Alphabet Inc. $GOOGL Shares Sold by Harbour Investments Inc.

Key Points

• Harbour Investments Inc. has reduced its holdings in Alphabet Inc. by 6.2%, now owning 50,468 shares worth approximately $8.89 million after selling 3,321 shares in the second quarter.
• Insider sales include John Kent Walker, who sold 23,820 shares for over $4.6 million, resulting in a 35.65% decrease in ownership, while a total of 246,150 shares worth nearly $55.8 million have been sold by insiders in the last 90 days.
• Analysts have raised their price targets for GOOGL stock, with Truist Financial increasing its target from $225 to $285, and BMO Capital Markets setting a new target of $294, while the stock has an average price target of $263.55.

Harbour Investments Inc. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 6.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,468 shares of the information services provider's stock after selling 3,321 shares during the period. Harbour Investments Inc.'s holdings in Alphabet were worth $8,894,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mystic Asset Management Inc. grew its holdings in shares of Alphabet by 6.7% in the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after acquiring an additional 1,791 shares during the period. Harbour Trust & Investment Management Co grew its holdings in shares of Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock worth $4,187,000 after acquiring an additional 80 shares during the period. Cypress Capital LLC grew its holdings in shares of Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after acquiring an additional 563 shares during the period. Bridgeway Capital Management LLC grew its holdings in shares of Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after acquiring an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC grew its holdings in shares of Alphabet by 1.1% in the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after acquiring an additional 84 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Insider Buying and Selling

In related news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,150 shares of company stock valued at $55,805,379. 11.64% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GOOGL shares. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Truist Financial increased their target price on Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a report on Monday, September 22nd. BMO Capital Markets set a $294.00 target price on Alphabet and gave the company an "outperform" rating in a report on Thursday, October 9th. Rosenblatt Securities increased their target price on Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. Finally, Needham & Company LLC increased their target price on Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $263.55.

Alphabet Trading Up 2.7%

Shares of GOOGL opened at $259.92 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.14 trillion, a P/E ratio of 27.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00. The stock's fifty day simple moving average is $236.72 and its 200 day simple moving average is $195.60. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $261.68.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Company Profile

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.

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