Summit X LLC Raises Stake in Alphabet Inc. (NASDAQ:GOOGL)

Summit X LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,499 shares of the information services provider’s stock after acquiring an additional 152 shares during the quarter. Alphabet makes up about 1.2% of Summit X LLC’s investment portfolio, making the stock its 21st largest position. Summit X LLC’s holdings in Alphabet were worth $5,398,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in GOOGL. Compass Planning Associates Inc purchased a new stake in Alphabet in the fourth quarter worth about $30,000. LMR Partners LLP purchased a new stake in Alphabet in the third quarter worth about $32,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Alphabet by 518.8% during the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock valued at $37,000 after buying an additional 166 shares during the last quarter. Fiduciary Advisors Inc. purchased a new stake in shares of Alphabet during the fourth quarter valued at about $39,000. Finally, PayPay Securities Corp lifted its position in shares of Alphabet by 36.1% during the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after buying an additional 65 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 0.7 %

Alphabet stock opened at $163.99 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. Alphabet Inc. has a 12 month low of $147.22 and a 12 month high of $207.05. The stock’s 50 day simple moving average is $182.57 and its two-hundred day simple moving average is $176.65. The firm has a market cap of $2.00 trillion, a PE ratio of 20.37, a P/E/G ratio of 1.34 and a beta of 1.02.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 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%. Analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 10th were given a dividend of $0.20 per share. The ex-dividend date was Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. Alphabet’s dividend payout ratio (DPR) is 9.94%.

Analysts Set New Price Targets

Several analysts have commented on GOOGL shares. Wedbush increased their price target on shares of Alphabet from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. The Goldman Sachs Group reissued a “buy” rating and set a $210.00 price target on shares of Alphabet in a research report on Thursday, December 12th. DZ Bank lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $198.00 price target for the company. in a research report on Thursday, February 6th. JPMorgan Chase & Co. decreased their price target on shares of Alphabet from $232.00 to $220.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $225.00 price target on shares of Alphabet in a research report on Wednesday, February 5th. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $210.59.

Insider Activity

In other news, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $165.53, for a total transaction of $33,106.00. Following the transaction, the director now owns 7,813 shares in the company, valued at $1,293,285.89. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ruth Porat sold 17,690 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $183.48, for a total value of $3,245,761.20. Following the transaction, the insider now owns 1,449,286 shares in the company, valued at $265,914,995.28. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 93,048 shares of company stock worth $17,374,274 in the last quarter. Corporate insiders own 11.55% of the company’s stock.

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