Harber Asset Management LLC Buys Shares of 34,000 Alphabet Inc. $GOOGL

Key Points

• Harber Asset Management LLC acquired 34,000 shares of Alphabet Inc. valued at approximately $5.26 million, making it the firm's 24th largest position.
• Multiple hedge funds have increased their stakes in Alphabet recently, with significant increases reported by Eagle Capital Management LLC and Brighton Jones LLC.
• Analysts have raised their price targets for Alphabet, with Barclays setting a new target of $235.00 and maintaining an "overweight" rating.

Harber Asset Management LLC bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 34,000 shares of the information services provider's stock, valued at approximately $5,258,000. Alphabet makes up about 1.9% of Harber Asset Management LLC's portfolio, making the stock its 24th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in GOOGL. Eagle Capital Management LLC increased its holdings in Alphabet by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock valued at $9,490,000 after acquiring an additional 371 shares in the last quarter. Brighton Jones LLC increased its holdings in Alphabet by 3.9% during the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after acquiring an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of Alphabet by 3.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after buying an additional 506 shares in the last quarter. Highview Capital Management LLC DE grew its holdings in shares of Alphabet by 3.6% during the fourth quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock worth $5,509,000 after buying an additional 1,003 shares in the last quarter. Finally, Legacy Investment Solutions LLC grew its holdings in shares of Alphabet by 13.7% during the fourth quarter. Legacy Investment Solutions LLC now owns 980 shares of the information services provider's stock worth $182,000 after buying an additional 118 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on GOOGL. Barclays lifted their price target on shares of Alphabet from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Westpark Capital lifted their price target on shares of Alphabet from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Bank of America lifted their price target on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Stifel Nicolaus lifted their price target on shares of Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Finally, BNP Paribas Exane reiterated a "neutral" rating and set a $172.00 price target on shares of Alphabet in a report on Friday, June 27th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $211.53.

Alphabet Price Performance

GOOGL opened at $212.91 on Friday. The company's 50 day simple moving average is $190.44 and its 200 day simple moving average is $174.05. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $214.65. The stock has a market capitalization of $2.57 trillion, a PE ratio of 22.67, a P/E/G ratio of 1.43 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. As a group, sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given 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 8.95%.

Insider Buying and Selling at Alphabet

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company's stock, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 254,710 shares of company stock valued at $47,225,230. 11.64% of the stock is currently owned by corporate insiders.

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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