Platform Technology Partners Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Platform Technology Partners grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,957 shares of the information services provider’s stock after purchasing an additional 302 shares during the quarter. Alphabet makes up 1.2% of Platform Technology Partners’ investment portfolio, making the stock its 13th largest holding. Platform Technology Partners’ holdings in Alphabet were worth $3,973,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Christopher J. Hasenberg Inc increased its position in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares during the last quarter. Kings Path Partners LLC bought a new position in shares of Alphabet during the 2nd quarter worth $36,000. Denver PWM LLC purchased a new stake in Alphabet in the 2nd quarter worth about $41,000. Quarry LP purchased a new stake in Alphabet in the 2nd quarter worth about $53,000. Finally, Summit Securities Group LLC bought a new stake in Alphabet in the 2nd quarter valued at about $55,000. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.9 %

Shares of NASDAQ GOOGL opened at $169.12 on Wednesday. The company has a market cap of $2.07 trillion, a price-to-earnings ratio of 22.43, a PEG ratio of 1.17 and a beta of 1.03. Alphabet Inc. has a 52 week low of $127.90 and a 52 week high of $191.75. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average is $168.03 and its 200 day moving average is $170.35.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same period in the prior year, the business posted $1.55 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s dividend payout ratio is currently 10.61%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GOOGL. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Pivotal Research boosted their target price on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price target on shares of Alphabet in a report on Wednesday, October 30th. Roth Mkm boosted their price objective on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $205.90.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. The trade was a 2.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 10,500 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $180.78, for a total transaction of $1,898,190.00. Following the transaction, the director now owns 330,466 shares in the company, valued at $59,741,643.48. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,795 shares of company stock valued at $34,673,866. Company insiders own 11.55% of the company’s stock.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.