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

Platform Technology Partners has increased its investment in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.3% during the third quarter, as revealed in the latest 13F filing with the Securities and Exchange Commission (SEC). As of this filing, the firm holds 23,957 shares of Alphabet, having acquired an additional 302 shares in the quarter. This investment represents approximately 1.2% of their total investment portfolio, making Alphabet the 13th largest holding for Platform Technology Partners. The value of their Alphabet holdings stands at $3,973,000 according to the most recent SEC report.

Other institutional investors have also made significant changes to their holdings in Alphabet. For instance, International Assets Investment Management LLC dramatically increased its stake by 43,005.6% in the third quarter, now owning 18,743,594 shares valued at around $31,086,250,000 after acquiring 18,700,111 additional shares in recent months. Similarly, SG Americas Securities LLC raised its position in Alphabet by 587.4%, owning 10,690,326 shares now worth $1,772,991,000 after acquiring 9,135,056 shares in the last quarter. Capital Research Global Investors also saw a 14.4% increase in its Alphabet stake during the first quarter, holding 57,803,291 shares worth about $8,724,251,000 after purchasing an additional 7,275,757 shares.

Additionally, Assenagon Asset Management S.A. boosted its holdings by 116.4% in the third quarter, now possessing 8,670,225 shares valued at approximately $1,437,957,000. Wulff Hansen & CO. also made headlines with an 18,810.2% growth in its Alphabet shares, increasing its ownership to 4,434,260 shares worth about $807,700,000. Approximately 40.03% of Alphabet's stock is currently owned by institutional investors.

Analyst Insights on Alphabet

Recently, various brokerages have provided their ratings and price targets for Alphabet. Royal Bank of Canada upgraded its price target from $204.00 to $210.00 while maintaining an “outperform” rating in a report released on October 30th. Meanwhile, Needham & Company LLC reiterated a “buy” rating with a price target of $210.00 on the same day. Piper Sandler also reaffirmed an “overweight” rating while increasing their target price from $200.00 to $210.00. Wells Fargo raised its price objective from $182.00 to $187.00, giving Alphabet an “equal weight” rating. Finally, Cantor Fitzgerald upheld a “neutral” rating with a set target price of $190.00. In total, seven analysts have rated the stock with a hold recommendation, while thirty-one have issued a buy rating and five have given a strong buy rating. Current data suggests an average rating of “Moderate Buy” for Alphabet, with an average target price set at $205.90.

Insider Trading Updates

In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet on September 4th, receiving an average price of $158.68, totaling $3,570,300. After this transaction, he retains ownership of 2,137,385 shares, now valued at approximately $339,160,251.80, marking a 1.04% decrease in his stake. Additionally, the Chief Accounting Officer Amie Thuener O’Toole sold 682 shares at an average price of $160.44, amounting to $109,420.08. Following this sale, she owns 32,017 shares valued at around $5,136,807.48, representing a 2.09% decline in her holdings. Recent insider sales over the past three months total 206,795 shares, valued at $34,673,866. Currently, insiders hold 11.55% of Alphabet's stock.

Recent Stock Performance and Earnings

As of Wednesday, Alphabet's stock opened at $169.12. The company's past year saw a low of $127.90 and a high of $191.75. The fifty-day moving average stands at $168.03 while the 200-day moving average is $170.35. Alphabet has a market capitalization of $2.07 trillion and a P/E ratio of 22.43, alongside a P/E/G ratio of 1.17. The company maintains a current and quick ratio of 1.95 with a debt-to-equity ratio of 0.04. Alphabet recently announced its quarterly earnings on October 29th, posting an earnings per share (EPS) of $2.12, exceeding the analyst forecast of $1.83 by $0.29. The firm reported revenue of $88.27 billion for the quarter, surpassing expectations of $72.85 billion. The previous year, during the same quarter, Alphabet had an EPS of $1.55.

Upcoming Dividend Announcement

Alphabet has announced a quarterly dividend to be paid on December 16th. Shareholders who hold shares as of December 9th will receive a dividend of $0.20 per share. The ex-dividend date will also be December 9th, representing an annualized dividend of $0.80 and a yield of 0.47%. Currently, Alphabet's dividend payout ratio (DPR) is at 10.61%.

Company Overview

Alphabet Inc. is a leading company that offers a range of products and services globally. The company operates through segments including Google Services, Google Cloud, and Other Bets. In its Google Services segment, Alphabet provides an array of products and services, such as advertisements, Android, Chrome, Gmail, Google Maps, YouTube, and more.

Investment, Alphabet, Portfolio