Sumitomo Mitsui Financial Group Inc. Sells 15,489 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Sumitomo Mitsui Financial Group Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 57.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,467 shares of the information services provider’s stock after selling 15,489 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Alphabet were worth $1,366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Modera Wealth Management LLC increased its stake in Alphabet by 11.4% in the 1st quarter. Modera Wealth Management LLC now owns 43,230 shares of the information services provider’s stock worth $4,484,000 after acquiring an additional 4,420 shares during the last quarter. Atria Investments Inc increased its stake in Alphabet by 7.4% in the 1st quarter. Atria Investments Inc now owns 316,800 shares of the information services provider’s stock worth $32,918,000 after acquiring an additional 21,907 shares during the last quarter. Cadent Capital Advisors LLC increased its stake in Alphabet by 3.4% in the 2nd quarter. Cadent Capital Advisors LLC now owns 4,158 shares of the information services provider’s stock worth $498,000 after acquiring an additional 136 shares during the last quarter. Hallmark Capital Management Inc. increased its stake in Alphabet by 8.9% in the 1st quarter. Hallmark Capital Management Inc. now owns 167,148 shares of the information services provider’s stock worth $17,338,000 after acquiring an additional 13,605 shares during the last quarter. Finally, Soltis Investment Advisors LLC increased its stake in Alphabet by 17.1% in the 1st quarter. Soltis Investment Advisors LLC now owns 46,675 shares of the information services provider’s stock worth $4,842,000 after acquiring an additional 6,825 shares during the last quarter. Institutional investors own 35.08% of the company’s stock.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 3,749 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the transaction, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kavitark Ram Shriram sold 75,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total value of $9,831,750.00. Following the sale, the director now owns 104,364 shares in the company, valued at $13,681,076.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 3,749 shares of the company’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the completion of the sale, the chief accounting officer now owns 25,568 shares in the company, valued at approximately $3,484,407.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,576 shares of company stock valued at $23,425,367. Company insiders own 0.88% of the company’s stock.

Alphabet Trading Down 1.2 %

Shares of NASDAQ:GOOGL opened at $135.31 on Monday. The business’s 50-day moving average is $133.44 and its 200 day moving average is $127.65. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 2.01. The firm has a market capitalization of $1.69 trillion, a P/E ratio of 25.97, a P/E/G ratio of 1.51 and a beta of 1.05. Alphabet Inc. has a 1 year low of $84.86 and a 1 year high of $141.22.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, October 24th. The information services provider reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. The business had revenue of $64.05 billion for the quarter, compared to analyst estimates of $63.13 billion. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. On average, research analysts predict that Alphabet Inc. will post 5.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GOOGL shares. Bank of America lifted their price objective on Alphabet from $142.00 to $146.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Wells Fargo & Company boosted their target price on Alphabet from $126.00 to $129.00 and gave the company an “equal weight” rating in a research report on Thursday. Rosenblatt Securities boosted their target price on Alphabet from $163.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Roth Mkm boosted their target price on Alphabet from $146.00 to $152.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, JMP Securities boosted their target price on Alphabet from $138.00 to $140.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $147.00.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.