Sumitomo Mitsui Trust Group Inc. Grows Position in Alphabet Inc. $GOOGL

Sumitomo Mitsui Trust Group Inc. raised its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,277,797 shares of the information services provider’s stock after purchasing an additional 183,812 shares during the period. Alphabet makes up about 1.6% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 8th largest holding. Sumitomo Mitsui Trust Group Inc. owned approximately 0.12% of Alphabet worth $2,516,176,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. lifted its stake in 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 purchasing an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new position in shares of Alphabet during the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in Alphabet during the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC increased its position 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 in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Alphabet in the 1st quarter valued at $39,000. 40.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the transaction, the director directly owned 5,116 shares in the company, valued at approximately $1,242,778.72. This represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total value of $8,129,875.00. Following the transaction, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 190,896 shares of company stock valued at $45,092,175 over the last three months. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $277.54 on Wednesday. The firm has a market capitalization of $3.36 trillion, a price-to-earnings ratio of 27.37, a P/E/G ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $291.59. The stock has a fifty day moving average of $246.91 and a 200 day moving average of $202.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. On average, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research analyst reports. Royal Bank Of Canada restated a “buy” rating on shares of Alphabet in a research note on Thursday, October 30th. BMO Capital Markets set a $294.00 price target on shares of Alphabet and gave the company an “outperform” rating in a research note on Thursday, October 9th. Evercore ISI lifted their price objective on shares of Alphabet from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. DA Davidson increased their target price on Alphabet from $190.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Finally, Westpark Capital raised their price target on Alphabet from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Three analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $303.09.

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.