ABN Amro Investment Solutions has strengthened its portfolio by acquiring a significant position in Alphabet Inc. (NASDAQ: GOOGL). In its most recent disclosure to the Securities and Exchange Commission, the firm reported acquiring 944,569 shares of the technology giant, valued at approximately $166.5 million. This purchase positions Alphabet as the fourth largest holding in ABN Amro’s investment portfolio, representing about 3.3% of its total assets.
Several other institutional investors have also adjusted their positions in Alphabet recently. For instance, Bridgeway Capital Management LLC increased its stake by 17.9% in the first quarter, bringing its total holdings to 88,187 shares, valued at $13.6 million. Similarly, Alaethes Wealth LLC added 1.1% to its holdings, owning now 7,646 shares worth $1.2 million. Moment Partners LLC and Welch Group LLC also made notable increases, boosting their respective stakes by 9.3% and 4.0% in the second quarter.
The trend of increasing investment in Alphabet is evident, with hedge funds and other institutional investors collectively owning 40.03% of the company’s stock.
Insider Transactions and Analyst Ratings
In related news, significant insider trading activities have been reported. On November 13, John L. Hennessy, a director at Alphabet, sold 600 shares at an average price of $280.06, totaling approximately $168,036. Following this transaction, Hennessy retained 4,516 shares, a reduction of 11.73% in his total holdings. Similarly, Amie Thuener O’toole, the Chief Accounting Officer, sold 2,778 shares on November 17 for about $800,786, reducing her position by 19.14%.
Over the past 90 days, insiders have sold a total of 225,174 shares, amounting to approximately $58.1 million. Corporate insiders currently hold 11.64% of Alphabet’s stock.
Analysts have reacted positively to Alphabet’s recent performance, with several firms issuing favorable ratings. On October 30, Wolfe Research reaffirmed an “outperform” rating and increased its price target from $290.00 to $350.00. BNP Paribas Exane initiated coverage with an “outperform” rating and set a target price of $355.00. Citic Securities and Sanford C. Bernstein also raised their price targets to $310.00 and $305.00, respectively, reflecting a growing confidence in the company’s prospects.
Financial Performance and Future Outlook
Alphabet’s stock opened at $323.44 on Wednesday, following a strong earnings report released on October 29. The company reported earnings per share (EPS) of $2.87, exceeding the consensus estimate of $2.29. The revenue for the quarter reached $102.35 billion, surpassing expectations of $99.90 billion. This performance resulted in a net margin of 32.23% and a return on equity of 36.08%. Analysts project that Alphabet will achieve an EPS of 8.9 for the current fiscal year.
In addition, Alphabet recently announced a quarterly dividend of $0.21 per share, which will be paid on December 15, 2023, to shareholders of record on December 8. This represents an annualized dividend of $0.84, with a yield of 0.3%.
Alphabet Inc. continues to provide a wide range of products and services globally, operating through its segments including Google Services, Google Cloud, and Other Bets. The company’s continuous growth and strategic investments indicate a robust future outlook as it navigates the dynamic technology landscape.
