Horizon Investment Services LLC has reduced its stake in Alphabet Inc. (NASDAQ: GOOGL) by 2.6% during the second quarter, according to its latest SEC filing. Following the sale of 1,277 shares, the firm now holds 47,239 shares worth approximately $8.33 million, making Alphabet the fifth-largest position in its investment portfolio, comprising about 3.6% of its total assets.
Several institutional investors have also adjusted their holdings in Alphabet. Mystic Asset Management Inc. raised its position by 6.7% in the first quarter, now owning 28,454 shares valued at $4.4 million after acquiring an additional 1,791 shares. Bridgeway Capital Management LLC reported a significant 17.9% increase in its Alphabet holdings, totaling 88,187 shares valued at about $13.64 million. Other investors such as Alaethes Wealth LLC, Moment Partners LLC, and Welch Group LLC also expanded their stakes, indicating ongoing confidence in the company’s performance. Notably, institutional and hedge fund ownership now stands at 40.03%.
Recent analyst forecasts reflect an optimistic outlook for Alphabet’s stock. Daiwa Capital Markets recently raised its price target from $233 to $333 and assigned a “buy” rating. Other analysts, including from Westpark Capital, HSBC Global Research, and New Street Research, have similarly issued bullish ratings and increased price objectives, with a consensus target price of $305.33.
As of Wednesday, shares of GOOGL opened at $284.28. The firm’s market capitalization is approximately $3.43 trillion, demonstrating its substantial presence in the market. Alphabet’s recent financial results further bolster its attractiveness; for the third quarter, the company reported earnings per share of $2.87, surpassing estimates of $2.29, alongside revenues of $102.35 billion.
In a positive development for shareholders, Alphabet has declared a quarterly dividend of $0.21 per share, payable on December 15, which indicates a commitment to returning value to investors. The ex-dividend date falls on December 8, contributing to an annual dividend yield of 0.3%.
The company’s diverse offerings and robust earnings history, combined with recent positive analyst sentiment, position Alphabet favorably in the rapidly evolving technology landscape. As Alphabet continues to innovate and expand its product lines, investor confidence appears solid, paving the way for potential growth in the upcoming quarters.