CWA Asset Management Group LLC has raised its stake in Alphabet Inc. (NASDAQ: GOOG) by 2.2% during the third quarter of 2023. This information comes from the firm’s latest 13F filing with the Securities and Exchange Commission. CWA Asset Management now holds a total of 157,143 shares of Alphabet, following the acquisition of an additional 3,444 shares within the quarter. Alphabet represents approximately 1.4% of CWA’s investment portfolio, positioning it as the firm’s tenth largest holding, valued at around $38,272,000.
Other institutional investors have also adjusted their positions in Alphabet. For instance, IFS Advisors LLC increased its holdings by an impressive 400% during the second quarter, now owning 150 shares valued at $27,000. Similarly, Robbins Farley grew its stake by 60%, acquiring 160 shares worth $28,000. WestEnd Advisors and Fairman Group also expanded their investments, with increases of 58.7% and 121.3% respectively. Additionally, the University of Illinois Foundation entered a new position in Alphabet valued at approximately $31,000. Collectively, hedge funds and other institutional investors now hold 27.26% of Alphabet’s stock.
Market Sentiment and Analyst Upgrades
Recent developments have contributed to a positive market sentiment surrounding Alphabet. Multiple analyst upgrades and heightened price targets have sparked increased investor interest. Canaccord Genuity recently raised its target price for Alphabet to $390, reflecting optimism about the company’s performance.
The momentum is attributed to several factors, including the success of Alphabet’s AI product, Gemini, which is reportedly gaining market share against competitors like ChatGPT. This success is expected to enhance advertising revenue and cloud service expectations. Additionally, Alphabet recently surpassed Apple to become the world’s second-largest public company by market capitalization, further solidifying investor confidence.
Conversely, pending approval from the European Union for the acquisition of Wiz could represent a significant turning point. Approval would alleviate concerns over regulatory hurdles, while rejection would present challenges for Alphabet’s growth strategy.
Insider Trading and Stock Performance
In recent insider transactions, John Kent Walker, an executive at Alphabet, sold 17,829 shares at an average price of $314.89, totaling approximately $5.6 million. This sale marked a 29.32% reduction in his holdings. Similarly, CAO Amie Thuener O’toole sold 2,778 shares for about $867,569.40, representing a 23.66% decrease in her position. Over the last quarter, insiders have sold 227,965 shares valued at approximately $67.5 million, indicating a notable trend of insider selling.
On the trading front, Alphabet’s stock opened at $329.29 recently. The company maintains a strong financial profile, highlighted by a debt-to-equity ratio of 0.06 and a current ratio of 1.75. The stock has demonstrated volatility, with a 52-week low of $142.66 and a high of $331.48.
In its latest earnings report released on October 30, Alphabet posted earnings per share of $2.87, exceeding analysts’ expectations of $2.29. The company reported quarterly revenues of $102.35 billion, surpassing projections of $99.90 billion, and achieved a year-over-year revenue growth of 15.9%.
In addition to its financial performance, Alphabet announced a quarterly dividend of $0.21 per share, paid to shareholders on December 15, with a dividend yield of 0.3%.
Alphabet Inc., headquartered in Mountain View, California, serves as a multinational technology holding company and parent to Google LLC. Founded in 1998 by Larry Page and Sergey Brin, Alphabet continues to lead in internet search and advertising, with its platforms connecting advertisers and consumers worldwide.
