Summit Financial LLC Has $3.98 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Summit Financial LLC decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,208 shares of the information services provider’s stock after selling 475 shares during the quarter. Summit Financial LLC’s holdings in Alphabet were worth $3,975,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Tandem Wealth Advisors LLC acquired a new stake in shares of Alphabet during the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Alphabet during the 4th quarter worth about $26,000. Equitec Proprietary Markets LLC acquired a new stake in shares of Alphabet during the 4th quarter worth about $28,000. Buck Wealth Strategies LLC acquired a new stake in shares of Alphabet during the 3rd quarter worth about $32,000. Finally, Barometer Capital Management Inc. bought a new position in Alphabet during the third quarter worth about $32,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Trading Up 1.7 %

Shares of Alphabet stock opened at $168.46 on Friday. The firm has a market capitalization of $2.09 trillion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm’s 50 day moving average is $150.99 and its 200 day moving average is $143.49. Alphabet Inc. has a 1 year low of $104.70 and a 1 year high of $176.42.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.38. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.17 EPS. Equities research analysts forecast that Alphabet Inc. will post 7.66 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a — dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, June 10th.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $136.49, for a total transaction of $93,086.18. Following the sale, the chief accounting officer now directly owns 28,602 shares in the company, valued at approximately $3,903,886.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John Kent Walker sold 48,076 shares of Alphabet stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $142.20, for a total transaction of $6,836,407.20. Following the sale, the insider now directly owns 12,725 shares in the company, valued at approximately $1,809,495. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $136.49, for a total transaction of $93,086.18. Following the sale, the chief accounting officer now owns 28,602 shares in the company, valued at $3,903,886.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,129 shares of company stock valued at $40,382,765. 12.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GOOG shares. Raymond James raised their price target on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Susquehanna raised their price target on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Oppenheimer raised their price target on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus raised their target price on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $165.67.

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.