Summit Financial Strategies Inc. lowers shares of Alphabet Inc. (NASDAQ:GOOGL)

Summit Financial Strategies Inc. reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.7% during the second quarter, HoldingsChannel reports. The firm owned 7,053 shares of the information services provider’s stock after selling 196 shares during the quarter. The holdings of Summit Financial Strategies Inc. holdings in Alphabet were worth $1,285,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GOOGL. Tennessee Valley Asset Management Partners acquired a new stake in shares of Alphabet in the 4th quarter valued at $100,000. DecisionPoint Financial LLC grew its position in Alphabet by 91.8% in the fourth quarter. DecisionPoint Financial LLC now owns 959 shares of the information services provider’s stock valued at $134,000 after acquiring an additional 459 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Alphabet by 1.1% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 18,017 shares of the information services provider’s stock worth $2,519,000 after acquiring an additional 204 shares in the last quarter. Telos Capital Management Inc. raised its holdings in shares of Alphabet by 5.0% in the 4th quarter. Telos Capital Management Inc. now owns 120,018 shares of the information services provider’s stock worth $16,765,000 after buying an additional 5,675 shares during the period. Finally, Oakworth Capital Inc. raised its stake in Alphabet by 1.7% in the fourth quarter. Oakworth Capital Inc. now owns 19,927 shares of the information services provider’s stock worth $2,784,000 after purchasing an additional 342 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s shares.

Insider buying and selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $173.86, for a total value of $118,572.52. Following the sale, the chief accounting officer now directly owns 29,966 shares of the company’s stock, valued at $5,209,888.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares in the company, valued at $5,209,888.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $177.92, for a total transaction of $266,880.00. Following the completion of the sale, the director now owns 3,727 shares in the company, valued at $663,107.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,565 shares of company stock worth $26,823,893. Insiders own 11.55% of the company’s shares.

Alphabet stock performance

Shares of Alphabet opened at $165.62 on Friday. The company has a market cap of $2.05 trillion, a PE ratio of 25.40, a P/E/G ratio of 1.28 and a beta of 1.05. Alphabet Inc. it has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a fifty day moving average price of $174.73 and a two hundred day moving average price of $163.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08, and a quick ratio of 2.08.

Alphabet (NASDAQ:GOOGL – Get Free Report ) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. In the same quarter last year, the firm earned $1.44 EPS. Research analysts expect Alphabet Inc. to post 7.62 earnings per share for the current year.

Alphabet announces dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. This represents an annualized dividend of $0.80 and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, September 9. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Analyst upgrades and downgrades

Several research firms have recently commented on GOOGL. Barclays boosted their target price on shares of Alphabet from $173.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Oppenheimer upped their target price on shares of Alphabet from $185.00 to $205.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Royal Bank of Canada upped their target price on shares of Alphabet from $200.00 to $204.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price objective on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, UBS Group upped their target price on Alphabet from $200.00 to $204.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and an average target price of $203.74, according to MarketBeat.com.

Check out the latest stock analysis on Alphabet

Profile of the alphabet

(Free report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It works through Google services, Google Cloud and other betting segments. The Google Services segment offers products and services, including advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.

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