Summit X LLC Raises Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Summit X LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,499 shares of the information services provider’s stock after acquiring an additional 152 shares during the period. Alphabet accounts for about 1.2% of Summit X LLC’s holdings, making the stock its 21st biggest position. Summit X LLC’s holdings in Alphabet were worth $5,398,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GOOGL. Bennett Selby Investments LP raised its holdings in Alphabet by 4.0% during the 4th quarter. Bennett Selby Investments LP now owns 1,354 shares of the information services provider’s stock valued at $256,000 after buying an additional 52 shares during the last quarter. Macroview Investment Management LLC grew its position in shares of Alphabet by 4.2% in the 4th quarter. Macroview Investment Management LLC now owns 1,293 shares of the information services provider’s stock worth $245,000 after buying an additional 52 shares during the period. Conrad Siegel Investment Advisors Inc. grew its position in shares of Alphabet by 0.5% in the 4th quarter. Conrad Siegel Investment Advisors Inc. now owns 9,845 shares of the information services provider’s stock worth $1,864,000 after buying an additional 53 shares during the period. Cornerstone Planning Group LLC grew its position in Alphabet by 2.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 2,381 shares of the information services provider’s stock valued at $457,000 after purchasing an additional 53 shares during the last quarter. Finally, Addison Advisors LLC grew its position in Alphabet by 0.7% during the 4th quarter. Addison Advisors LLC now owns 7,527 shares of the information services provider’s stock valued at $1,425,000 after purchasing an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on GOOGL shares. Piper Sandler cut their price objective on shares of Alphabet from $210.00 to $208.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Roth Mkm restated a “buy” rating and set a $220.00 target price on shares of Alphabet in a research note on Wednesday, March 19th. Bank of America restated a “buy” rating and set a $210.00 target price on shares of Alphabet in a research note on Monday, December 23rd. Citigroup lowered their price objective on shares of Alphabet from $232.00 to $229.00 and set a “buy” rating on the stock in a research note on Wednesday, February 5th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research note on Thursday, December 12th. Ten equities research 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 MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $210.59.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 16,820 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the transaction, the insider now owns 43,981 shares in the company, valued at $8,471,620.22. The trade was a 27.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ruth Porat sold 17,690 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the sale, the insider now directly owns 1,449,286 shares of the company’s stock, valued at $265,914,995.28. This represents a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,048 shares of company stock worth $17,374,274 over the last quarter. Insiders own 11.55% of the company’s stock.

Alphabet Trading Up 0.7 %

GOOGL stock opened at $163.99 on Monday. The firm has a fifty day moving average price of $182.57 and a 200 day moving average price of $176.65. Alphabet Inc. has a fifty-two week low of $147.22 and a fifty-two week high of $207.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market cap of $2.00 trillion, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.34 and a beta of 1.02.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. Sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 10th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, March 10th. Alphabet’s dividend payout ratio (DPR) is 9.94%.

Alphabet 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.