Boyar Asset Management Inc. has increased its holdings in Alphabet Inc. (NASDAQ: GOOGL) by 7.4% during the second quarter of 2023. According to the firm’s latest filing with the U.S. Securities and Exchange Commission (SEC), Boyar Asset Management now owns 9,960 shares of the tech giant after acquiring an additional 685 shares during the quarter. Alphabet constitutes approximately 1.1% of the firm’s investment portfolio, making it their 20th largest holding with a total valuation of about $1,755,000.

Several other institutional investors have also adjusted their positions in Alphabet shares. Guardian Wealth Management Inc. significantly increased its stake by 242.9% in the first quarter, bringing its total holdings to 168 shares, valued at $26,000 after purchasing an additional 119 shares. Similarly, both IMA Advisory Services Inc. and von Borstel & Associates Inc. entered new positions, each valued at approximately $28,000. Meanwhile, NBZ Investment Advisors LLC raised its stake by 85.7%, holding 195 shares worth $30,000 after acquiring 90 additional shares. Hedge funds and institutional investors now collectively own 40.03% of Alphabet’s stock.

Current Market Performance

As of the most recent trading day, Alphabet shares opened at $236.57. The company boasts a market capitalization of $2.86 trillion and a price-to-earnings ratio of 25.19. Alphabet’s stock has seen a 12-month low of $140.53 and a high of $256.00. The firm reported a current ratio of 1.90, a quick ratio of 1.90, and a debt-to-equity ratio of 0.07.

On July 23, 2023, Alphabet released its earnings report, revealing an earnings per share (EPS) of $2.31, surpassing analysts’ expectations of $2.15 by $0.16. The company generated revenues of $96.43 billion, considerably higher than the forecast of $93.60 billion. With a return on equity of 34.31% and a net margin of 31.12%, analysts are projecting an EPS of 8.9 for the current fiscal year.

Alphabet has also announced a quarterly dividend of $0.21, which was distributed on September 15, 2023. Shareholders who were on record as of September 8, 2023, received the dividend, which represents an annualized yield of 0.4% and a dividend payout ratio of 8.95%.

Insider Transactions and Analyst Ratings

In related developments, CEO Sundar Pichai sold 32,500 shares of Alphabet stock on October 1, 2023, at an average price of $243.41, totaling approximately $7,910,825. Following this transaction, Pichai holds 2,402,119 shares valued at roughly $584.7 million. Additionally, insider John Kent Walker sold 17,816 shares on September 29, 2023, for about $4,408,034.72. Over the past ninety days, insiders have sold a total of 276,738 shares valued at approximately $59.1 million, with insiders now holding 11.64% of the company’s stock.

Wall Street analysts have been optimistic regarding Alphabet’s stock. Reports indicate that Bank of America has raised its target price from $210.00 to $217.00, while UBS Group increased its target from $237.00 to $255.00. Other firms, including Stifel Nicolaus and Wolfe Research, have also provided favorable ratings, with target price adjustments reflecting increased confidence in Alphabet’s growth potential. Currently, the stock holds an average rating of “Moderate Buy” with a consensus target price of $245.88.

This surge in investment and positive market outlook may indicate a robust future for Alphabet Inc., as it continues to expand its influence across various segments within the global technology landscape.