Newbridge Financial Services Group Inc. Reduces Stake in Alphabet Inc. Shares

Newbridge Financial Services Group Inc. has decreased its investment in Alphabet Inc. (NASDAQ:GOOGL) by 3.0% during the second quarter, as detailed in their latest 13F filing with the Securities and Exchange Commission (SEC). After selling 264 shares during this period, the institutional investor now retains ownership of 8,588 shares in the company, which are valued at approximately $1,564,000 according to their most recent SEC filing.

Other institutional investors have also made adjustments to their holdings in Alphabet. For instance, MorganRosel Wealth Management LLC increased its position by 3.6%, now owning 1,620 shares worth around $295,000 after purchasing an additional 57 shares. Hengehold Capital Management LLC raised its stake in Alphabet by 0.8%, bringing their total to 7,224 shares, valued at $1,316,000 after acquiring 60 more shares. Christopher J. Hasenberg Inc. significantly boosted its stake by 75.0%, now holding a total of 140 shares worth $26,000. Joseph P. Lucia & Associates LLC also upped their holdings by 1.0%, owning 6,624 shares valued at $1,000,000 after an additional purchase of 64 shares. Lastly, Sunflower Bank N.A. increased its position by 1.0%, owning 6,309 shares valued at around $1,149,000 after buying an additional 65 shares. In total, institutional investors and hedge funds collectively own 40.03% of Alphabet's stock.

Recent Insider Trades

In related news, Amie Thuener O’toole, the Chief Accounting Officer, recently sold 1,367 shares of Alphabet stock on October 1st at an average price of $168.84, totaling approximately $230,804. Following this sale, O’toole holds 29,183 shares, worth about $4,927,257. Insiders have sold a total of 216,092 shares valued at $35,644,136 in the last ninety days, with company insiders collectively owning 11.55% of Alphabet’s stock.

Analyst Ratings Updates

Several analysts have recently updated their ratings and projections for Alphabet. Argus raised its target price from $200.00 to $215.00 with a “buy” recommendation. Wolfe Research initiated coverage with an “outperform” rating and set a price target of $240.00. UBS Group raised its target price from $200.00 to $204.00, offering a “neutral” rating. Truist Financial maintained a “buy” rating with a target of $196.00. Citigroup also increased its price target from $190.00 to $212.00, giving it a “buy” rating. Among the analysts, eight have rated the stock as a hold, 28 as a buy, and three as a strong buy, leading to an overall consensus of a “Moderate Buy” with a target price of $200.95 according to MarketBeat.com.

Current Trading Status

The shares of GOOGL opened at $163.24 on a recent Friday. Alphabet has a market capitalization of $2.01 trillion, with a PE ratio of 23.42 and a price-to-earnings-growth ratio of 1.21. With a debt-to-equity ratio of 0.04, Alphabet shows a solid financial position with a quick and current ratio both at 2.08. The stock has traded within a 52-week range of $120.21 to $191.75 and has a fifty-day moving average of $161.37 and a 200-day moving average of $167.63.

Quarterly Earnings Performance

Alphabet last reported its earnings on July 23rd, achieving earnings per share (EPS) of $1.89, surpassing the analysts' expectations of $1.85. The company noted a net margin of 26.70% and a return on equity of 30.49%. The total revenue for the quarter was reported at $84.74 billion, well above the anticipated $70.60 billion; a year prior, the EPS was $1.44. Analysts estimate that Alphabet Inc. will report an EPS of 7.64 for the current year.

Dividend Announcement

Additionally, Alphabet announced a quarterly dividend of $0.20 per share, which was paid on September 16th to investors on record as of September 9th. The annualized dividend totals $0.80, reflecting a yield of 0.49%. The company has a payout ratio of 11.48%.

Company Overview

Alphabet Inc. operates a variety of products and platforms across multiple regions, including the US, Europe, Asia, and Latin America. The company functions through different segments such as Google Services, Google Cloud, and Other Bets, providing services like advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Alphabet, Investors, Shares