.0% during 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 acquiring an additional 14,262 shares during the last quarter. Absolute Capital Management LLC grew its position in shares of Alphabet by 14.0% in the 4th quarter. Absolute Capital Management LLC now owns 2,096 shares of the information services provider's stock worth $401,000 after acquiring an additional 258 shares in the last quarter. Permanent Capital Management LP acquired a new position in shares of Alphabet in the 4th quarter valued at about $273,000. Finally, Glass Wealth Management Co LLC grew its stake in Alphabet by 4.5% during the 4th quarter. Glass Wealth Management Co LLC now owns 37,054 shares of the information services provider's stock worth $7,014,000 after buying an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on GOOGL shares. Piper Sandler raised their price target on Alphabet from $185.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Wells Fargo & Company boosted their price target on Alphabet from $167.00 to $175.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Sanford C. Bernstein lifted their price target on shares of Alphabet from $165.00 to $185.00 and gave the company a "market perform" rating in a research report on Friday, April 25th. Cantor Fitzgerald reduced their price target on shares of Alphabet from $200.00 to $159.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Bank of America lifted their target price on shares of Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a research report on Friday, April 25th. Ten investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $199.75.

Alphabet Stock Up 3.7%

Shares of GOOGL stock traded up $5.71 during trading hours on Monday, hitting $158.46. 44,064,211 shares of the company were exchanged, compared to its average volume of 28,840,151. The business has a 50 day moving average of $158.93 and a two-hundred day moving average of $175.27. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a market capitalization of $1.92 trillion, a PE ratio of 19.68, a PEG ratio of 1.34 and a beta of 1.01. 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:GOOGL - Get Free Report) last announced its quarterly earnings data 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. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. The company had revenue of $76.49 billion for the quarter, compared to analysts' expectations of $89.30 billion. During the same quarter in the prior year, the business posted $1.89 EPS. Analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend is Monday, June 9th. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's payout ratio is currently 9.36%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $155.90, for a total value of $5,066,750.00. Following the completion of the transaction, the chief executive officer now owns 2,652,696 shares of the company's stock, valued at $413,555,306.40. This represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 29,066 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $184.89, for a total transaction of $5,374,012.74. Following the transaction, the director now directly owns 272,466 shares of the company's stock, valued at $50,376,238.74. The trade was a 9.64% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 179,324 shares of company stock worth $30,153,353. Corporate insiders own 11.64% of the company's stock.

Alphabet Company 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.