Park Place Capital Corp Boosts Stake in Alphabet Inc. $GOOGL

Park Place Capital Corp raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 24.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,626 shares of the information services provider’s stock after acquiring an additional 3,600 shares during the period. Alphabet makes up approximately 1.1% of Park Place Capital Corp’s holdings, making the stock its 23rd biggest holding. Park Place Capital Corp’s holdings in Alphabet were worth $6,656,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Alphabet in the 4th quarter worth $30,534,239,000. Cardano Risk Management B.V. raised its position in shares of Alphabet by 855.3% during the 4th quarter. Cardano Risk Management B.V. now owns 14,525,280 shares of the information services provider’s stock valued at $4,546,413,000 after buying an additional 13,004,828 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Alphabet by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 528,969,322 shares of the information services provider’s stock valued at $165,567,398,000 after buying an additional 12,531,695 shares in the last quarter. Capital World Investors lifted its holdings in shares of Alphabet by 28.0% in the 3rd quarter. Capital World Investors now owns 53,107,572 shares of the information services provider’s stock valued at $12,910,542,000 after acquiring an additional 11,605,785 shares during the last quarter. Finally, Diamant Asset Management Inc. lifted its holdings in shares of Alphabet by 28,950.0% in the 1st quarter. Diamant Asset Management Inc. now owns 9,291,926 shares of the information services provider’s stock valued at $2,671,986,000 after acquiring an additional 9,259,940 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Down 0.0%

Shares of NASDAQ:GOOGL opened at $338.36 on Wednesday. The business’s 50 day moving average is $348.34 and its 200 day moving average is $343.37. The stock has a market cap of $4.14 trillion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22. Alphabet Inc. has a 52-week low of $233.23 and a 52-week high of $408.61. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, beating the consensus estimate of $2.89 by $6.22. The business had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Sell-side analysts predict that Alphabet Inc. will post 20.5 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s payout ratio is presently 4.42%.

Trending Headlines about Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Google Cloud expands enterprise AI push: Alphabet and Accenture are launching a joint unit with 1,000 forward-deployed engineers to help businesses implement Google’s AI tools. The partnership could accelerate Cloud adoption, improve monetization and help Alphabet compete more effectively with Microsoft and Amazon. Google Cloud races to catch up in the AI deployment wars with Accenture deal
• Positive Sentiment: Potential power support for AI infrastructure: The U.S. government approved a $1.9 billion loan to NextEra Energy to refurbish an Iowa nuclear plant that Google plans to use for power. Reliable, low-carbon electricity could help support Alphabet’s growing data-center demand, although the benefits are longer term. Google’s revived nuclear power plant gets $1.9B loan from US government
• Positive Sentiment: Google and Cathay Pacific expanded trials of AI technology designed to reduce aircraft contrail warming, adding a potential sustainability and commercial-use case for Google’s AI capabilities. Cathay Pacific, Google expand AI trials to cut climate-warming aircraft contrails

Insider Activity at Alphabet

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $19.46, for a total transaction of $3,832,277.26. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John Walker sold 8,998 shares of the company’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $349.29, for a total value of $3,142,911.42. Following the completion of the transaction, the insider directly owned 75,290 shares in the company, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 451,925 shares of company stock worth $12,371,544. 11.61% of the stock is owned by insiders.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $420.00 target price (down from $435.00) on shares of Alphabet in a research report on Thursday, July 23rd. Wedbush restated an “outperform” rating and issued a $445.00 price target on shares of Alphabet in a research report on Thursday, July 23rd. Pivotal Research reaffirmed a “buy” rating and set a $475.00 price objective (up from $470.00) on shares of Alphabet in a research note on Thursday, July 23rd. Morgan Stanley set a $400.00 price objective on shares of Alphabet and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Finally, DZ Bank raised shares of Alphabet to a “strong-buy” rating in a research note on Thursday, July 23rd. Five research analysts have rated the stock with a Strong Buy rating, forty-five have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $420.19.

About Alphabet

Alphabet Inc is a technology and holding company founded in 2015 through a restructuring of Google. The company is headquartered in Mountain View, California, and operates globally, serving consumers, businesses, advertisers and developers across numerous countries and regions.

Alphabet’s largest business is Google Services, which includes Google Search, online advertising, YouTube, Android, Chrome, Google Maps, Google Play and hardware products such as Pixel devices. These products support activities including internet search, digital content distribution, mobile computing, online communications and advertising.