Stonebridge Financial Group LLC Raises Stock Position in Alphabet Inc. $GOOGL

Stonebridge Financial Group LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 39,601 shares of the information services provider’s stock after buying an additional 2,060 shares during the quarter. Stonebridge Financial Group LLC’s holdings in Alphabet were worth $6,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Guardian Wealth Management Inc. increased its position in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new stake in Alphabet during the first quarter valued at approximately $28,000. IMA Advisory Services Inc. bought a new stake in Alphabet during the first quarter valued at approximately $28,000. NBZ Investment Advisors LLC increased its holdings in Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in Alphabet in the first quarter worth approximately $39,000. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer owned 17,293 shares in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 246,150 shares of company stock worth $55,805,379. 11.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GOOGL shares. Mizuho set a $295.00 price target on shares of Alphabet and gave the stock an “outperform” rating in a research note on Monday, September 29th. Needham & Company LLC lifted their target price on Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Wolfe Research boosted their price target on Alphabet from $220.00 to $290.00 in a report on Tuesday, September 30th. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Finally, Piper Sandler raised their price objective on Alphabet from $220.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $252.24.

Alphabet Stock Performance

NASDAQ GOOGL opened at $253.30 on Monday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.96. The business has a 50-day moving average price of $231.55 and a 200-day moving average price of $192.14. The firm has a market cap of $3.06 trillion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. As a group, equities research analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Company 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.