Sumitomo Mitsui Asset Management Company LTD boosted its position in Alphabet Inc. (NASDAQ:GOOG) by 6.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,513 shares of the information services provider’s stock after buying an additional 5,865 shares during the period. Alphabet comprises about 1.4% of Sumitomo Mitsui Asset Management Company LTD’s investment portfolio, making the stock its 11th largest position. Sumitomo Mitsui Asset Management Company LTD’s holdings in Alphabet were worth $81,722,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the company. Empirical Finance LLC purchased a new position in shares of Alphabet during the fourth quarter worth $115,000. Pacific Center for Financial Services purchased a new position in shares of Alphabet during the fourth quarter worth $142,000. Israel Discount Bank of New York GFN purchased a new position in shares of Alphabet during the fourth quarter worth $166,000. Feltz Wealth PLAN Inc. purchased a new position in shares of Alphabet during the first quarter worth $170,000. Finally, Pinnacle Bank bought a new stake in Alphabet during the first quarter worth approximately $181,000. Institutional investors own 34.60% of the company’s stock.
Shares of Alphabet Inc. (GOOG) opened at 941.53 on Friday. Alphabet Inc. has a 52-week low of $727.54 and a 52-week high of $988.25. The company’s 50-day moving average is $944.07 and its 200 day moving average is $881.26. The firm has a market cap of $651.30 billion, a price-to-earnings ratio of 31.82 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the consensus estimate of $4.43 by $0.58. The firm had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. Alphabet’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.42 EPS. On average, analysts expect that Alphabet Inc. will post $30.74 earnings per share for the current fiscal year.
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GOOG has been the subject of a number of research analyst reports. Aegis reaffirmed a “buy” rating and issued a $1,011.00 target price on shares of Alphabet in a research report on Sunday, April 2nd. BMO Capital Markets downgraded shares of Alphabet from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $1,005.00 to $880.00 in a research report on Thursday, April 6th. Barclays PLC reissued an “overweight” rating on shares of Alphabet in a research report on Monday, April 17th. Macquarie reaffirmed a “buy” rating and issued a $975.00 target price on shares of Alphabet in a report on Tuesday, April 18th. Finally, Cowen and Company reaffirmed an “outperform” rating and issued a $1,050.00 target price on shares of Alphabet in a report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, forty-one have given a buy rating and two have issued a strong buy rating to the company. Alphabet has an average rating of “Buy” and a consensus price target of $1,012.23.
In other news, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $915.16, for a total transaction of $3,660,640.00. Following the transaction, the chief executive officer now directly owns 2,205 shares of the company’s stock, valued at approximately $2,017,927.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP James Grier Campbell sold 183 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $968.95, for a total transaction of $177,317.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,793 shares of company stock valued at $43,987,234. 13.92% of the stock is owned by insiders.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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