Representative Julie Johnson Acquires Alphabet Shares Amid Market Surge

Representative Julie Johnson (D-Texas) has made a notable investment by purchasing shares of Alphabet Inc. (NASDAQ:GOOG). On November 14, 2023, Johnson reported in a filing that she acquired between $1,001 and $15,000 in Alphabet stock on October 27, 2023. This transaction was executed through her CHASE BROKERAGE ACCOUNT (3935).

On the same day as the filing, shares of Alphabet saw a significant uptick, rising by 3.3%. The stock closed at $299.65, an increase of $9.67 from the previous day. The trading volume reached approximately 43,534,785 shares, which is considerably higher than its average volume of 23,614,018 shares. Alphabet’s market performance remains robust, with a market capitalization of $3.62 trillion.

Financial Highlights and Dividend Announcement

Alphabet reported a quick ratio and a current ratio of 1.90, indicating strong liquidity. Its debt-to-equity ratio stands at a low 0.07, reflecting a conservative approach to leverage. Over the past year, Alphabet’s stock has fluctuated between a low of $142.66 and a high of $306.89. The company’s price-to-earnings (P/E) ratio is 29.55, with a PEG ratio of 1.86 and a beta of 1.05. The 50-day and 200-day moving averages are $262.98 and $214.24, respectively.

In addition to stock performance, Alphabet also announced a quarterly dividend of $0.21, payable on December 15, 2023. Stockholders who are on record by December 8, 2023 will be eligible for this dividend, which translates to an annualized yield of 0.3%. The dividend payout ratio is currently 8.28%.

Analyst Ratings and Institutional Holdings

Alphabet’s stock has drawn positive attention from analysts, with several recent upgrades. Piper Sandler raised its target price from $285.00 to $330.00 and issued an “overweight” rating on October 30, 2023. JPMorgan Chase & Co. also increased its target from $260.00 to $300.00, maintaining an “overweight” rating from October 27, 2023. Other firms, including Bank of America and Mizuho, have set target prices of $335.00 and $325.00, respectively.

The stock currently enjoys a consensus rating of “Moderate Buy” from analysts, with an average target price of $324.81. A total of seven analysts have rated the stock as a Strong Buy, while twenty-six recommend a Buy, four suggest Hold, and three advise Sell.

Institutional investors are also increasing their stakes in Alphabet. IFS Advisors LLC boosted its holdings by 400.0% during the second quarter, now owning 150 shares valued at approximately $27,000. Other firms, including Robbins Farley and WestEnd Advisors LLC, also reported significant increases in their Alphabet shares, indicating growing confidence in the company among institutional investors.

In total, institutional and hedge fund ownership stands at 27.26% of Alphabet’s stock.

In related news, Alphabet’s CEO Sundar Pichai sold 32,500 shares on November 19, 2023, for an average price of $296.64, amounting to a transaction worth $9,640,800. Following this sale, Pichai retains approximately 2,304,619 shares valued at about $683,642,180.16, reflecting a 1.39% decrease in his holdings. Additionally, Chief Accounting Officer Amie Thuener O’Toole sold 2,778 shares on November 17, 2023, for $800,786.28, representing a 19.14% decrease in her holdings.

As the tech giant continues to perform well in the market, the implications of Johnson’s investment and the ongoing analyst support could further bolster investor confidence in Alphabet’s future performance.