Summit Global Investments Acquires 41,419 Shares of Alphabet Inc. $GOOGL

Summit Global Investments grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 942.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,816 shares of the information services provider’s stock after buying an additional 41,419 shares during the quarter. Summit Global Investments’ holdings in Alphabet were worth $8,074,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Nuveen LLC purchased a new stake in shares of Alphabet in the first quarter worth approximately $4,317,606,000. Vanguard Group Inc. grew its holdings in Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. Franklin Resources Inc. raised its position in Alphabet by 51.7% in the 2nd quarter. Franklin Resources Inc. now owns 31,817,684 shares of the information services provider’s stock valued at $5,607,232,000 after buying an additional 10,843,853 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after buying an additional 4,473,901 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Alphabet by 3.1% during the 2nd quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider’s stock valued at $24,857,017,000 after acquiring an additional 4,224,497 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GOOGL. Citigroup reiterated a “buy” rating and issued a $343.00 target price (up previously from $280.00) on shares of Alphabet in a research note on Thursday, October 30th. Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. CIBC upped their price objective on shares of Alphabet to $315.00 in a research report on Monday, October 20th. Citizens Jmp lifted their target price on shares of Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Four equities research analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $312.06.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $296.64, for a total value of $9,640,800.00. Following the sale, the chief executive officer owned 2,304,619 shares of the company’s stock, valued at $683,642,180.16. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 954 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $317.00, for a total transaction of $302,418.00. Following the sale, the chief accounting officer owned 11,740 shares in the company, valued at $3,721,580. The trade was a 7.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 193,628 shares of company stock valued at $50,942,622. 11.64% of the stock is currently owned by insiders.

Alphabet Trading Down 0.6%

Shares of GOOGL stock opened at $317.62 on Friday. The company has a 50 day moving average of $274.65 and a 200-day moving average of $223.02. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $328.83. The firm has a market cap of $3.83 trillion, a P/E ratio of 31.32, a PEG ratio of 1.85 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last posted 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. Alphabet had a return on equity of 35.00% and a net margin of 32.23%.The business had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

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.