Summit Global Investments Sells 21,908 Shares of Alphabet Inc. (NASDAQ:GOOG)

Summit Global Investments cut its position in Alphabet Inc. (NASDAQ:GOOG) by 53.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,064 shares of the information services provider’s stock after selling 21,908 shares during the quarter. Summit Global Investments’ holdings in Alphabet were worth $3,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. FMR LLC grew its position in Alphabet by 5.2% during the third quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock worth $19,193,768,000 after buying an additional 5,655,022 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Alphabet by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 103,557,486 shares of the information services provider’s stock valued at $17,247,208,000 after acquiring an additional 259,213 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Alphabet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock worth $5,573,125,000 after purchasing an additional 3,113,395 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Alphabet by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 30,824,307 shares of the information services provider’s stock worth $5,870,181,000 after purchasing an additional 875,480 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Alphabet by 2.5% in the third quarter. Principal Financial Group Inc. now owns 11,024,276 shares of the information services provider’s stock valued at $1,843,149,000 after purchasing an additional 264,962 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOOG. Citizens Jmp lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Scotiabank increased their target price on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a research note on Friday, January 24th. Benchmark reaffirmed a “negative” rating on shares of Alphabet in a research note on Wednesday, February 5th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Alphabet in a report on Wednesday. Finally, Oppenheimer raised their price objective on Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.13.

Insider Activity

In other Alphabet news, insider John Kent Walker sold 16,820 shares of Alphabet stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the sale, the insider now directly owns 43,981 shares of the company’s stock, valued at approximately $8,471,620.22. The trade was a 27.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,340 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total value of $270,787.20. Following the transaction, the chief accounting officer now owns 17,848 shares in the company, valued at $3,606,723.84. This trade represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,048 shares of company stock valued at $17,374,274. Company insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $166.25 on Friday. The company’s fifty day simple moving average is $184.37 and its two-hundred day simple moving average is $177.94. Alphabet Inc. has a 12-month low of $148.20 and a 12-month high of $208.70. The firm has a market cap of $2.03 trillion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. As a group, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, March 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 9.94%.

Alphabet Company 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.