Stone Summit Wealth LLC Has $6.16 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Stone Summit Wealth LLC decreased its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,445 shares of the information services provider’s stock after selling 670 shares during the period. Alphabet accounts for about 2.1% of Stone Summit Wealth LLC’s holdings, making the stock its 9th biggest position. Stone Summit Wealth LLC’s holdings in Alphabet were worth $6,162,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of GOOG. LaFleur & Godfrey LLC increased its holdings in shares of Alphabet by 1.2% in the fourth quarter. LaFleur & Godfrey LLC now owns 31,967 shares of the information services provider’s stock worth $6,088,000 after purchasing an additional 380 shares during the period. Brighton Jones LLC raised its holdings in shares of Alphabet by 5.6% during the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock valued at $22,901,000 after buying an additional 6,410 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of Alphabet by 4.3% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider’s stock worth $96,465,000 after acquiring an additional 20,855 shares during the last quarter. Rowlandmiller & PARTNERS.ADV raised its position in Alphabet by 0.8% in the 4th quarter. Rowlandmiller & PARTNERS.ADV now owns 82,604 shares of the information services provider’s stock worth $15,731,000 after purchasing an additional 638 shares during the period. Finally, IFP Advisors Inc lifted its stake in Alphabet by 76.6% in the fourth quarter. IFP Advisors Inc now owns 60,367 shares of the information services provider’s stock worth $11,497,000 after purchasing an additional 26,183 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Tigress Financial reiterated a “strong-buy” rating on shares of Alphabet in a report on Friday, May 2nd. Rosenblatt Securities raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 25th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $171.00 price objective on shares of Alphabet in a research report on Friday, April 25th. Oppenheimer raised their target price on shares of Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Finally, Scotiabank lowered their price target on shares of Alphabet from $232.00 to $200.00 and set a “sector outperform” rating for the company in a report on Monday, April 21st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.88.

Alphabet Trading Up 2.2%

GOOG opened at $178.27 on Friday. The stock has a market cap of $2.16 trillion, a PE ratio of 19.87, a PEG ratio of 1.23 and a beta of 1.01. The business has a 50 day moving average of $167.82 and a 200-day moving average of $176.17. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $208.70. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $90.23 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The company’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 EPS. Equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 annualized dividend and a yield of 0.47%. This is a positive change from Alphabet’s previous quarterly dividend of $0.20. Alphabet’s payout ratio is presently 9.36%.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 10,500 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,837,500.00. Following the sale, the director now directly owns 261,966 shares of the company’s stock, valued at approximately $45,844,050. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $161.90, for a total value of $32,380.00. Following the transaction, the director now owns 7,613 shares of the company’s stock, valued at $1,232,544.70. The trade was a 2.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 216,195 shares of company stock worth $35,764,898. 12.99% of the stock is currently owned by company insiders.

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.