Bridgewealth Advisory Group LLC Acquires New Position in Alphabet Inc. $GOOG

Bridgewealth Advisory Group LLC acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,852 shares of the information services provider’s stock, valued at approximately $329,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV raised its stake in Alphabet by 5.5% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 9,884 shares of the information services provider’s stock valued at $1,753,000 after acquiring an additional 516 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in Alphabet by 3.3% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 12,649 shares of the information services provider’s stock valued at $2,244,000 after acquiring an additional 409 shares during the period. AMG National Trust Bank raised its stake in Alphabet by 0.5% in the 2nd quarter. AMG National Trust Bank now owns 71,163 shares of the information services provider’s stock valued at $12,624,000 after acquiring an additional 373 shares during the period. Earned Wealth Advisors LLC raised its stake in Alphabet by 11.5% in the 2nd quarter. Earned Wealth Advisors LLC now owns 7,181 shares of the information services provider’s stock valued at $1,274,000 after acquiring an additional 738 shares during the period. Finally, IFG Advisory LLC grew its holdings in Alphabet by 5.1% during the 2nd quarter. IFG Advisory LLC now owns 31,809 shares of the information services provider’s stock valued at $5,643,000 after buying an additional 1,531 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

Shares of GOOG opened at $281.82 on Monday. The company has a market cap of $3.41 trillion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $244.59 and a 200-day moving average price of $201.30. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $291.93.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.Alphabet’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.12 earnings per share. As a group, equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frances Arnold sold 103 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director owned 17,284 shares of the company’s stock, valued at $4,202,258.92. The trade was a 0.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 222,330 shares of company stock valued at $51,167,625 over the last 90 days. Company insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOG. Cowen reaffirmed a “buy” rating on shares of Alphabet in a report on Thursday. Piper Sandler lifted their target price on Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Barclays lifted their target price on Alphabet from $250.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Finally, DA Davidson set a $825.00 price target on Alphabet in a research report on Monday, October 27th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $324.81.

About Alphabet

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.