Pallas Capital Advisors LLC Has $6 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Apr 5th, 2023

Pallas Capital Advisors LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 2.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 60,480 shares of the information services provider’s stock after buying an additional 1,422 shares during the period. Pallas Capital Advisors LLC’s holdings in Alphabet were worth $6,004,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GOOG. Vanguard Group Inc. grew its position in shares of Alphabet by 1,885.5% during the 3rd quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock worth $40,593,957,000 after purchasing an additional 400,930,216 shares in the last quarter. BlackRock Inc. grew its position in shares of Alphabet by 1,857.3% during the 3rd quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock worth $35,055,286,000 after purchasing an additional 345,962,033 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Alphabet by 1,770.6% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock worth $19,639,414,000 after purchasing an additional 192,607,045 shares in the last quarter. State Street Corp grew its position in shares of Alphabet by 1,851.7% during the 3rd quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock worth $18,931,733,000 after purchasing an additional 186,809,281 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Alphabet by 1,862.3% during the 3rd quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock worth $6,075,223,000 after purchasing an additional 59,964,963 shares in the last quarter. Institutional investors and hedge funds own 28.69% of the company’s stock.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were purchased at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the transaction, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 112,192 shares of company stock valued at $11,373,417. Insiders own 12.99% of the company’s stock.

Alphabet Price Performance

GOOG stock opened at $105.12 on Wednesday. The company has a fifty day moving average price of $98.11 and a 200-day moving average price of $96.28. The company has a market capitalization of $1.35 trillion, a P/E ratio of 23.10, a PEG ratio of 1.44 and a beta of 1.10. Alphabet Inc. has a 52-week low of $83.45 and a 52-week high of $143.59. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38.

Alphabet (NASDAQ:GOOG – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. Alphabet’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.53 EPS. As a group, equities analysts expect that Alphabet Inc. will post 5.11 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Piper Sandler reduced their price target on shares of Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, February 3rd. JPMorgan Chase & Co. set a $118.00 price target on shares of Alphabet in a research report on Thursday, February 9th. Credit Suisse Group set a $136.00 price target on shares of Alphabet in a research report on Friday, February 3rd. UBS Group set a $120.00 price target on shares of Alphabet in a research report on Monday, February 6th. Finally, Bank of America increased their price target on shares of Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $135.11.

Alphabet Company Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.