Summit Global Investments Grows Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Summit Global Investments increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 45.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,109 shares of the information services provider’s stock after buying an additional 15,064 shares during the quarter. Summit Global Investments’ holdings in Alphabet were worth $6,780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GOOG. PDS Planning Inc lifted its position in Alphabet by 0.9% during the third quarter. PDS Planning Inc now owns 27,254 shares of the information services provider’s stock worth $3,593,000 after buying an additional 251 shares during the period. Boyd Watterson Asset Management LLC OH increased its stake in Alphabet by 12.1% during the third quarter. Boyd Watterson Asset Management LLC OH now owns 18,402 shares of the information services provider’s stock worth $2,426,000 after acquiring an additional 1,982 shares during the last quarter. FAS Wealth Partners Inc. increased its stake in Alphabet by 0.9% during the third quarter. FAS Wealth Partners Inc. now owns 53,391 shares of the information services provider’s stock worth $7,040,000 after acquiring an additional 498 shares during the last quarter. Sheets Smith Wealth Management increased its stake in Alphabet by 3.2% during the third quarter. Sheets Smith Wealth Management now owns 110,733 shares of the information services provider’s stock worth $14,600,000 after acquiring an additional 3,390 shares during the last quarter. Finally, Moreno Evelyn V increased its stake in Alphabet by 3.9% during the third quarter. Moreno Evelyn V now owns 125,381 shares of the information services provider’s stock worth $16,531,000 after acquiring an additional 4,667 shares during the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

NASDAQ:GOOG traded up $0.53 during trading hours on Friday, reaching $168.99. 22,767,056 shares of the stock were exchanged, compared to its average volume of 22,353,938. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The firm has a 50 day simple moving average of $150.99 and a 200-day simple moving average of $143.49. Alphabet Inc. has a 52 week low of $104.70 and a 52 week high of $176.42. The stock has a market capitalization of $2.10 trillion, a P/E ratio of 25.92, a P/E/G ratio of 1.26 and a beta of 1.02.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.38. The business had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The business’s revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the business posted $1.17 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 7.66 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a — dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 10th.

Analyst Ratings Changes

GOOG has been the subject of several research analyst reports. Stifel Nicolaus upped their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Oppenheimer upped their price target on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Susquehanna increased their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 31st. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Finally, Raymond James increased their target price on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alphabet presently has an average rating of “Buy” and an average target price of $165.67.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $136.49, for a total value of $93,086.18. Following the sale, the chief accounting officer now directly owns 28,602 shares in the company, valued at approximately $3,903,886.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $136.49, for a total value of $93,086.18. Following the sale, the chief accounting officer now directly owns 28,602 shares in the company, valued at approximately $3,903,886.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 48,076 shares of Alphabet stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $142.20, for a total value of $6,836,407.20. Following the transaction, the insider now owns 12,725 shares in the company, valued at $1,809,495. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 275,129 shares of company stock valued at $40,382,765. Insiders own 12.99% of the company’s stock.

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.