Sumitomo Life Insurance Co. Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Sumitomo Life Insurance Co. trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,049 shares of the information services provider’s stock after selling 4,476 shares during the period. Alphabet accounts for about 0.5% of Sumitomo Life Insurance Co.’s holdings, making the stock its 18th largest holding. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $15,792,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Aire Advisors LLC lifted its holdings in Alphabet by 0.6% during the 4th quarter. Aire Advisors LLC now owns 11,772 shares of the information services provider’s stock worth $1,645,000 after buying an additional 68 shares during the last quarter. Capital Advisors Inc. OK lifted its holdings in Alphabet by 3.9% during the 4th quarter. Capital Advisors Inc. OK now owns 27,615 shares of the information services provider’s stock worth $3,858,000 after buying an additional 1,034 shares during the last quarter. Brooklyn FI LLC purchased a new stake in Alphabet during the 4th quarter worth about $241,000. Simplicity Wealth LLC purchased a new stake in Alphabet during the 4th quarter worth about $394,000. Finally, Crumly & Associates Inc. lifted its holdings in Alphabet by 20.8% during the 4th quarter. Crumly & Associates Inc. now owns 5,718 shares of the information services provider’s stock worth $799,000 after buying an additional 984 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $154.09 on Monday. The business’s 50 day simple moving average is $146.26 and its 200-day simple moving average is $140.64. The firm has a market capitalization of $1.92 trillion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 1.42 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. Alphabet Inc. has a 12 month low of $102.63 and a 12 month high of $160.22.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The business had revenue of $86.31 billion for the quarter, compared to analyst estimates of $70.77 billion. During the same quarter in the previous year, the company earned $1.05 EPS. As a group, equities analysts forecast that Alphabet Inc. will post 6.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research analyst reports. Barclays cut their target price on Alphabet from $180.00 to $173.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 31st. Rosenblatt Securities cut their target price on Alphabet from $174.00 to $172.00 and set a “buy” rating on the stock in a research report on Wednesday, January 31st. KeyCorp lifted their target price on Alphabet from $153.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, January 29th. Susquehanna lifted their target price on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Finally, Wolfe Research lifted their target price on Alphabet from $170.00 to $180.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $158.41.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total value of $3,541,725.00. Following the sale, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $159.56, for a total value of $127,648.00. Following the completion of the transaction, the director now owns 7,991 shares of the company’s stock, valued at $1,275,043.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 251,339 shares of company stock valued at $36,377,482. 0.88% of the stock is owned by corporate insiders.

About Alphabet

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