Summit Global Investments Has $6.85 Million Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Summit Global Investments reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGFree Report) by 29.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 40,972 shares of the information services provider’s stock after selling 16,832 shares during the period. Summit Global Investments’ holdings in Alphabet were worth $6,850,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Twelve Points Wealth Management LLC grew its position in shares of Alphabet by 0.7% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 7,985 shares of the information services provider’s stock worth $1,465,000 after buying an additional 55 shares during the period. PCG Wealth Advisors LLC boosted its stake in Alphabet by 3.1% in the second quarter. PCG Wealth Advisors LLC now owns 1,880 shares of the information services provider’s stock valued at $345,000 after acquiring an additional 57 shares during the last quarter. Investment Advisory Services Inc. TX ADV boosted its stake in Alphabet by 1.6% in the second quarter. Investment Advisory Services Inc. TX ADV now owns 3,636 shares of the information services provider’s stock valued at $667,000 after acquiring an additional 57 shares during the last quarter. Advisors Management Group Inc. ADV grew its holdings in Alphabet by 2.0% during the 2nd quarter. Advisors Management Group Inc. ADV now owns 2,944 shares of the information services provider’s stock worth $540,000 after acquiring an additional 58 shares during the period. Finally, Mark Sheptoff Financial Planning LLC raised its position in shares of Alphabet by 11.1% during the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 600 shares of the information services provider’s stock valued at $91,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Insider Activity

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the transaction, the chief executive officer now owns 2,159,885 shares of the company’s stock, valued at approximately $362,126,319.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 242,552 shares of company stock valued at $40,287,253 over the last three months. Insiders own 12.99% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOG opened at $182.28 on Friday. The stock has a market capitalization of $2.24 trillion, a PE ratio of 24.18, a P/E/G ratio of 1.20 and a beta of 1.04. Alphabet Inc. has a 1-year low of $129.40 and a 1-year high of $193.31. The firm has a fifty day simple moving average of $164.24 and a 200 day simple moving average of $170.89. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGGet Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter last year, the firm posted $1.55 EPS. The company’s quarterly revenue was up 15.1% on a year-over-year basis. On average, research analysts expect that Alphabet Inc. will post 7.97 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.44%. Alphabet’s dividend payout ratio is 10.61%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GOOG shares. Citigroup lifted their price objective on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group upped their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays boosted their price objective on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Pivotal Research increased their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $200.56.

Check Out Our Latest Research Report on GOOG

About Alphabet

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGFree Report).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.