ProShare Advisors Boosts Alphabet Holdings with 242,139 Shares

ProShare Advisors LLC has increased its stake in Alphabet Inc. (NASDAQ: GOOGL) by purchasing an additional 242,139 shares, representing a 6.1% rise in its holdings during the second quarter of 2023. This acquisition brings ProShare’s total ownership to 4,236,417 shares, valued at approximately $746.6 million as of its latest filing with the Securities and Exchange Commission (SEC). Alphabet now constitutes 1.5% of ProShare’s portfolio, making it the ninth largest position.

Several other institutional investors have also recently adjusted their positions in Alphabet. Notably, Guardian Wealth Management Inc. increased its holdings by 242.9% in the first quarter, acquiring 119 additional shares to now own a total of 168 shares valued at $26,000. Meanwhile, IMA Advisory Services Inc. initiated a new position worth $28,000, and NBZ Investment Advisors LLC raised its stake by 85.7%, acquiring 90 more shares to reach a total of 195 shares, now valued at $30,000. Additional investments include CarsonAllaria Wealth Management Ltd., which increased its holdings by 36.4% in the second quarter, and MJT & Associates Financial Advisory Group Inc., which recently acquired a stake valued at around $50,000. Overall, institutional investors now hold 40.03% of Alphabet’s stock.

Alphabet’s Stock Performance and Upcoming Dividend

On Friday, Alphabet’s stock opened at $299.66, contributing to a market capitalization of $3.62 trillion. The company reported a price-to-earnings (P/E) ratio of 29.55 and a price-to-earnings-growth (PEG) ratio of 1.86. Alphabet also has a current ratio of 1.90, a quick ratio of 1.90, and a low debt-to-equity ratio of 0.07. Over the past year, the stock reached a low of $140.53 and a high of $306.42.

In a recent announcement, Alphabet declared a quarterly dividend of $0.21 per share, scheduled to be paid on December 15, 2023. Shareholders on record as of December 8, 2023 will be eligible for this payment, marking an annualized dividend of $0.84 and a yield of 0.3%. The company’s dividend payout ratio currently stands at 8.28%.

Analyst Ratings and Insider Transactions

Alphabet has received significant attention from analysts, with several reports highlighting its stock performance. On October 30, 2023, Piper Sandler reiterated an “overweight” rating and increased its price target to $330.00, up from $285.00. Stifel Nicolaus set a target of $333.00, while JMP Securities issued a “market outperform” rating with a price objective of $290.00. Sanford C. Bernstein also raised its target price from $260.00 to $305.00 and assigned a “market perform” rating. Roth Capital joined the trend by increasing its target from $210.00 to $265.00 and issuing a “buy” rating. Currently, Alphabet enjoys a consensus rating of “Moderate Buy” with a target price averaging $305.33.

In insider trading news, Director Frances Arnold sold 112 shares on October 30, 2023, at an average price of $291.80, totaling $32,681.60. Following this transaction, Arnold holds 18,004 shares worth approximately $5.25 million. Additionally, CEO Sundar Pichai sold 32,500 shares on November 19, 2023, for a total of $9,640,800.00. This sale reduced his holdings to 2,304,619 shares, valued at around $683.6 million. Over the past three months, insiders sold a total of 225,174 shares, worth $58.1 million. Currently, corporate insiders own 11.64% of Alphabet’s stock.

As Alphabet continues to expand its portfolio and attract investor interest, the upcoming dividend and positive analyst forecasts suggest a steady outlook for the company in the near future.