Alphabet Inc. $GOOGL Shares Bought by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. grew its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,413 shares of the information services provider’s stock after purchasing an additional 936 shares during the period. Alphabet makes up 17.6% of Summit Investment Advisors Inc.’s investment portfolio, making the stock its 17th largest position. Summit Investment Advisors Inc.’s holdings in Alphabet were worth $21,404,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GOOGL. Nuveen LLC acquired a new position in Alphabet in the first quarter valued at about $4,317,606,000. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after acquiring an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock worth $6,783,364,000 after acquiring an additional 4,473,901 shares during the last quarter. Amundi boosted its position in shares of Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares during the period. Finally, Evergreen Quality Fund GP Ltd. increased its holdings in Alphabet by 178.3% in the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock valued at $619,163,000 after purchasing an additional 2,565,400 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Down 1.1%

GOOGL stock opened at $289.45 on Friday. The company’s 50 day moving average price is $261.21 and its 200 day moving average price is $212.12. The firm has a market capitalization of $3.49 trillion, a price-to-earnings ratio of 28.55, a PEG ratio of 1.86 and a beta of 1.05. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $306.42. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, December 8th. Alphabet’s dividend payout ratio is 8.28%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $288.26, for a total transaction of $800,786.28. Following the sale, the chief accounting officer owned 11,739 shares of the company’s stock, valued at approximately $3,383,884.14. This trade represents a 19.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 112 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $291.80, for a total value of $32,681.60. Following the sale, the director owned 18,004 shares of the company’s stock, valued at approximately $5,253,567.20. The trade was a 0.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 192,674 shares of company stock valued at $48,454,423 in the last three months. Corporate insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Canaccord Genuity Group upped their price target on Alphabet from $270.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. The Goldman Sachs Group increased their target price on Alphabet from $288.00 to $330.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Jefferies Financial Group raised their target price on Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Royal Bank Of Canada reiterated a “buy” rating on shares of Alphabet in a research note on Thursday, October 30th. Finally, Wells Fargo & Company increased their price target on shares of Alphabet from $236.00 to $268.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $305.33.

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.