Summit Global Investments Grows Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Summit Global Investments lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 132,792 shares of the information services provider’s stock after purchasing an additional 9,784 shares during the period. Alphabet comprises about 1.4% of Summit Global Investments’ investment portfolio, making the stock its 7th biggest position. Summit Global Investments’ holdings in Alphabet were worth $22,024,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Christopher J. Hasenberg Inc increased its position in shares of Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the period. Kings Path Partners LLC purchased a new stake in Alphabet in the second quarter worth about $36,000. Denver PWM LLC purchased a new stake in Alphabet in the second quarter worth about $41,000. Quarry LP purchased a new stake in Alphabet in the second quarter worth about $53,000. Finally, Summit Securities Group LLC purchased a new stake in Alphabet in the second quarter worth about $55,000. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

GOOGL stock opened at $167.83 on Friday. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $167.50 and a two-hundred day simple moving average of $170.38. The firm has a market capitalization of $2.05 trillion, a P/E ratio of 22.26, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same quarter last year, the business earned $1.55 earnings per share. Analysts anticipate that Alphabet Inc. will post 7.99 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the transaction, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at $5,136,807.48. The trade was a 2.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the completion of the transaction, the chief executive officer now directly owns 2,061,806 shares in the company, valued at approximately $364,259,266.02. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 206,795 shares of company stock worth $34,673,866. 11.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GOOGL shares. Seaport Res Ptn upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. The Goldman Sachs Group dropped their target price on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Evercore ISI upped their target price on shares of Alphabet from $200.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada upped their target price on shares of Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, JMP Securities upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.90.

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.