diff --git a/CHANGELOG.md b/CHANGELOG.md
index 72125217a..ec85c0231 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## [1.123.2](https://github.com/googleapis/java-pubsub/compare/v1.123.1...v1.123.2) (2023-02-06)
+
+
+### Dependencies
+
+* Update dependency com.google.cloud:google-cloud-shared-dependencies to v3.2.0 ([#1474](https://github.com/googleapis/java-pubsub/issues/1474)) ([5fccae4](https://github.com/googleapis/java-pubsub/commit/5fccae49f912a24c14d144fdcc9617d5a5ae110a))
+
 ## [1.123.1](https://github.com/googleapis/java-pubsub/compare/v1.123.0...v1.123.1) (2023-01-20)
 
 
diff --git a/README.md b/README.md
index b8e47b4c2..52e2155f5 100644
--- a/README.md
+++ b/README.md
@@ -51,20 +51,20 @@ If you are using Maven without BOM, add this to your dependencies:
 If you are using Gradle 5.x or later, add this to your dependencies:
 
 ```Groovy
-implementation platform('com.google.cloud:libraries-bom:26.4.0')
+implementation platform('com.google.cloud:libraries-bom:26.6.0')
 
 implementation 'com.google.cloud:google-cloud-pubsub'
 ```
 If you are using Gradle without BOM, add this to your dependencies:
 
 ```Groovy
-implementation 'com.google.cloud:google-cloud-pubsub:1.123.0'
+implementation 'com.google.cloud:google-cloud-pubsub:1.123.1'
 ```
 
 If you are using SBT, add this to your dependencies:
 
 ```Scala
-libraryDependencies += "com.google.cloud" % "google-cloud-pubsub" % "1.123.0"
+libraryDependencies += "com.google.cloud" % "google-cloud-pubsub" % "1.123.1"
 ```
 
 ## Authentication
diff --git a/google-cloud-pubsub-bom/pom.xml b/google-cloud-pubsub-bom/pom.xml
index 641280253..30e0d9237 100644
--- a/google-cloud-pubsub-bom/pom.xml
+++ b/google-cloud-pubsub-bom/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub-bom</artifactId>
-  <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <packaging>pom</packaging>
   <parent>
     <groupId>com.google.cloud</groupId>
@@ -52,17 +52,17 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-pubsub</artifactId>
-        <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+        <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-        <version>1.105.1</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+        <version>1.105.2</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-        <version>1.105.1</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+        <version>1.105.2</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
       </dependency>
     </dependencies>
   </dependencyManagement>
diff --git a/google-cloud-pubsub/pom.xml b/google-cloud-pubsub/pom.xml
index da0d31be0..2aac2fa45 100644
--- a/google-cloud-pubsub/pom.xml
+++ b/google-cloud-pubsub/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub</artifactId>
-  <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <packaging>jar</packaging>
   <name>Google Cloud Pub/Sub</name>
   <url>https://github.com/googleapis/java-pubsub</url>
@@ -11,7 +11,7 @@
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <properties>
     <site.installationModule>google-cloud-pubsub</site.installationModule>
diff --git a/grpc-google-cloud-pubsub-v1/pom.xml b/grpc-google-cloud-pubsub-v1/pom.xml
index a7f07dde0..91892b5ff 100644
--- a/grpc-google-cloud-pubsub-v1/pom.xml
+++ b/grpc-google-cloud-pubsub-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-  <version>1.105.1</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+  <version>1.105.2</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
   <name>grpc-google-cloud-pubsub-v1</name>
   <description>GRPC library for grpc-google-cloud-pubsub-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/pom.xml b/pom.xml
index 7ba1933f1..afbf40628 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-pubsub-parent</artifactId>
   <packaging>pom</packaging>
-  <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+  <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   <name>Google Cloud Pub/Sub Parent</name>
   <url>https://github.com/googleapis/java-pubsub</url>
   <description>
@@ -61,7 +61,7 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-shared-dependencies</artifactId>
-        <version>3.1.2</version>
+        <version>3.2.0</version>
         <type>pom</type>
         <scope>import</scope>
       </dependency>
@@ -69,17 +69,17 @@
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-        <version>1.105.1</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+        <version>1.105.2</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-pubsub-v1</artifactId>
-        <version>1.105.1</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
+        <version>1.105.2</version><!-- {x-version-update:grpc-google-cloud-pubsub-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-pubsub</artifactId>
-        <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+        <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
       </dependency>
 
       <!-- Test dependencies -->
diff --git a/proto-google-cloud-pubsub-v1/pom.xml b/proto-google-cloud-pubsub-v1/pom.xml
index 544755695..1de82390b 100644
--- a/proto-google-cloud-pubsub-v1/pom.xml
+++ b/proto-google-cloud-pubsub-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-pubsub-v1</artifactId>
-  <version>1.105.1</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
+  <version>1.105.2</version><!-- {x-version-update:proto-google-cloud-pubsub-v1:current} -->
   <name>proto-google-cloud-pubsub-v1</name>
   <description>PROTO library for proto-google-cloud-pubsub-v1</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-pubsub-parent</artifactId>
-    <version>1.123.1</version><!-- {x-version-update:google-cloud-pubsub:current} -->
+    <version>1.123.2</version><!-- {x-version-update:google-cloud-pubsub:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/samples/snapshot/pom.xml b/samples/snapshot/pom.xml
index 25b9b2517..6057fa47c 100644
--- a/samples/snapshot/pom.xml
+++ b/samples/snapshot/pom.xml
@@ -43,7 +43,7 @@
     <dependency>
       <groupId>com.google.cloud</groupId>
       <artifactId>google-cloud-pubsub</artifactId>
-      <version>1.123.1</version>
+      <version>1.123.2</version>
     </dependency>
     <!-- {x-version-update-end} -->
 
diff --git a/versions.txt b/versions.txt
index c0a57cf56..25c218aa7 100644
--- a/versions.txt
+++ b/versions.txt
@@ -1,6 +1,6 @@
 # Format:
 # module:released-version:current-version
 
-google-cloud-pubsub:1.123.1:1.123.1
-grpc-google-cloud-pubsub-v1:1.105.1:1.105.1
-proto-google-cloud-pubsub-v1:1.105.1:1.105.1
+google-cloud-pubsub:1.123.2:1.123.2
+grpc-google-cloud-pubsub-v1:1.105.2:1.105.2
+proto-google-cloud-pubsub-v1:1.105.2:1.105.2