Summitry LLC Has $118.62 Million Position in Alphabet Inc. $GOOGL

Summitry LLC raised its position in Alphabet Inc. (NASDAQ:GOOGL) by 18.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 412,502 shares of the information services provider’s stock after acquiring an additional 63,736 shares during the period. Alphabet makes up about 4.2% of Summitry LLC’s holdings, making the stock its 3rd largest holding. Summitry LLC’s holdings in Alphabet were worth $118,619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lifetime Wealth Management P.C. bought a new position in Alphabet during the fourth quarter worth about $32,000. EMC Capital Management purchased a new stake in shares of Alphabet during the 4th quarter valued at approximately $33,000. IFC & Insurance Marketing Inc. bought a new position in Alphabet in the 4th quarter worth approximately $38,000. Bard Associates Inc. bought a new position in Alphabet in the 4th quarter worth approximately $52,000. Finally, Kentucky Trust Co grew its stake in Alphabet by 142.9% in the 4th quarter. Kentucky Trust Co now owns 170 shares of the information services provider’s stock valued at $53,000 after buying an additional 100 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $354.30 on Friday. Alphabet Inc. has a 52-week low of $196.60 and a 52-week high of $408.61. The stock has a fifty day moving average of $355.68 and a 200 day moving average of $340.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72. The firm has a market capitalization of $4.33 trillion, a price-to-earnings ratio of 17.80, a P/E/G ratio of 0.99 and a beta of 1.24.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The business had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. On average, research analysts expect that Alphabet Inc. will post 20.51 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Monday, September 7th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, September 4th. Alphabet’s dividend payout ratio is 4.42%.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google’s AI business is booming, so why are DeepMind’s biggest names quitting?
• Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
• Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 8,998 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the transaction, the insider owned 75,290 shares of the company’s stock, valued at $26,298,044.10. The trade was a 10.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total transaction of $2,232,808.20. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 600,547 shares of company stock valued at $16,255,540. Company insiders own 11.61% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the topic of several recent research reports. Citigroup restated an “outperform” rating on shares of Alphabet in a research report on Monday, May 4th. The Goldman Sachs Group increased their price objective on Alphabet from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Wedbush restated an “outperform” rating and issued a $445.00 target price on shares of Alphabet in a research note on Thursday, July 23rd. Stifel Nicolaus set a $420.00 target price on Alphabet and gave the company a “buy” rating in a report on Thursday, April 30th. Finally, Dbs Bank upped their price target on Alphabet from $400.00 to $460.00 in a research report on Thursday, May 7th. Six research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $419.86.

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.