Pallas Capital Advisors LLC Grows Position in Alphabet Inc. (NASDAQ:GOOG)

Pallas Capital Advisors LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,313 shares of the information services provider’s stock after acquiring an additional 2,099 shares during the period. Alphabet makes up about 0.6% of Pallas Capital Advisors LLC’s portfolio, making the stock its 29th biggest position. Pallas Capital Advisors LLC’s holdings in Alphabet were worth $14,752,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Partnership Wealth Management LLC purchased a new stake in Alphabet in the 4th quarter worth $26,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Alphabet during the fourth quarter worth $32,000. Pacific Capital Wealth Advisors Inc. purchased a new stake in shares of Alphabet during the fourth quarter worth $34,000. Richardson Financial Services Inc. purchased a new stake in shares of Alphabet during the fourth quarter worth $34,000. Finally, Hoese & Co LLP grew its holdings in shares of Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GOOG shares. TD Cowen upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a report on Friday, June 28th. Oppenheimer upped their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Finally, Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $182.86.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the sale, the director now directly owns 29,324 shares of the company’s stock, valued at $4,838,460. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 156,565 shares of company stock worth $27,253,193. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.5 %

Shares of GOOG traded down $0.77 during midday trading on Wednesday, hitting $168.19. 2,758,721 shares of the stock were exchanged, compared to its average volume of 20,277,189. The stock has a fifty day simple moving average of $177.02 and a 200 day simple moving average of $164.32. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31. The firm has a market cap of $2.08 trillion, a P/E ratio of 25.91, a P/E/G ratio of 1.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. During the same period last year, the business posted $1.44 earnings per share. Alphabet’s revenue was up 13.6% compared to the same quarter last year. On average, research analysts anticipate that Alphabet Inc. will post 7.62 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Alphabet Company 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.