Sumitomo Life Insurance Co. Reduces Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Sumitomo Life Insurance Co. lessened its stake in Alphabet Inc. (NASDAQ:GOOGL) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 176,433 shares of the information services provider’s stock after selling 14,377 shares during the quarter. Alphabet comprises about 0.6% of Sumitomo Life Insurance Co.’s holdings, making the stock its 16th largest holding. Sumitomo Life Insurance Co.’s holdings in Alphabet were worth $33,399,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Foster Group Inc. grew its stake in shares of Alphabet by 3.9% during the fourth quarter. Foster Group Inc. now owns 23,191 shares of the information services provider’s stock valued at $4,390,000 after acquiring an additional 866 shares in the last quarter. Gateway Wealth Partners LLC increased its holdings in Alphabet by 2.4% during the 4th quarter. Gateway Wealth Partners LLC now owns 10,872 shares of the information services provider’s stock worth $2,058,000 after purchasing an additional 257 shares during the last quarter. BetterWealth LLC raised its position in shares of Alphabet by 18.6% in the 4th quarter. BetterWealth LLC now owns 1,900 shares of the information services provider’s stock valued at $360,000 after purchasing an additional 298 shares in the last quarter. Mayflower Financial Advisors LLC boosted its stake in shares of Alphabet by 1.6% during the 4th quarter. Mayflower Financial Advisors LLC now owns 39,234 shares of the information services provider’s stock valued at $7,427,000 after buying an additional 607 shares during the last quarter. Finally, Orca Wealth Management LLC acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $1,650,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Down 7.3 %

Shares of GOOGL stock opened at $191.33 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market cap of $2.34 trillion, a PE ratio of 25.38, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99. The business’s fifty day moving average is $190.39 and its 200-day moving average is $174.40. Alphabet Inc. has a 1 year low of $130.66 and a 1 year high of $207.05.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Equities analysts expect that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director John L. Hennessy sold 1,500 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $189.80, for a total value of $284,700.00. Following the completion of the sale, the director now owns 21,824 shares in the company, valued at $4,142,195.20. This represents a 6.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 1,340 shares of Alphabet stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $202.08, for a total value of $270,787.20. Following the transaction, the chief accounting officer now owns 17,848 shares in the company, valued at $3,606,723.84. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,529 shares of company stock worth $16,600,078 in the last ninety days. 11.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GOOGL has been the topic of a number of research analyst reports. China Renaissance upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Citizens Jmp downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. Citigroup cut their price objective on Alphabet from $232.00 to $229.00 and set a “buy” rating on the stock in a research note on Wednesday. Royal Bank of Canada lifted their target price on Alphabet from $204.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $225.00 price objective on shares of Alphabet in a research note on Wednesday. Nine analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $210.95.

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.