Alphabet Inc. $GOOG Shares Sold by Summit X LLC

Summit X LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 9.3% in the second quarter, Holdings Channel reports. The firm owned 10,516 shares of the information services provider’s stock after selling 1,078 shares during the quarter. Summit X LLC’s holdings in Alphabet were worth $1,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of GOOG. Kingstone Capital Partners Texas LLC grew its holdings in shares of Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after buying an additional 135,064,454 shares during the last quarter. Nuveen LLC acquired a new stake in Alphabet during the 1st quarter worth approximately $2,622,943,000. Vanguard Group Inc. lifted its position in Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after acquiring an additional 9,687,855 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Alphabet by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Alphabet in the 1st quarter valued at approximately $369,713,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on GOOG. Pivotal Research upped their price target on Alphabet from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a research note on Wednesday, October 8th. KeyCorp restated an “overweight” rating and issued a $330.00 target price on shares of Alphabet in a research note on Thursday, October 30th. Phillip Securities downgraded shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Finally, Jefferies Financial Group increased their price target on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.81.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 954 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $282.33, for a total value of $269,342.82. Following the sale, the chief accounting officer owned 14,517 shares of the company’s stock, valued at approximately $4,098,584.61. This represents a 6.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the transaction, the director owned 5,116 shares of the company’s stock, valued at approximately $1,242,778.72. This represents a 10.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 222,396 shares of company stock worth $54,105,275. 12.99% of the stock is owned by insiders.

Alphabet Stock Performance

NASDAQ:GOOG opened at $290.59 on Tuesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $291.93. The stock has a market cap of $3.51 trillion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05. The firm’s fifty day simple moving average is $253.35 and its 200-day simple moving average is $206.74.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.12 earnings per share. Analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 8th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet’s payout ratio is 8.28%.

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.