Stone Summit Wealth LLC Has $7.64 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Stone Summit Wealth LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 40,115 shares of the information services provider’s stock after selling 339 shares during the quarter. Alphabet accounts for 2.6% of Stone Summit Wealth LLC’s investment portfolio, making the stock its 6th biggest holding. Stone Summit Wealth LLC’s holdings in Alphabet were worth $7,640,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GOOG. Wealthstar Advisors LLC acquired a new position in Alphabet during the fourth quarter worth approximately $535,000. Stiles Financial Services Inc boosted its stake in shares of Alphabet by 0.4% during the 4th quarter. Stiles Financial Services Inc now owns 18,995 shares of the information services provider’s stock worth $3,619,000 after acquiring an additional 76 shares during the period. Martin Capital Advisors LLP increased its holdings in shares of Alphabet by 3.1% during the 4th quarter. Martin Capital Advisors LLP now owns 4,940 shares of the information services provider’s stock worth $941,000 after acquiring an additional 150 shares during the last quarter. LJI Wealth Management LLC raised its stake in Alphabet by 1.8% in the 4th quarter. LJI Wealth Management LLC now owns 5,472 shares of the information services provider’s stock valued at $1,042,000 after acquiring an additional 98 shares during the period. Finally, HTLF Bank lifted its holdings in Alphabet by 2.2% during the 4th quarter. HTLF Bank now owns 15,733 shares of the information services provider’s stock valued at $2,996,000 after purchasing an additional 341 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Canaccord Genuity Group upped their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays increased their price target on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group upped their target price on Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Citizens Jmp cut Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $209.13.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total transaction of $3,975,075.00. Following the sale, the chief executive officer now owns 2,061,806 shares in the company, valued at $364,259,266.02. This represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,340 shares of Alphabet stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total value of $270,787.20. Following the completion of the sale, the chief accounting officer now owns 17,848 shares of the company’s stock, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 89,529 shares of company stock worth $16,600,078. 12.99% of the stock is currently owned by insiders.

Alphabet Stock Down 0.9 %

NASDAQ:GOOG opened at $185.43 on Thursday. Alphabet Inc. has a one year low of $131.55 and a one year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.95. The company has a market cap of $2.27 trillion, a PE ratio of 23.03, a P/E/G ratio of 1.39 and a beta of 1.00. The firm’s 50 day simple moving average is $193.70 and its 200 day simple moving average is $176.40.

Alphabet (NASDAQ:GOOG) last announced its earnings results 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%. On average, research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, March 10th. Alphabet’s dividend payout ratio is presently 9.94%.

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.