Astra Wealth Partners Boosts Stake in Alphabet by 16.7%

Astra Wealth Partners LLC has increased its holdings in Alphabet Inc. (NASDAQ: GOOGL) by 16.7% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, Astra now owns 2,112 shares of Alphabet, having acquired an additional 302 shares over the quarter, bringing the total value of its investment to approximately $372,000.

This increase in Alphabet stock comes as several other institutional investors also adjust their positions in the tech giant. Brighton Jones LLC raised its stake by 3.9% in the fourth quarter, now holding 110,330 shares valued at $20.9 million after purchasing an additional 4,110 shares. Similarly, Revolve Wealth Partners LLC has increased its holdings by 3.5%, resulting in ownership of 14,930 shares worth $2.8 million, following the acquisition of an extra 506 shares.

Other notable investors include Smart Money Group LLC, which raised its position by 9.4% in the first quarter, now owning 6,181 shares valued at approximately $956,000, and Cornerstone Investment Partners LLC, which increased its holdings by 1.8%. As of the latest reports, institutional investors and hedge funds collectively own 40.03% of Alphabet’s stock.

Alphabet’s Market Performance and Financial Results

Shares of Alphabet opened at $276.41 on Friday, with a market capitalization of $3.34 trillion. The company has a price-to-earnings ratio of 27.26 and a beta of 1.05. Its current ratio and quick ratio both stand at 1.90, highlighting a stable liquidity position, while the debt-to-equity ratio is notably low at 0.07. Over the past year, Alphabet’s stock has fluctuated between a low of $140.53 and a high of $292.01.

Most recently, Alphabet reported its quarterly earnings on October 29, 2023. The company posted earnings per share (EPS) of $2.87, exceeding analyst expectations of $2.29 by $0.58. Revenue for the quarter reached $102.35 billion, surpassing the forecast of $99.90 billion. Alphabet’s net margin stands at 32.23%, with a return on equity of 36.08%. Analysts predict that Alphabet will achieve an EPS of 8.9 for the current fiscal year.

In addition to its strong earnings, Alphabet has announced a quarterly dividend of $0.21, set to be paid on December 15, 2023. Stockholders who are on record by December 8, 2023 will receive this dividend, representing an annualized total of $0.84 and a yield of 0.3%. The company’s payout ratio currently sits at 8.28%.

Insider Transactions and Analyst Ratings

In related news, insider John Kent Walker sold 17,816 shares of Alphabet stock on September 29, 2023, at an average price of $247.42, totaling approximately $4.41 million. Following this transaction, Walker now holds 42,985 shares valued at about $10.64 million. Additionally, Director Frances Arnold sold 112 shares on October 30, 2023, for $32,681.60, reducing her ownership slightly.

In the last quarter, insiders have sold a total of 221,796 shares worth around $53.98 million. Currently, company insiders own 11.55% of Alphabet’s stock.

Analysts have recently updated their price targets for Alphabet. President Capital raised its target from $258.00 to $323.00 with a “buy” rating. Phillip Securities upgraded their rating from “moderate buy” to “strong-buy” as of November 7, 2023. Analysts from Sanford C. Bernstein and DA Davidson also increased their price objectives for the stock, with the average target price now at $304.10 according to MarketBeat.

As Alphabet continues to navigate the competitive landscape of the technology sector, its strong earnings performance and strategic adjustments by institutional investors reflect ongoing confidence in its long-term prospects.