Granite Harbor Advisors Inc. Acquires New Shares in Alphabet Inc. $GOOG

Key Points

• Granite Harbor Advisors Inc. acquired 2,153 shares of Alphabet Inc., valued at approximately $336,000, in the first quarter.
• Insider trading included CEO Sundar Pichai selling 32,500 shares for about $5.8 million, reducing his ownership by 1.25%.
• Alphabet reported a 13.8% revenue increase year-over-year, with a quarterly EPS of $2.31, exceeding estimates by $0.19.

Granite Harbor Advisors Inc. bought a new position in Alphabet Inc. (NASDAQ:GOOG - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,153 shares of the information services provider's stock, valued at approximately $336,000.

Several other large investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Alphabet by 5.6% during the fourth quarter. Brighton Jones LLC now owns 120,253 shares of the information services provider's stock worth $22,901,000 after acquiring an additional 6,410 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Alphabet by 4.3% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 506,535 shares of the information services provider's stock worth $96,465,000 after purchasing an additional 20,855 shares during the last quarter. MML Investors Services LLC lifted its position in shares of Alphabet by 4.9% in the 4th quarter. MML Investors Services LLC now owns 626,603 shares of the information services provider's stock worth $119,330,000 after purchasing an additional 29,056 shares during the period. Trajan Wealth LLC boosted its stake in shares of Alphabet by 10.4% in the 4th quarter. Trajan Wealth LLC now owns 82,400 shares of the information services provider's stock valued at $15,692,000 after purchasing an additional 7,775 shares during the last quarter. Finally, Transce3nd LLC acquired a new stake in shares of Alphabet during the fourth quarter worth $542,000. 27.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 274,819 shares of company stock valued at $49,796,547 in the last quarter. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

Shares of GOOG opened at $204.91 on Monday. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock's fifty day moving average price is $185.21 and its two-hundred day moving average price is $174.52. The firm has a market cap of $2.48 trillion, a PE ratio of 21.82, a PEG ratio of 1.38 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company's revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

Analyst Upgrades and Downgrades

GOOG has been the topic of several recent analyst reports. BNP Paribas lowered shares of Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Pivotal Research lifted their price objective on Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Needham & Company LLC lowered Alphabet from a "buy" rating to a "cautious" rating in a research report on Friday, May 2nd. Raymond James Financial reiterated an "outperform" rating and issued a $210.00 target price (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $215.19.

About Alphabet

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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