Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Summit Financial Strategies Inc.

Summit Financial Strategies Inc. reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 3.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,052 shares of the information services provider’s stock after selling 108 shares during the period. Summit Financial Strategies Inc.’s holdings in Alphabet were worth $510,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Abich Financial Wealth Management LLC grew its stake in Alphabet by 9,200.0% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Alphabet during the 2nd quarter worth $37,000. HWG Holdings LP bought a new position in Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP bought a new position in Alphabet during the 2nd quarter worth $44,000. Finally, Hoese & Co LLP grew its stake in Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares during the last quarter. 27.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. DA Davidson raised Alphabet to a “hold” rating in a research note on Tuesday, September 10th. UBS Group decreased their price target on Alphabet from $204.00 to $187.00 and set a “neutral” rating for the company in a research note on Monday, October 7th. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research note on Friday, June 28th. Scotiabank assumed coverage on Alphabet in a research note on Friday, October 11th. They issued a “sector outperform” rating and a $212.00 price target for the company. Finally, TD Cowen increased their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.90.

Alphabet Trading Down 1.3 %

Shares of GOOG stock opened at $164.51 on Friday. The stock has a 50-day simple moving average of $163.18 and a 200 day simple moving average of $169.52. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The stock has a market capitalization of $2.03 trillion, a P/E ratio of 25.23, a P/E/G ratio of 1.21 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same period in the prior year, the business posted $1.44 earnings per share. Alphabet’s revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts expect that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 220,426 shares of company stock valued at $35,993,340 over the last three months. Insiders own 12.99% of the company’s stock.

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.