Summa Corp. Has $837,000 Holdings in Alphabet Inc. $GOOG

Summa Corp. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 57.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,718 shares of the information services provider’s stock after acquiring an additional 1,730 shares during the period. Alphabet makes up approximately 0.4% of Summa Corp.’s investment portfolio, making the stock its 23rd largest holding. Summa Corp.’s holdings in Alphabet were worth $837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC bought a new position in Alphabet during the first quarter worth about $26,000. IFS Advisors LLC lifted its holdings in Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares in the last quarter. Robbins Farley lifted its holdings in Alphabet by 60.0% during the second quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after acquiring an additional 60 shares in the last quarter. WestEnd Advisors LLC lifted its holdings in Alphabet by 58.7% during the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after acquiring an additional 61 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new position in Alphabet during the first quarter worth about $32,000. 27.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GOOG. BNP Paribas lowered Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 26th. Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Mizuho upgraded Alphabet to a “strong-buy” rating in a report on Monday, September 29th. Finally, Barclays restated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $241.00.

Alphabet Price Performance

NASDAQ:GOOG opened at $251.71 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock’s 50-day simple moving average is $230.06 and its 200 day simple moving average is $191.42. The company has a market cap of $3.04 trillion, a P/E ratio of 26.81, a P/E/G ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $256.70.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.89 earnings per share. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is currently 8.95%.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 953 shares of Alphabet stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $241.20, for a total value of $229,863.60. Following the sale, the chief accounting officer owned 17,294 shares of the company’s stock, valued at approximately $4,171,312.80. The trade was a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares in the company, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,438 shares of company stock valued at $53,216,085 in the last quarter. 12.99% of the stock is currently owned by corporate insiders.

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.