Sompo Asset Management Co. Ltd. Boosts Position in Alphabet Inc. (NASDAQ:GOOGL)

Sompo Asset Management Co. Ltd. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 90,985 shares of the information services provider’s stock after acquiring an additional 2,330 shares during the period. Alphabet comprises 2.4% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 8th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Alphabet were worth $15,090,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. CWM LLC raised its stake in Alphabet by 11.9% during the second quarter. CWM LLC now owns 892,834 shares of the information services provider’s stock worth $162,630,000 after buying an additional 94,669 shares during the last quarter. Svenska Handelsbanken AB publ acquired a new position in shares of Alphabet in the 2nd quarter valued at about $29,931,000. Thomasville National Bank boosted its position in shares of Alphabet by 2.7% during the 2nd quarter. Thomasville National Bank now owns 8,479 shares of the information services provider’s stock valued at $1,544,000 after purchasing an additional 220 shares in the last quarter. Bennett Selby Investments LP acquired a new stake in Alphabet during the second quarter worth approximately $237,000. Finally, Renaissance Investment Group LLC increased its holdings in Alphabet by 0.6% in the second quarter. Renaissance Investment Group LLC now owns 99,078 shares of the information services provider’s stock worth $18,724,000 after purchasing an additional 555 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Up 1.2 %

Alphabet stock opened at $174.71 on Friday. 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 market capitalization of $2.14 trillion, a P/E ratio of 23.17, a P/E/G ratio of 1.24 and a beta of 1.01. The firm has a 50 day moving average price of $169.51 and a 200-day moving average price of $170.24. Alphabet Inc. has a twelve month low of $129.68 and a twelve month high of $191.75.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period last year, the business posted $1.55 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The trade was a 8.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total value of $3,614,175.00. Following the sale, the chief executive officer now owns 2,114,885 shares in the company, valued at approximately $339,713,977.55. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,624 shares of company stock valued at $27,803,730 over the last three months. 11.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GOOGL. JMP Securities increased their price target on Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group reduced their price target on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a report on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and set a $210.00 price objective (up previously from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. Sanford C. Bernstein raised their target price on Alphabet from $180.00 to $185.00 and gave the company a “market perform” rating in a research note on Wednesday, October 30th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $205.00 target price on shares of Alphabet in a research report on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.90.

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.