Fairhaven Wealth Management LLC Acquires 6,785 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by on Feb 27th, 2023

Fairhaven Wealth Management LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,916.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,139 shares of the information services provider’s stock after acquiring an additional 6,785 shares during the quarter. Fairhaven Wealth Management LLC’s holdings in Alphabet were worth $686,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. DC Investments Management LLC bought a new position in shares of Alphabet during the 1st quarter valued at about $115,000. Guardian Wealth Management Inc. bought a new position in shares of Alphabet during the 1st quarter valued at about $184,000. Turim 21 Investimentos Ltda. increased its position in shares of Alphabet by 10.8% during the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after purchasing an additional 8 shares during the last quarter. OneAscent Financial Services LLC bought a new position in shares of Alphabet during the 2nd quarter valued at about $203,000. Finally, qPULA Trading Management LP bought a new position in shares of Alphabet during the 1st quarter valued at about $279,000. 28.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GOOG shares. Cowen reduced their price target on Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 11th. Raymond James raised their price target on Alphabet from $116.00 to $119.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. The Goldman Sachs Group set a $128.00 price target on Alphabet in a research report on Friday, February 3rd. Bank of America raised their price target on Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. Finally, Societe Generale reduced their price target on Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.13.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 22,203 shares of the firm’s 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 transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Alphabet news, insider John Kent Walker sold 11,313 shares of Alphabet stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $100.00, for a total value of $1,131,300.00. Following the completion of the sale, the insider now owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total value of $1,992,719.25. Following the completion of the sale, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. Insiders sold a total of 36,583 shares of company stock valued at $3,418,900 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 1.9 %

GOOG opened at $89.35 on Monday. The stock has a market cap of $1.14 trillion, a PE ratio of 19.63, a PEG ratio of 1.23 and a beta of 1.08. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The business has a 50 day moving average of $94.09 and a 200-day moving average of $99.03. Alphabet Inc. has a 52 week low of $83.45 and a 52 week high of $144.16.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The company had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $76.49 billion. During the same period last year, the business earned $1.53 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts predict that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

About Alphabet

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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