Sumitomo Life Insurance Co. Acquires 87,430 Shares of Alphabet Inc. (NASDAQ:GOOG)

Sumitomo Life Insurance Co. raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOGGet Rating) by 1,650.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,728 shares of the information services provider’s stock after purchasing an additional 87,430 shares during the quarter. Alphabet accounts for about 0.4% of Sumitomo Life Insurance Co.’s portfolio, making the stock its 15th largest position. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $8,916,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of GOOG. Totem Point Management LLC lifted its holdings in shares of Alphabet by 22.0% in the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock worth $8,857,000 after acquiring an additional 571 shares during the last quarter. Somerville Kurt F lifted its holdings in shares of Alphabet by 10.3% in the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after acquiring an additional 11 shares during the last quarter. BCK Partners Inc. bought a new stake in shares of Alphabet in the 1st quarter worth about $2,564,000. Hall Capital Management Co. Inc. lifted its holdings in shares of Alphabet by 53.2% in the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock worth $402,000 after acquiring an additional 50 shares during the last quarter. Finally, Fairfield Bush & CO. lifted its holdings in shares of Alphabet by 6.8% in the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock worth $9,412,000 after acquiring an additional 214 shares during the last quarter. Institutional investors own 28.69% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GOOG shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Alphabet from $135.00 to $130.00 and set a “buy” rating for the company in a report on Friday, October 21st. Sanford C. Bernstein set a $120.00 price target on shares of Alphabet in a research note on Thursday, January 12th. Oppenheimer reduced their price target on shares of Alphabet from $155.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. The Goldman Sachs Group set a $135.00 price target on shares of Alphabet in a research note on Friday, November 18th. Finally, Cowen reduced their price target on shares of Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $140.40.

Alphabet Stock Down 2.0 %

NASDAQ:GOOG opened at $99.21 on Wednesday. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $152.10. The stock has a market capitalization of $1.28 trillion, a P/E ratio of 19.70, a P/E/G ratio of 1.74 and a beta of 1.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. The company’s 50-day simple moving average is $93.63 and its 200-day simple moving average is $102.00.

Alphabet (NASDAQ:GOOGGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The firm had revenue of $69.09 billion during the quarter, compared to the consensus estimate of $70.67 billion. During the same quarter in the prior year, the business posted $1.40 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities analysts anticipate that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 22,203 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total value of $1,992,719.25. Following the sale, the senior vice president now directly owns 76,579 shares in the company, valued at approximately $6,872,965.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder 2021 Gp L.L.C. Gv bought 277,493 shares of the stock in a transaction that occurred on Friday, November 4th. The stock was bought at an average cost of $36.01 per share, for a total transaction of $9,992,522.93. Following the purchase, the insider now directly owns 870,895 shares of the company’s stock, valued at $31,360,928.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the sale, the senior vice president now owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 661,702 shares of company stock worth $23,399,217 and have sold 190,464 shares worth $8,535,735. Company insiders own 12.99% of the company’s stock.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

See Also

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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