Oliver Luxxe Assets LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jul 5th, 2023

Oliver Luxxe Assets LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 63.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 54,156 shares of the information services provider’s stock after acquiring an additional 21,037 shares during the quarter. Alphabet comprises 1.5% of Oliver Luxxe Assets LLC’s investment portfolio, making the stock its 12th largest holding. Oliver Luxxe Assets LLC’s holdings in Alphabet were worth $5,618,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. VitalStone Financial LLC purchased a new position in Alphabet during the 4th quarter valued at about $25,000. Live Oak Investment Partners purchased a new position in Alphabet during the 4th quarter valued at about $26,000. McElhenny Sheffield Capital Management LLC purchased a new position in Alphabet during the 4th quarter valued at about $33,000. Sanctuary Wealth Management L.L.C. purchased a new position in Alphabet during the 4th quarter valued at about $34,000. Finally, Turim 21 Investimentos Ltda. purchased a new position in Alphabet during the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Activity

In related news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares of the company’s stock, valued at $721,231. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the sale, the insider now directly owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the completion of the sale, the director now directly owns 5,740 shares in the company, valued at $721,231. The disclosure for this sale can be found here. Over the last three months, insiders have sold 794,165 shares of company stock valued at $23,767,530. Company insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GOOGL shares. BNP Paribas raised Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price for the company in a report on Friday, March 17th. Needham & Company LLC reissued a “buy” rating and set a $115.00 price objective on shares of Alphabet in a report on Monday, April 3rd. Bank of America boosted their price objective on Alphabet from $125.00 to $128.00 and gave the stock a “buy” rating in a report on Wednesday, April 26th. 1-800-FLOWERS.COM reissued a “downgrade” rating on shares of Alphabet in a report on Monday, May 15th. Finally, Loop Capital lowered Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a report on Monday, May 15th. Seven research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.63.

Alphabet Price Performance

GOOGL opened at $119.90 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $129.04. The stock has a market capitalization of $1.52 trillion, a PE ratio of 26.70, a price-to-earnings-growth ratio of 1.53 and a beta of 1.06. The stock’s 50 day moving average price is $118.69 and its 200-day moving average price is $104.50.

Alphabet (NASDAQ:GOOGL – Free Report) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. During the same period in the previous year, the firm earned $1.23 earnings per share. On average, equities research analysts predict that Alphabet Inc. will post 5.39 EPS for the current year.

Alphabet Profile

(Free Report)

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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