Platform Technology Partners Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Platform Technology Partners has increased its investment in Alphabet Inc. (NASDAQ:GOOGL) by 1.3% during the third quarter of the year. According to the latest 13F filing with the Securities and Exchange Commission (SEC), the firm now holds 23,957 shares of Alphabet's stock after purchasing an additional 302 shares. This investment makes Alphabet the 13th largest holding in Platform Technology Partners’ portfolio, comprising approximately 1.2% of their entire investment allocations. The value of their stake in Alphabet is estimated to be around $3,973,000 based on the recent SEC filing.

Other investment firms have also been active in trading Alphabet shares. For instance, International Assets Investment Management LLC dramatically increased its investment by an astonishing 43,005.6% in the third quarter. They now own 18,743,594 shares valued at $31,086,250,000 after acquiring an additional 18,700,111 shares in the previous quarter. Similarly, SG Americas Securities LLC raised its stake by 587.4%, owning 10,690,326 shares now worth approximately $1,772,991,000 following an extra purchase of 9,135,056 shares. Capital Research Global Investors also increased its stake in Alphabet by 14.4%, holding 57,803,291 shares valued at around $8,724,251,000 after purchasing 7,275,757 shares last quarter. Additionally, Assenagon Asset Management S.A. raised its stake by 116.4%, and Wulff Hansen & CO. boosted its holdings by a staggering 18,810.2%. Overall, institutional investors own about 40.03% of Alphabet's stock.

Wall Street Analyst Opinions

Several brokerage firms have shared their insights on Alphabet stock (GOOGL). Royal Bank of Canada recently raised its price target for Alphabet from $204.00 to $210.00 and categorized the stock with an “outperform” rating. Needham & Company LLC maintained a “buy” rating with the same target price of $210.00. Piper Sandler reaffirmed an “overweight” rating with an increased price target of $210.00, up from $200.00. Wells Fargo & Company raised their price objective from $182.00 to $187.00, giving the stock an “equal weight” rating. Cantor Fitzgerald maintained a “neutral” rating with a target price of $190.00. Overall, seven analysts have rated the stock as a hold, thirty-one have a buy rating, while five analysts issued a strong buy rating. Current average ratings suggest a “Moderate Buy” sentiment with a target price of $205.90.

Insider Trading Activity

In other news regarding insider trading, CEO Sundar Pichai sold 22,500 shares of the company on September 4th at an average price of $158.68, totaling approximately $3,570,300.00. After this transaction, he retains 2,137,385 shares valued around $339,160,251.80. This sale represents a 1.04% reduction of his holdings. Furthermore, CAO Amie Thuener O’toole sold 682 shares on September 3rd at an average price of $160.44, amounting to $109,420.08. Following this sale, she owns 32,017 shares, currently valued at approximately $5,136,807.48, which is a 2.09% decrease in her position. Over the last three months, insiders have sold 206,795 shares worth about $34,673,866, and company insiders currently own 11.55% of the stock.

Performance of Alphabet Stock

As of Wednesday, Alphabet stocks opened at $169.12. The stock has fluctuated between a 12-month low of $127.90 and a high of $191.75. The 50-day moving average stands at $168.03, while the 200-day moving average is at $170.35. Alphabet has a market capitalization of $2.07 trillion, with a P/E ratio of 22.43 and a P/E/G ratio of 1.17. Additionally, it has a beta value of 1.03, a current ratio of 1.95, a quick ratio of 1.95, and a debt-to-equity ratio of 0.04.

Alphabet recently released its quarterly earnings results on October 29th, reporting earnings per share (EPS) of $2.12 for the quarter, surpassing the consensus estimate of $1.83 by $0.29. The company achieved a net margin of 27.74% and a return on equity of 31.66%. Its revenue for the quarter was $88.27 billion, significantly exceeding analysts’ estimates of $72.85 billion. In the same quarter of the previous year, Alphabet posted an EPS of $1.55. Analysts predict an earnings per share of 8.01 for the current fiscal year.

Alphabet's Dividend Announcement

In addition to its earnings report, Alphabet announced a quarterly dividend, which is set to be paid on December 16th. Shareholders on record by December 9th will receive a dividend of $0.20 per share. The ex-dividend date is also scheduled for December 9th. This translates to an annualized dividend of $0.80, yielding 0.47%. Alphabet’s current dividend payout ratio is around 10.61%.

About Alphabet Inc.

Alphabet Inc. is a multinational company that provides a wide range of products and services worldwide, including regions such as the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada, and Latin America. The company has various segments, including Google Services, Google Cloud, and Other Bets. The Google Services segment offers an array of products and services such as ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Investment, Stock, Earnings