Summit Securities Group LLC Invests $53,000 in Alphabet Inc. (NASDAQ:GOOG)

Summit Securities Group LLC acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOG) in the second quarter, Holdings Channel.com reports. The fund acquired 288 shares of the information services provider’s stock, valued at approximately $53,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOG. Partnership Wealth Management LLC purchased a new position in shares of Alphabet in the 4th quarter worth about $26,000. 1620 Investment Advisors Inc. bought a new stake in Alphabet in the 2nd quarter worth approximately $37,000. DiNuzzo Private Wealth Inc. purchased a new stake in Alphabet in the fourth quarter worth approximately $32,000. Richardson Financial Services Inc. bought a new position in Alphabet during the fourth quarter valued at approximately $34,000. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Alphabet during the fourth quarter worth approximately $34,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total transaction of $118,572.52. Following the transaction, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the sale, the chief accounting officer now directly owns 29,966 shares in the company, valued at approximately $5,209,888.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at $354,310,204.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,065 shares of company stock worth $31,025,543. Insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on GOOG. TD Cowen increased their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Wolfe Research raised Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Rosenblatt Securities downgraded Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a report on Friday, June 28th. Finally, Oppenheimer increased their target price on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and a consensus price target of $182.86.

Alphabet Stock Down 0.1 %

GOOG stock traded down $0.17 during midday trading on Tuesday, hitting $167.76. The stock had a trading volume of 4,184,524 shares, compared to its average volume of 20,161,930. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The business has a 50-day moving average of $176.13 and a two-hundred day moving average of $164.91. The firm has a market cap of $2.07 trillion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to analysts’ expectations of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. Alphabet’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.44 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 7.62 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

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.