Legacy Trust Increases Stake in Alphabet, Now 7th Largest Investor

Legacy Trust has increased its investment in Alphabet Inc. (NASDAQ: GOOGL) by 6.3% during the third quarter of 2023, as reported in its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds 53,447 shares of the tech giant, following the acquisition of an additional 3,179 shares during this period. Alphabet now constitutes approximately 2.6% of Legacy Trust’s portfolio, making it the company’s seventh largest position, valued at around $12,993,000 as of the end of the reporting period.

Several other institutional investors have also made adjustments to their holdings in Alphabet recently. For instance, Brighton Jones LLC raised its stake by 3.9% in the fourth quarter, bringing its total ownership to 110,330 shares, valued at $20,886,000 after acquiring an additional 4,110 shares. Similarly, Revolve Wealth Partners LLC increased its holdings by 3.5%, now owning 14,930 shares worth $2,826,000 following a purchase of 506 shares.

In addition, Narus Financial Partners LLC has grown its position by 1.2%, owning 13,445 shares valued at $2,369,000, while Painted Porch Advisors LLC increased its stake significantly by 23.2%, now owning 5,438 shares worth $958,000. Farmers & Merchants Investments Inc. also boosted its holdings by 7.6%, with a total of 191,940 shares valued at $33,826,000.

As of now, institutional investors and hedge funds collectively own 40.03% of Alphabet’s stock.

Insider Activity and Performance Metrics

In related news, Alphabet’s CEO, Sundar Pichai, sold 32,500 shares on November 5, 2023, at an average price of $283.48, totaling approximately $9,213,100. Following this transaction, Pichai’s ownership in Alphabet decreased by 1.37%, leaving him with 2,337,119 shares valued at about $662,526,494.12. Additional insider trading was noted when Amie Thuener O’Toole, Chief Accounting Officer, sold 2,778 shares on December 15, 2023, for around $867,569.40, which represented a 23.66% decrease in her ownership.

Over the past three months, insiders have sold 189,909 shares of Alphabet stock worth approximately $57,927,282. Insiders currently hold 11.64% of the company’s shares.

Alphabet’s stock opened at $330.52 on Friday, and it has experienced significant fluctuations over the past year, with a fifty-two week low of $140.53 and a high of $340.49. The company has a market capitalization of $3.99 trillion, a debt-to-equity ratio of 0.06, and a PE ratio of 32.60. Following its recent quarterly earnings report on October 29, 2023, Alphabet reported earnings per share (EPS) of $2.87, exceeding analysts’ expectations of $2.29.

Analyst Ratings and Future Projections

A number of analysts have recently updated their ratings and price targets for Alphabet shares. CIBC has increased its price objective to $315.00, while Oppenheimer raised its target from $270.00 to $300.00, assigning an “outperform” rating. New Street Research has also increased its price objective to $295.00. Meanwhile, Robert W. Baird raised its target from $310.00 to $350.00, maintaining an “outperform” rating.

Currently, analysts have issued a range of ratings for Alphabet, with three giving a “Strong Buy,” forty-two rating it as a “Buy,” and five as a “Hold.” According to MarketBeat.com, Alphabet holds an average rating of “Moderate Buy” with an average price target of $330.94. Analysts project that the company will post an EPS of 8.9 for the current fiscal year.

Alphabet Inc., established as a holding company in 2015, manages Google and a range of other businesses that are developing technologies beyond its core internet services. The company’s main operations are centered on Google, which develops consumer products such as Google Search, YouTube, and Android, as well as key advertising platforms. Additionally, Alphabet invests in cloud computing and infrastructure through Google Cloud, which provides various services to businesses and institutions.