Sumitomo Mitsui Asset Management Company LTD Has $81.72 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 6.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 98,513 shares of the information services provider’s stock after buying an additional 5,865 shares during the period. Alphabet accounts for approximately 1.4% of Sumitomo Mitsui Asset Management Company LTD’s 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.

Several other large investors also recently bought and sold shares of the stock. Koch Industries Inc. acquired a new stake in Alphabet during the fourth quarter valued at about $228,000. Fiduciary Financial Services of The Southwest Inc. TX boosted its stake in shares of Alphabet by 3.2% in the fourth quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 867 shares of the information services provider’s stock worth $669,000 after buying an additional 27 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Alphabet by 4.0% in the fourth quarter. Rafferty Asset Management LLC now owns 1,235 shares of the information services provider’s stock worth $953,000 after buying an additional 47 shares during the last quarter. J. Goldman & Co LP purchased a new stake in shares of Alphabet during the fourth quarter worth $12,658,000. Finally, Thompson Siegel & Walmsley LLC boosted its stake in shares of Alphabet by 2.1% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 29,831 shares of the information services provider’s stock worth $23,024,000 after buying an additional 617 shares during the last quarter. 34.60% of the stock is owned by hedge funds and other institutional investors.

Shares of Alphabet Inc. (NASDAQ GOOG) traded up 0.47% during midday trading on Friday, hitting $927.96. 1,082,267 shares of the company’s stock were exchanged. Alphabet Inc. has a 52 week low of $727.54 and a 52 week high of $988.25. The firm has a market cap of $642.96 billion, a price-to-earnings ratio of 33.63 and a beta of 0.94. The company has a 50-day moving average of $943.17 and a 200-day moving average of $884.16.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. During the same quarter in the prior year, the firm earned $8.42 earnings per share. The firm’s revenue was up 21.0% compared to the same quarter last year. Equities research analysts expect that Alphabet Inc. will post $30.59 EPS for the current fiscal year.

A number of equities research analysts have recently weighed in on the company. UBS AG reaffirmed a “buy” rating and issued a $1,080.00 price objective on shares of Alphabet in a research note on Tuesday, July 25th. Barclays PLC reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $1,100.00 target price on shares of Alphabet in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, forty have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $1,022.32.

In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $903.86, for a total value of $3,615,440.00. Following the completion of the sale, the chief executive officer now owns 1,911 shares in the company, valued at $1,727,276.46. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP James Grier Campbell sold 183 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $911.16, for a total transaction of $166,742.28. The disclosure for this sale can be found here. Insiders have sold 47,218 shares of company stock valued at $44,511,312 in the last 90 days. 13.92% of the stock is currently owned by corporate insiders.

About Alphabet

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.