WBH Advisory Inc. has reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 4.7% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. Following this adjustment, WBH Advisory now holds 24,032 shares of the tech giant, valued at approximately $4.24 million as of the end of the reporting period. This decrease involved the sale of 1,178 shares.
Other institutional investors have also adjusted their positions in Alphabet. Missouri Trust & Investment Co increased its holdings by 0.3% in the same quarter, now owning 16,916 shares worth $2.98 million after acquiring an additional 55 shares. AM Investment Strategies LLC expanded its stake by 0.9%, resulting in ownership of 6,477 shares valued at $1.14 million following the purchase of 57 shares.
Bfsg LLC and Financial Council LLC also made slight increases to their holdings, with Bfsg now owning 10,428 shares worth $1.84 million and Financial Council holding 5,800 shares valued at $1.02 million. Additionally, Enzi Wealth increased its stake by 2.5% in the first quarter of 2023, bringing its total to 2,561 shares valued at $408,000. Institutional investors collectively own 40.03% of Alphabet’s stock.
Market Reactions and Analyst Ratings
Recent analyst activity has shown a positive outlook for Alphabet. The Goldman Sachs Group raised its price target for the company from $288.00 to $330.00, maintaining a “buy” rating. Similarly, Weiss Ratings reaffirmed a “buy (b)” rating on October 8, while Guggenheim, Morgan Stanley, and Canaccord Genuity Group all adjusted their price targets to $330.00, reflecting strong market confidence in Alphabet’s performance.
Currently, 35 analysts have issued ratings for Alphabet, with three assigning a Strong Buy, 33 recommending Buy, and nine suggesting Hold. The consensus rating stands at “Moderate Buy” with an average target price of $301.32.
Alphabet’s Financial Performance
On October 29, 2023, Alphabet released its quarterly earnings, reporting earnings per share (EPS) of $2.87, exceeding analysts’ expectations of $2.29 by $0.58. The company achieved a net margin of 32.23% and a return on equity of 36.08%, with quarterly revenue reaching $102.35 billion, surpassing the consensus estimate of $99.90 billion.
Alphabet’s stock opened at $281.48 on Friday, showing robust performance over the past year with a low of $140.53 and a high of $291.59. The firm maintains a market capitalization of $3.40 trillion, a debt-to-equity ratio of 0.07, and a price-to-earnings ratio of 27.76.
Insider Activity and Ownership
Insider transactions have also been notable, with John Kent Walker, a key insider, selling 23,820 shares on August 4, 2023, for a total of $4,637,754 at an average price of $194.70. Following this transaction, Walker’s holdings decreased by 35.65%, leaving him with 42,999 shares valued at approximately $8.37 million.
Additionally, CAO Amie Thuener O’toole sold 2,778 shares on September 15, valued at $680,610. Insiders have sold a total of 246,150 shares worth $55.81 million over the past three months, while corporate insiders retain ownership of 11.64% of the company’s stock.
Alphabet Inc. continues to be a dominant player in the technology sector, offering a wide range of products and services through its Google Services, Google Cloud, and Other Bets segments. As it navigates the market landscape, investor interest remains strong, underscored by the recent adjustments from institutional investors and favorable analyst ratings.
