Summitry LLC Raises Stock Position in Alphabet Inc. $GOOGL

Summitry LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 18.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 412,502 shares of the information services provider’s stock after purchasing an additional 63,736 shares during the quarter. Alphabet comprises about 4.2% of Summitry LLC’s holdings, making the stock its 3rd biggest position. Summitry LLC’s holdings in Alphabet were worth $118,619,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Strategic Wealth Advisors LLC grew its stake in Alphabet by 6.0% in the first quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider’s stock valued at $137,000 after acquiring an additional 27 shares during the period. Rockbridge Investment Management LCC raised its position in shares of Alphabet by 0.5% during the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider’s stock worth $1,570,000 after purchasing an additional 27 shares during the period. Cadia Private Client LLC lifted its holdings in shares of Alphabet by 1.1% in the 1st quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider’s stock worth $744,000 after purchasing an additional 28 shares in the last quarter. Midwest Professional Planners LTD. lifted its holdings in shares of Alphabet by 1.2% in the 1st quarter. Midwest Professional Planners LTD. now owns 2,364 shares of the information services provider’s stock worth $680,000 after purchasing an additional 29 shares in the last quarter. Finally, Symmetry Partners LLC grew its position in Alphabet by 0.4% in the 4th quarter. Symmetry Partners LLC now owns 7,912 shares of the information services provider’s stock valued at $2,476,000 after purchasing an additional 30 shares during the period. 40.03% of the stock is owned by institutional investors.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud revenue reportedly increased 82% in the second quarter, with backlog reaching $514 billion, while the Gemini app reached approximately 950 million monthly active users. The results reinforce the commercial demand supporting Alphabet’s AI and cloud investments. Google’s AI business is booming, so why are DeepMind’s biggest names quitting?
• Positive Sentiment: Analysts and investors continue to highlight Alphabet’s strong cash generation, balance sheet and valuation relative to its growth prospects. Some market models see the shares reaching $400 as Cloud momentum and AI monetization continue. Price Prediction: Google Will Hit $400 on This Date
• Positive Sentiment: Alphabet’s expanded Google Cloud partnership with AI lab Mirendil, reportedly worth more than $100 million over multiple years, provides another example of demand for its computing infrastructure. Mirendil Google Cloud deal

Alphabet Stock Performance

NASDAQ GOOGL opened at $354.30 on Friday. The company has a fifty day moving average price of $355.68 and a 200-day moving average price of $340.41. The firm has a market cap of $4.33 trillion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.99 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. Alphabet Inc. has a 1 year low of $196.60 and a 1 year high of $408.61.

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

Alphabet Announces Dividend

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 given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 annualized dividend and a dividend yield of 0.2%. Alphabet’s dividend payout ratio (DPR) is currently 4.42%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Canaccord Genuity Group boosted their price target on shares of Alphabet from $415.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. KeyCorp lifted their price objective on shares of Alphabet from $425.00 to $445.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Needham & Company LLC reissued a “buy” rating and set a $450.00 target price on shares of Alphabet in a research report on Wednesday, June 3rd. China Renaissance upped their target price on shares of Alphabet from $400.00 to $485.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $393.00 price target on shares of Alphabet in a research report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Alphabet presently has an average rating of “Buy” and an average price target of $419.86.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 1,050 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total transaction of $387,061.50. Following the completion of the sale, the director directly owned 1,481 shares of the company’s stock, valued at approximately $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of Alphabet stock in a transaction on Monday, July 27th. The stock was sold at an average price of $19.46, for a total value of $3,832,277.26. The disclosure for this sale is available in the SEC filing. Insiders have sold 600,547 shares of company stock worth $16,255,540 in the last 90 days. Insiders own 11.61% of the company’s stock.

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.