Bridgewealth Advisory Group LLC Increases Position in Alphabet Inc. (NASDAQ:GOOG)

Bridgewealth Advisory Group LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG) by 8.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,785 shares of the information services provider’s stock after buying an additional 139 shares during the quarter. Bridgewealth Advisory Group LLC’s holdings in Alphabet were worth $327,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOG. Frank Rimerman Advisors LLC increased its stake in Alphabet by 8.5% in the second quarter. Frank Rimerman Advisors LLC now owns 153,311 shares of the information services provider’s stock worth $28,120,000 after purchasing an additional 11,998 shares during the period. Circle Wealth Management LLC grew its holdings in shares of Alphabet by 14.9% in the second quarter. Circle Wealth Management LLC now owns 71,983 shares of the information services provider’s stock worth $13,203,000 after purchasing an additional 9,314 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Alphabet by 11.1% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,144,221 shares of the information services provider’s stock worth $209,873,000 after buying an additional 113,916 shares during the period. Merriman Wealth Management LLC lifted its holdings in Alphabet by 21.3% during the 2nd quarter. Merriman Wealth Management LLC now owns 15,524 shares of the information services provider’s stock valued at $2,847,000 after buying an additional 2,722 shares in the last quarter. Finally, Avalon Global Asset Management LLC boosted its position in Alphabet by 147.2% in the 2nd quarter. Avalon Global Asset Management LLC now owns 38,500 shares of the information services provider’s stock valued at $7,062,000 after buying an additional 120,000 shares during the period. 27.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on GOOG. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price on the stock. in a research report on Friday, June 28th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a report on Thursday, September 5th. Oppenheimer increased their price target on Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, DA Davidson upgraded Alphabet to a “hold” rating in a report on Tuesday, September 10th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $182.86.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 3,262 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 3,262 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $183.99, for a total value of $600,175.38. Following the completion of the sale, the senior vice president now directly owns 9 shares in the company, valued at $1,655.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares in the company, valued at approximately $415,941,874.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,667 shares of company stock valued at $33,964,256. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Up 0.9 %

GOOG opened at $164.64 on Friday. Alphabet Inc. has a 12 month low of $121.46 and a 12 month high of $193.31. The stock has a fifty day moving average price of $166.26 and a 200-day moving average price of $167.02. The firm has a market cap of $2.03 trillion, a price-to-earnings ratio of 25.25, a PEG ratio of 1.13 and a beta of 1.04. 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 (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities research analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s dividend payout ratio is currently 12.27%.

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.