Sumitomo Life Insurance Co. Sells 3,763 Shares of Alphabet Inc. $GOOG

Sumitomo Life Insurance Co. reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 5.4% in the 2nd quarter, Holdings Channel reports. The firm owned 65,443 shares of the information services provider’s stock after selling 3,763 shares during the period. Alphabet accounts for approximately 0.8% of Sumitomo Life Insurance Co.’s holdings, making the stock its 24th biggest position. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $11,609,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Brighton Jones LLC raised its holdings in Alphabet by 5.6% in the 4th quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider’s stock worth $22,901,000 after acquiring an additional 6,410 shares during the period. Smart Money Group LLC raised its holdings in Alphabet by 24.6% in the 1st quarter. Smart Money Group LLC now owns 2,186 shares of the information services provider’s stock worth $342,000 after acquiring an additional 432 shares during the period. Forte Asset Management LLC bought a new position in Alphabet in the 1st quarter worth $645,000. Cloud Capital Management LLC bought a new position in Alphabet in the 1st quarter worth $3,430,000. Finally, Tradewinds LLC. raised its holdings in Alphabet by 1.9% in the 1st quarter. Tradewinds LLC. now owns 44,838 shares of the information services provider’s stock worth $7,005,000 after acquiring an additional 825 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

GOOG opened at $284.12 on Tuesday. The stock has a market cap of $3.44 trillion, a PE ratio of 28.02, a P/E/G ratio of 1.86 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 1 year low of $142.66 and a 1 year high of $291.93. The stock’s 50 day simple moving average is $246.09 and its 200-day simple moving average is $202.22.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion for the quarter, compared to analyst estimates of $99.90 billion. During the same period in the previous year, the business earned $2.12 EPS. The firm’s revenue was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Insider Buying and Selling at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total transaction of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 222,442 shares of company stock worth $51,200,307 in the last 90 days. 12.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on GOOG shares. Roth Capital reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Wells Fargo & Company reiterated an “equal weight” rating on shares of Alphabet in a report on Wednesday, July 9th. BMO Capital Markets restated an “outperform” rating and issued a $340.00 price target on shares of Alphabet in a research report on Thursday. HSBC restated a “buy” rating and issued a $335.00 price target on shares of Alphabet in a research report on Thursday. Finally, Sanford C. Bernstein raised their price target on shares of Alphabet from $260.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $324.81.

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.