Alphabet Inc. (NASDAQ:GOOGL) is Sumitomo Mitsui Trust Group Inc.’s 6th Largest Position

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,933,524 shares of the information services provider’s stock after purchasing an additional 257,230 shares during the quarter. Alphabet accounts for about 1.6% of Sumitomo Mitsui Trust Group Inc.’s holdings, making the stock its 6th biggest holding. Sumitomo Mitsui Trust Group Inc.’s holdings in Alphabet were worth $2,310,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Christopher J. Hasenberg Inc increased its stake in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. Kings Path Partners LLC purchased a new stake in Alphabet in the second quarter worth approximately $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet during the 2nd quarter valued at about $41,000. Quarry LP purchased a new position in shares of Alphabet during the 2nd quarter worth $53,000. Finally, Summit Securities Group LLC bought a new position in shares of Alphabet in the second quarter worth about $55,000. Institutional investors own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Loop Capital increased their price target on Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. KeyCorp boosted their price target on shares of Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Truist Financial lifted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. BMO Capital Markets reissued an “outperform” rating and issued a $217.00 target price (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Finally, DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $205.90.

Insiders Place Their Bets

In related news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the completion of the sale, the insider now owns 39,334 shares in the company, valued at approximately $6,307,206.90. This trade represents a 35.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John L. Hennessy sold 800 shares of Alphabet stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $153.75, for a total value of $123,000.00. Following the completion of the transaction, the director now directly owns 28,524 shares of the company’s stock, valued at approximately $4,385,565. This represents a 2.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 206,795 shares of company stock valued at $34,673,866. Insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $169.12 on Wednesday. The firm has a market capitalization of $2.07 trillion, a PE ratio of 22.43, a P/E/G ratio of 1.17 and a beta of 1.03. The firm has a 50 day moving average of $168.03 and a two-hundred day moving average of $170.35. Alphabet Inc. has a 12-month low of $127.90 and a 12-month high of $191.75. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. During the same period last year, the firm earned $1.55 EPS. On average, analysts anticipate that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is 10.61%.

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.