Sumitomo Mitsui Asset Management Company LTD lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 7.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,678 shares of the information services provider’s stock after selling 2,242 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Alphabet were worth $25,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new position in Alphabet during the 2nd quarter worth about $102,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Alphabet in the 1st quarter valued at about $108,000. Delta Asset Management LLC TN grew its position in shares of Alphabet by 1.5% in the 1st quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares during the last quarter. Farmers National Bank grew its position in shares of Alphabet by 2.7% in the 1st quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock valued at $127,000 after buying an additional 4 shares during the last quarter. Finally, Riggs Asset Managment Co. Inc. grew its position in shares of Alphabet by 58.3% in the 1st quarter. Riggs Asset Managment Co. Inc. now owns 152 shares of the information services provider’s stock valued at $129,000 after buying an additional 56 shares during the last quarter. 33.85% of the stock is owned by institutional investors.

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company restated an “outperform” rating and set a $1,250.00 price objective on shares of Alphabet in a research report on Wednesday, September 27th. Bank of America Corporation reaffirmed a “buy” rating and issued a $1,100.00 price objective on shares of Alphabet in a research note on Tuesday, September 26th. Stifel Nicolaus reiterated a “buy” rating and issued a $1,075.00 target price on shares of Alphabet in a report on Monday, September 25th. B. Riley reiterated a “buy” rating and issued a $1,050.00 target price on shares of Alphabet in a report on Monday, September 25th. Finally, Robert W. Baird reissued an “outperform” rating and set a $1,100.00 target price on shares of Alphabet in a research report on Saturday, September 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty-one have given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $1,056.14.

Alphabet Inc. (NASDAQ GOOGL) opened at 973.72 on Monday. The firm’s 50-day moving average price is $939.49 and its 200 day moving average price is $928.76. The company has a market capitalization of $674.67 billion, a PE ratio of 35.29 and a beta of 0.96. Alphabet Inc. has a 52 week low of $743.59 and a 52 week high of $1,008.61.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $8.25 by ($3.24). Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company had revenue of $20.92 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the firm posted $8.42 EPS. Equities research analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.

WARNING: “Sumitomo Mitsui Asset Management Company LTD Sells 2,242 Shares of Alphabet Inc. (GOOGL)” was originally published by Watch List News and is the property of of Watch List News. If you are reading this story on another domain, it was copied illegally and republished in violation of US & international trademark & copyright laws. The legal version of this story can be read at https://www.watchlistnews.com/sumitomo-mitsui-asset-management-company-ltd-sells-2242-shares-of-alphabet-inc-googl/1602095.html.

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.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.