Westwood Holdings Increases Stake in Alphabet by 23.1% in Q2

Westwood Holdings Group Inc. has increased its ownership in Alphabet Inc. by 23.1%, according to a recent filing with the Securities and Exchange Commission. The investment firm acquired an additional 47,603 shares during the second quarter of 2023, bringing its total holdings in the tech giant to 253,957 shares. This stake is now valued at approximately $45.05 million.

The rise in Westwood’s holdings reflects a broader trend among institutional investors. Several firms have recently adjusted their stakes in Alphabet. For instance, IFS Advisors LLC expanded its position by an impressive 400% in the same quarter, now owning 150 shares valued at $27,000. Similarly, Robbins Farley increased its stake by 60%, owning 160 shares now worth $28,000. Other notable adjustments include WestEnd Advisors LLC, which raised its holdings by 58.7%, and Fairman Group LLC, which boosted its stake by 121.3%.

Insider transactions have also caught attention, particularly the recent sales by key executives. On October 13, 2023, Director John L. Hennessy sold 600 shares at an average price of $242.92, totaling $145,752. Following this transaction, Hennessy retained 5,116 shares, valued at approximately $1.24 million. Chief Executive Officer Sundar Pichai also sold 32,500 shares on November 5, 2023, for a total of $9.21 million, which reduced his ownership by 1.37%.

Over the past three months, insiders have sold a total of 221,796 shares of Alphabet stock, valued at about $53.98 million. Currently, insiders hold 12.99% of the company’s stock.

Strong Financial Performance and Dividend Announcement

Alphabet’s financial results for the third quarter, released on October 30, 2023, showcased robust earnings, with the company reporting $2.87 earnings per share, surpassing analysts’ expectations of $2.29 by $0.58. The firm’s revenue reached $102.35 billion, exceeding the forecast of $99.90 billion, representing a 15.9% year-on-year increase.

In addition to its quarterly results, Alphabet announced a dividend of $0.21 per share, set to be paid on December 15, 2023. Shareholders on record as of December 8, 2023, will receive this dividend, reflecting an annualized amount of $0.84 and a yield of 0.3%.

Analysts’ Ratings and Future Outlook

Wall Street analysts have recently provided varying assessments of Alphabet’s stock. UBS Group maintained a “neutral” rating, while TD Cowen raised its price target from $270.00 to $280.00, endorsing a “buy” rating. Cantor Fitzgerald set a target price of $310.00 with a neutral stance, while Phillip Securities upgraded Alphabet from a “moderate buy” to a “strong-buy” rating.

As of now, six analysts have issued a Strong Buy rating for Alphabet, while twenty-six recommend a Buy. Four analysts have issued a Hold rating, and three have rated it as a Sell. The consensus rating on MarketBeat.com is “Moderate Buy,” with an average price target of $324.81.

Alphabet Inc. continues to be a major player in the information services sector, offering a diverse range of products and platforms globally. The company operates through three main segments: Google Services, Google Cloud, and Other Bets. Its wide array of services includes advertising, cloud computing, and numerous applications that cater to millions of users worldwide.