Alphabet Inc. (NASDAQ:GOOGL) Holdings Cut by Summit Wealth Group LLC

Summit Wealth Group LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 6.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,835 shares of the information services provider’s stock after selling 187 shares during the period. Summit Wealth Group LLC’s holdings in Alphabet were worth $438,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Perritt Capital Management Inc increased its stake in Alphabet by 10.4% in the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock valued at $117,000 after buying an additional 58 shares during the last quarter. Nia Impact Advisors LLC boosted its holdings in shares of Alphabet by 0.3% during the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after buying an additional 59 shares during the period. Hanlon Investment Management Inc. boosted its holdings in Alphabet by 1.7% in the 4th quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider’s stock valued at $673,000 after purchasing an additional 60 shares during the period. Enzi Wealth boosted its holdings in Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock valued at $408,000 after purchasing an additional 62 shares during the period. Finally, Whipplewood Advisors LLC boosted its holdings in Alphabet by 1.2% in the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider’s stock valued at $817,000 after purchasing an additional 67 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company’s stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares of the company’s stock, valued at approximately $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 249,409 shares of company stock worth $43,523,710. Corporate insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on GOOGL shares. DA Davidson lowered their price objective on shares of Alphabet from $200.00 to $160.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Tigress Financial upped their price objective on shares of Alphabet from $220.00 to $240.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. BMO Capital Markets increased their target price on shares of Alphabet from $200.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Cantor Fitzgerald upped their price objective on shares of Alphabet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Finally, Wedbush set a $190.00 price objective on shares of Alphabet and gave the stock an “outperform” rating in a report on Tuesday, April 15th. Ten investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.19.

Alphabet Stock Up 0.7%

NASDAQ GOOGL opened at $191.34 on Wednesday. The firm has a market capitalization of $2.32 trillion, a price-to-earnings ratio of 21.33, a PEG ratio of 1.33 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The company has a fifty day moving average of $172.90 and a two-hundred day moving average of $172.89.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. During the same period in the previous year, the company posted $1.89 earnings per share. On average, analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

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.