Summit Global Investments Lowers Holdings in Alphabet Inc. $GOOGL

Summit Global Investments lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 29.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,779 shares of the information services provider’s stock after selling 13,428 shares during the quarter. Alphabet accounts for 0.6% of Summit Global Investments’ holdings, making the stock its 12th largest holding. Summit Global Investments’ holdings in Alphabet were worth $11,714,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lifetime Wealth Management P.C. acquired a new stake in Alphabet in the 4th quarter valued at approximately $32,000. EMC Capital Management purchased a new stake in Alphabet during the fourth quarter worth about $33,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of Alphabet during the fourth quarter worth about $38,000. Bard Associates Inc. purchased a new position in shares of Alphabet in the fourth quarter valued at approximately $52,000. Finally, iSAM Funds UK Ltd acquired a new position in shares of Alphabet in the third quarter valued at approximately $53,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Rosenblatt upgraded Alphabet to “strong buy” and reiterated a $410 price target, implying substantial upside and reinforcing the bullish view following Alphabet’s strong earnings report. Alphabet upgraded by Rosenblatt Securities
• Positive Sentiment: Alphabet’s AI spending continues to attract major customers and suppliers. Marvell’s custom-chip agreement includes a warrant structure that would require up to $120 billion of cumulative purchases from Google for full vesting, signaling the potentially enormous scale of Alphabet’s TPU and AI infrastructure buildout. Google’s Marvell warrant
• Positive Sentiment: Waymo received approval to operate up to thousands of commercial robotaxis in Nevada and opened its lower-cost next-generation vehicle to riders in Los Angeles, Phoenix, and San Francisco. Lower production and operating costs could improve the long-term economics of Alphabet’s autonomous-driving unit. Waymo Nevada robotaxi approval
• Positive Sentiment: Alphabet’s earnings momentum remains a support for the stock. The company recently exceeded consensus estimates for both adjusted earnings and revenue, while analysts and prominent investors—including Berkshire Hathaway—continue to highlight Alphabet’s AI positioning and valuation.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $344.82 on Friday. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.22 trillion, a P/E ratio of 17.32, a PEG ratio of 0.96 and a beta of 1.24. Alphabet Inc. has a 52 week low of $201.30 and a 52 week high of $408.61. The company has a 50-day moving average price of $352.00 and a 200 day moving average price of $341.37.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping the consensus estimate of $2.89 by $6.22. The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Research analysts predict that Alphabet Inc. will post 20.51 earnings per share for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Monday, September 7th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio is 4.42%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOOGL. Loop Capital boosted their price objective on Alphabet from $355.00 to $490.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Roth Capital reiterated a “buy” rating and set a $440.00 target price (up from $435.00) on shares of Alphabet in a research report on Thursday, July 23rd. The Goldman Sachs Group upped their target price on Alphabet from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Dbs Bank raised their price target on Alphabet from $400.00 to $460.00 in a research note on Thursday, May 7th. Finally, HSBC restated a “buy” rating and set a $420.00 price target (down from $435.00) on shares of Alphabet in a research note on Tuesday, June 2nd. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $420.19.

Insider Transactions at Alphabet

In related news, Director Frances Arnold sold 82 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $333.39, for a total value of $27,337.98. Following the sale, the director directly owned 18,914 shares in the company, valued at $6,305,738.46. The trade was a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the completion of the sale, the chief accounting officer directly owned 27,386 shares in the company, valued at approximately $9,125,015.20. The trade was a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 451,945 shares of company stock worth $12,382,714 over the last ninety days. 11.61% of the stock is currently owned by company insiders.

About Alphabet

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.