Stone Summit Wealth LLC Sells 670 Shares of Alphabet Inc. $GOOGL

Stone Summit Wealth LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 18.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,026 shares of the information services provider’s stock after selling 670 shares during the quarter. Stone Summit Wealth LLC’s holdings in Alphabet were worth $533,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Guardian Wealth Management Inc. grew its stake in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after acquiring an additional 119 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet during the first quarter worth about $28,000. IMA Advisory Services Inc. purchased a new stake in shares of Alphabet during the first quarter worth about $28,000. NBZ Investment Advisors LLC grew its stake in shares of Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after acquiring an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new stake in shares of Alphabet during the first quarter worth about $39,000. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GOOGL. KeyCorp boosted their price target on Alphabet from $230.00 to $265.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. Westpark Capital boosted their price target on Alphabet from $210.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Wedbush boosted their price target on Alphabet from $225.00 to $245.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. Sanford C. Bernstein boosted their price target on Alphabet from $185.00 to $195.00 and gave the company a “market perform” rating in a report on Tuesday, July 22nd. Finally, Roth Capital boosted their price target on Alphabet from $205.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $240.76.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $243.41, for a total value of $7,910,825.00. Following the sale, the chief executive officer owned 2,402,119 shares of the company’s stock, valued at $584,699,785.79. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Hennessy sold 600 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $249.44, for a total value of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares in the company, valued at $1,425,799.04. This represents a 9.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 over the last ninety days. Company insiders own 11.64% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOGL opened at $245.35 on Friday. The stock has a market cap of $2.97 trillion, a PE ratio of 26.13, a P/E/G ratio of 1.66 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00. The stock has a fifty day simple moving average of $221.25 and a 200-day simple moving average of $185.80.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.60 billion. Equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders 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 yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is currently 8.95%.

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.