Sanders Morris Harris LLC Purchases New Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jun 21st, 2023

Sanders Morris Harris LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,780 shares of the information services provider’s stock, valued at approximately $496,000.

A number of other large investors also recently bought and sold shares of the business. Keystone Wealth Services LLC lifted its position in Alphabet by 1.9% during the 1st quarter. Keystone Wealth Services LLC now owns 8,598 shares of the information services provider’s stock valued at $892,000 after acquiring an additional 158 shares during the period. Thrive Wealth Management LLC raised its holdings in Alphabet by 18.5% in the first quarter. Thrive Wealth Management LLC now owns 9,793 shares of the information services provider’s stock worth $1,016,000 after buying an additional 1,527 shares during the last quarter. Omega Financial Group LLC purchased a new position in Alphabet in the first quarter worth about $222,000. Cypress Wealth Services LLC raised its holdings in Alphabet by 43.7% in the first quarter. Cypress Wealth Services LLC now owns 22,386 shares of the information services provider’s stock worth $2,322,000 after buying an additional 6,810 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in Alphabet by 3.3% in the first quarter. 180 Wealth Advisors LLC now owns 38,177 shares of the information services provider’s stock worth $3,960,000 after buying an additional 1,224 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of the stock in a transaction on Friday, June 16th. The shares were sold at an average price of $15.02, for a total value of $98,110.64. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares in the company, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Insiders have sold a total of 817,525 shares of company stock valued at $29,433,168 over the last 90 days. 0.88% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GOOGL has been the subject of several recent analyst reports. Truist Financial lifted their target price on shares of Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a report on Wednesday, April 26th. Citigroup boosted their price objective on shares of Alphabet from $120.00 to $130.00 in a report on Wednesday, April 26th. UBS Group boosted their price objective on shares of Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Piper Sandler boosted their price objective on shares of Alphabet from $117.00 to $128.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Finally, BNP Paribas raised shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price objective for the company in a report on Friday, March 17th. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $129.67.

Alphabet Price Performance

Alphabet stock opened at $123.10 on Wednesday. The company has a market cap of $1.56 trillion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.57 and a beta of 1.09. The firm’s fifty day moving average is $115.78 and its 200 day moving average is $102.68. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $129.04.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

About Alphabet

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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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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