Pallas Capital Advisors LLC Has $14.75 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Pallas Capital Advisors LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 82,313 shares of the information services provider’s stock after purchasing an additional 2,099 shares during the quarter. Alphabet comprises 0.6% of Pallas Capital Advisors LLC’s holdings, making the stock its 29th largest position. Pallas Capital Advisors LLC’s holdings in Alphabet were worth $14,752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Partnership Wealth Management LLC bought a new stake in Alphabet during the 4th quarter worth approximately $26,000. DiNuzzo Private Wealth Inc. acquired a new position in Alphabet in the fourth quarter worth $32,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Alphabet in the fourth quarter worth $34,000. Richardson Financial Services Inc. bought a new stake in shares of Alphabet during the fourth quarter worth $34,000. Finally, Hoese & Co LLP increased its stake in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Trading Down 0.5 %

GOOG traded down $0.77 during trading on Wednesday, reaching $168.19. 2,758,721 shares of the company’s stock were exchanged, compared to its average volume of 20,277,189. The company’s fifty day moving average price is $177.02 and its 200-day moving average price is $164.32. The firm has a market capitalization of $2.08 trillion, a PE ratio of 25.91, a P/E/G ratio of 1.28 and a beta of 1.05. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. 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 announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, topping 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 business had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same period in the previous year, the firm earned $1.44 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. As a group, equities analysts forecast that Alphabet Inc. will post 7.62 EPS for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date is Monday, September 9th. Alphabet’s payout ratio is presently 12.27%.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 700 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $165.00, for a total value of $115,500.00. Following the completion of the transaction, the director now directly owns 29,324 shares of the company’s stock, valued at $4,838,460. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 700 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the sale, the director now directly owns 29,324 shares in the company, valued at approximately $4,838,460. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $173.86, for a total transaction of $118,572.52. Following the completion of the transaction, the chief accounting officer now owns 29,966 shares of the company’s stock, valued at approximately $5,209,888.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,565 shares of company stock worth $27,253,193. Company insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.