Cambiar Investors LLC has increased its investment in Alphabet Inc. (NASDAQ: GOOGL) by 1.0% during the second quarter, according to a recent SEC filing. The firm’s holdings now amount to 337,064 shares of Alphabet, following the acquisition of an additional 3,447 shares, making Alphabet the fifth largest position in Cambiar Investors LLC’s portfolio. As of the latest filing, the value of these shares stands at approximately $59.4 million.
Other institutional investors have also been actively adjusting their positions in Alphabet. Brighton Jones LLC expanded its stake by 3.9% in the fourth quarter, now owning 110,330 shares worth about $20.9 million after purchasing 4,110 additional shares. Similarly, Revolve Wealth Partners LLC raised its holdings by 3.5%, with a total of 14,930 shares valued at $2.8 million following a minor acquisition. Smart Money Group LLC increased its position by a notable 9.4% in the first quarter, acquiring 532 more shares for a total value of around $956,000. Main Street Research LLC and Leavell Investment Management Inc. also boosted their stakes significantly. Collectively, institutional investors hold approximately 40.03% of Alphabet’s stock.
In related news, Alphabet’s CEO Sundar Pichai recently sold 32,500 shares at an average price of $283.48, totaling $9.2 million, which reflects a decrease in his ownership stake by 1.37%. Another insider, John Kent Walker, sold 17,816 shares for around $4.4 million, resulting in a 29.3% reduction in his position. Over the last quarter, corporate insiders have collectively sold 221,796 shares for a total of nearly $54 million, with insiders owning approximately 11.55% of the company.
Analysts remain optimistic about Alphabet, with several firms recently upgrading their ratings. Wedbush maintained an “outperform” rating and adjusted its target price from $245 to $320, while Canaccord Genuity raised its target from $270 to $330, assessing Alphabet as a “buy.” UBS Group and Deutsche Bank also updated their target prices significantly, indicating a positive sentiment in the market. With a strong consensus rating of “Moderate Buy” and an average target price of $304.10, the outlook for Alphabet remains favorable among analysts.
Despite a slight dip of 2.8% in trading, with shares opening at $278.57, Alphabet continues to demonstrate strong performance metrics. The company reported earnings of $2.87 per share for the last quarter, surpassing expectations and achieving revenues of $102.35 billion. Additionally, Alphabet announced a quarterly dividend of $0.21 to be paid on December 15, with the ex-dividend date scheduled for December 8, reflecting its commitment to returning value to shareholders.
Alphabet operates across various sectors, providing diverse products and platforms through its Google Services, Google Cloud, and Other Bets segments, maintaining a significant presence in global markets. With its strong financial performance and focus on innovation, Alphabet appears well-positioned for future growth.