Visionary Horizons LLC has significantly reduced its stake in Alphabet Inc. (NASDAQ: GOOGL) by 70.9% during the third quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission, the fund now holds 1,416 shares of the technology giant, down from 4,874 shares prior to the sale. As of the latest filing, Visionary Horizons’ holdings in Alphabet are valued at approximately $344,000.
Several other institutional investors have also adjusted their positions in Alphabet. Breakwater Investment Management increased its holdings by 1.0% during the same quarter, now owning 4,228 shares worth around $1,028,000 after purchasing an additional 41 shares. Similarly, Wealth Alliance Advisory Group LLC raised its stake by 1.0%, bringing its total to 4,045 shares valued at $983,000 after acquiring 41 shares.
Kooman & Associates and Contravisory Investment Management Inc. also enhanced their positions in Alphabet, with increases of 3.3% and 2.9%, respectively. Kooman now holds 1,343 shares worth $326,000, while Contravisory owns 1,572 shares valued at $382,000. Wallington Asset Management LLC increased its stake by 1.4%, bringing its total to 3,324 shares valued at $808,000. Overall, institutional investors now own 40.03% of Alphabet’s stock.
In insider trading news, Director Frances Arnold sold 102 shares on December 31, 2023, at an average price of $313.45, totaling $31,971.90. Following the sale, Arnold holds 18,205 shares, valued at approximately $5,706,357.25. Another significant transaction occurred when insider John Kent Walker sold 17,829 shares on December 30, 2023, for about $5,614,173.81, reducing his position by 29.32%. Walker now owns 42,972 shares, valued at approximately $13,531,453.08. In the past three months, insiders sold a total of 189,909 shares worth $57,927,282, with corporate insiders owning 11.55% of the company.
Despite these changes, Alphabet’s stock experienced a decline of 2.1% recently. The company released its quarterly earnings data on October 29, 2023, reporting earnings per share (EPS) of $2.87, exceeding analysts’ estimates of $2.29. Revenue for the quarter reached $102.35 billion, surpassing analyst expectations of $99.90 billion. Alphabet also achieved a return on equity of 35.00% and a net margin of 32.23%. Analysts anticipate that Alphabet will post an EPS of 8.9 for the current year.
Recent analyst reports have provided updated price targets for Alphabet. Weiss Ratings maintained a “buy (b)” rating on the stock, while Oppenheimer raised its target price from $270.00 to $300.00, issuing an “outperform” rating. Jefferies Financial Group also reiterated a “buy” rating with a revised target price of $365.00, up from $320.00. Phillip Securities upgraded Alphabet from a “moderate buy” to a “strong-buy” rating, and Citizens JMP raised its price objective from $340.00 to $385.00.
The consensus among analysts now reflects a “Moderate Buy” rating, with a target price of $329.08 for Alphabet’s stock. As the company continues to evolve, it remains a pivotal player in the technology sector, driven by its core operations and diverse portfolio of products and services.
