Park Place Capital Corp Boosts Stock Position in Alphabet Inc. $GOOGL

Key Points

• Park Place Capital increased its Alphabet position by 24% in the second quarter, bringing its holdings to 18,626 shares valued at approximately $6.66 million. Institutional investors collectively own 40.03% of Alphabet.
• Alphabet reported strong quarterly results, earning $9.11 per share versus the $2.89 consensus estimate and generating $119.8 billion in revenue. Analysts maintain a consensus “Buy” rating with an average price target of $420.19.
• Alphabet is expanding its AI infrastructure and enterprise initiatives through a 1,000-engineer partnership with Accenture, potential access to nuclear power for data centers and expanded AI trials with Cathay Pacific.

Park Place Capital Corp boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 24.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,626 shares of the information services provider's stock after purchasing an additional 3,600 shares during the period. Alphabet comprises approximately 1.1% of Park Place Capital Corp's holdings, making the stock its 23rd largest holding. Park Place Capital Corp's holdings in Alphabet were worth $6,656,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fiduciary Financial Advisors purchased a new position in shares of Alphabet during the second quarter valued at approximately $2,550,000. Wayfinding Financial LLC lifted its stake in Alphabet by 3.1% in the second quarter. Wayfinding Financial LLC now owns 4,702 shares of the information services provider's stock worth $1,680,000 after acquiring an additional 143 shares during the period. Vega Investment Solutions boosted its holdings in Alphabet by 1.1% in the second quarter. Vega Investment Solutions now owns 23,295 shares of the information services provider's stock valued at $8,325,000 after acquiring an additional 264 shares in the last quarter. Twin Peaks Wealth Advisors LLC boosted its holdings in Alphabet by 4.0% in the second quarter. Twin Peaks Wealth Advisors LLC now owns 12,022 shares of the information services provider's stock valued at $4,296,000 after acquiring an additional 467 shares in the last quarter. Finally, Visionary Wealth Advisors increased its position in Alphabet by 1.1% during the 2nd quarter. Visionary Wealth Advisors now owns 21,347 shares of the information services provider's stock valued at $7,629,000 after purchasing an additional 230 shares during the period. Institutional investors own 40.03% of the company's stock.

Alphabet News Summary

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on GOOGL shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $425.00 price target on shares of Alphabet in a research report on Thursday, July 23rd. Citizens Jmp reaffirmed a "market outperform" rating and set a $515.00 price objective on shares of Alphabet in a research report on Wednesday, July 22nd. Phillip Securities upgraded Alphabet from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 27th. Freedom Capital raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group restated a "buy" rating on shares of Alphabet in a research report on Monday, June 22nd. Five analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $420.19.

Insider Transactions at Alphabet

In other news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the company's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $19.46, for a total value of $3,832,277.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Marsida Saraci sold 449 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $333.20, for a total value of $149,606.80. Following the completion of the sale, the chief accounting officer owned 27,386 shares of the company's stock, valued at approximately $9,125,015.20. The trade was a 1.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 451,925 shares of company stock worth $12,371,544 in the last ninety days. Insiders own 11.61% of the company's stock.

Alphabet Stock Performance

Shares of GOOGL opened at $338.36 on Wednesday. The business's fifty day simple moving average is $348.34 and its two-hundred day simple moving average is $343.37. The company has a current ratio of 2.72, a quick ratio of 2.64 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 12 month low of $233.23 and a 12 month high of $408.61. The company has a market cap of $4.14 trillion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 0.98 and a beta of 1.22.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $6.22. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. The firm had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.07 billion. Research analysts anticipate that Alphabet Inc. will post 20.5 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

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

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.