Onyx Bridge Wealth Group LLC Trims Stock Position in Alphabet Inc. $GOOG

Onyx Bridge Wealth Group LLC lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 23,248 shares of the information services provider’s stock after selling 408 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in Alphabet were worth $4,124,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Alphabet by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the last quarter. Kingstone Capital Partners Texas LLC grew its stake in shares of Alphabet by 580,897.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock valued at $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Alphabet by 9.9% during the 1st quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock valued at $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Deutsche Bank AG grew its stake in shares of Alphabet by 5.4% during the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock valued at $3,334,852,000 after acquiring an additional 1,098,996 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Alphabet by 2.2% during the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock valued at $3,183,979,000 after acquiring an additional 440,526 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Raymond James Financial set a $275.00 price objective on Alphabet and gave the company an “outperform” rating in a research note on Friday. Jefferies Financial Group boosted their price objective on Alphabet from $230.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Lake Street Capital reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Oppenheimer set a $300.00 price objective on Alphabet and gave the company an “outperform” rating in a research note on Monday. Finally, UBS Group set a $255.00 price objective on Alphabet and gave the company a “neutral” rating in a research note on Thursday, October 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $249.68.

Insider Buying and Selling at Alphabet

In other 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 transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This represents a 29.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frances Arnold sold 103 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director directly owned 17,284 shares in the company, valued at $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Up 2.7%

GOOG stock opened at $260.51 on Friday. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $262.51. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.71 and a beta of 1.00. The business has a 50 day simple moving average of $237.33 and a two-hundred day simple moving average of $196.32.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period in the prior year, the company posted $1.89 EPS. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 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.