Newbridge Financial Services Group Inc. Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Newbridge Financial Services Group Inc. raised its holdings in Alphabet Inc. (NASDAQ:GOOG) by 29.5% in the second quarter, Holdings Channel reports. The firm owned 18,814 shares of the information services provider’s stock after purchasing an additional 4,285 shares during the period. Alphabet accounts for 1.3% of Newbridge Financial Services Group Inc.’s investment portfolio, making the stock its 15th largest holding. Newbridge Financial Services Group Inc.’s holdings in Alphabet were worth $3,451,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GOOG. SS&H Financial Advisors Inc. increased its holdings in Alphabet by 5.4% during the second quarter. SS&H Financial Advisors Inc. now owns 23,470 shares of the information services provider’s stock worth $4,304,000 after buying an additional 1,200 shares during the last quarter. Cannon Financial Strategists Inc. bought a new position in shares of Alphabet during the 2nd quarter valued at approximately $268,000. Brightwater Advisory LLC purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $444,000. Heritage Wealth Management Inc. bought a new stake in shares of Alphabet in the 2nd quarter worth approximately $1,730,000. Finally, Lazari Capital Management Inc. purchased a new position in Alphabet in the second quarter valued at approximately $488,000. 27.26% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total value of $4,113,900.00. Following the completion of the sale, the chief executive officer now owns 2,204,885 shares of the company’s stock, valued at approximately $403,141,173.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The disclosure for this sale can be found here. In the last 90 days, insiders sold 193,725 shares of company stock worth $31,933,031. 12.99% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $168.42 on Wednesday. The company has a 50 day moving average of $163.71 and a 200 day moving average of $168.51. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. The stock has a market cap of $2.08 trillion, a P/E ratio of 25.83, a P/E/G ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.44 earnings per share. As a group, sell-side analysts forecast that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Analyst Ratings Changes

A number of research firms have issued reports on GOOG. Oppenheimer decreased their target price on Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Pivotal Research assumed coverage on Alphabet in a report on Tuesday. They issued a “buy” rating and a $215.00 price objective for the company. Rosenblatt Securities cut Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research note on Friday, June 28th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $183.75.

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.