Summit Financial Strategies Inc. Sells 87 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Summit Financial Strategies Inc. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,248 shares of the information services provider’s stock after selling 87 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Alphabet were worth $1,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. LMR Partners LLP bought a new stake in shares of Alphabet during the 3rd quarter valued at approximately $32,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares during the period. Denver PWM LLC lifted its position in shares of Alphabet by 25.4% during the 3rd quarter. Denver PWM LLC now owns 281 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 57 shares during the period. Quarry LP acquired a new position in shares of Alphabet during the 2nd quarter valued at $53,000. Finally, Teachers Insurance & Annuity Association of America acquired a new position in Alphabet during the third quarter worth $66,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the completion of the sale, the chief executive officer now directly owns 2,084,306 shares of the company’s stock, valued at approximately $369,672,512.16. This trade represents a 1.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 1,340 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total value of $270,787.20. Following the transaction, the chief accounting officer now owns 17,848 shares in the company, valued at $3,606,723.84. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 122,529 shares of company stock valued at $22,453,483. Insiders own 11.55% of the company’s stock.

Alphabet Trading Down 1.4 %

Shares of GOOGL stock opened at $201.23 on Tuesday. The stock’s 50-day moving average price is $188.97 and its 200-day moving average price is $174.03. Alphabet Inc. has a 12-month low of $130.66 and a 12-month high of $205.48. The stock has a market capitalization of $2.46 trillion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Wall Street Analyst Weigh In

Several research analysts have weighed in on GOOGL shares. Cantor Fitzgerald lowered their price objective on shares of Alphabet from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Wednesday, January 22nd. Loop Capital raised their price objective on shares of Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Bank of America reiterated a “buy” rating and set a $210.00 target price on shares of Alphabet in a research report on Monday, December 23rd. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Alphabet in a research note on Monday, January 27th. Nine equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $211.00.

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.