Sumitomo Life Insurance Co. Sells 1,542 Shares of Alphabet Inc. (NASDAQ:GOOG)

Sumitomo Life Insurance Co. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,222 shares of the information services provider’s stock after selling 1,542 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $13,373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GOOG. FMR LLC lifted its holdings in Alphabet by 5.2% during the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock worth $19,193,768,000 after buying an additional 5,655,022 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Alphabet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock worth $5,573,125,000 after buying an additional 3,113,395 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Alphabet by 65.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider’s stock worth $1,052,349,000 after buying an additional 2,500,621 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Alphabet by 182.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,526,055 shares of the information services provider’s stock valued at $422,331,000 after purchasing an additional 1,630,701 shares during the period. Finally, Jennison Associates LLC lifted its stake in shares of Alphabet by 9.1% in the 3rd quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider’s stock valued at $2,578,793,000 after purchasing an additional 1,291,274 shares during the period. 27.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GOOG. UBS Group boosted their price objective on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Phillip Securities raised Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Oppenheimer boosted their price objective on Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Scotiabank boosted their price objective on Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a research note on Friday, January 24th. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.13.

Alphabet Stock Performance

Shares of GOOG opened at $205.60 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a 50 day moving average price of $189.70 and a two-hundred day moving average price of $175.54. The firm has a market capitalization of $2.52 trillion, a P/E ratio of 27.27, a P/E/G ratio of 1.27 and a beta of 0.99. Alphabet Inc. has a 52 week low of $131.55 and a 52 week high of $207.08.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.55 EPS. Equities analysts forecast that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares of the company’s stock, valued at approximately $2,820,779.40. The trade was a 2.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the completion of the transaction, the chief accounting officer now directly owns 20,681 shares of the company’s stock, valued at approximately $4,085,531.55. This represents a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,630 shares of company stock valued at $22,258,133. Corporate insiders own 12.99% of the company’s stock.

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.