Axxcess Wealth Management LLC Grows Stock Position in Alphabet Inc. $GOOGL

Key Points

• Axxcess Wealth Management LLC increased its stake in Alphabet Inc. by 4.5% during the second quarter, now holding 196,114 shares valued at approximately $33.4 million.
• Alphabet reported earnings of $2.31 per share for the last quarter, exceeding analysts' estimates of $2.15, while revenue reached $96.43 billion.
• Recent analyst ratings for Alphabet include a "buy" rating from Goldman Sachs, with price targets ranging from $265 to $290.

Axxcess Wealth Management LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 4.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 196,114 shares of the information services provider's stock after buying an additional 8,445 shares during the quarter. Alphabet comprises approximately 0.8% of Axxcess Wealth Management LLC's holdings, making the stock its 29th largest holding. Axxcess Wealth Management LLC's holdings in Alphabet were worth $33,438,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Missouri Trust & Investment Co lifted its position in Alphabet by 0.3% during the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider's stock valued at $2,981,000 after acquiring an additional 55 shares during the last quarter. AM Investment Strategies LLC increased its position in shares of Alphabet by 0.9% during the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock worth $1,141,000 after purchasing an additional 57 shares in the last quarter. Bfsg LLC lifted its holdings in shares of Alphabet by 0.6% during the 2nd quarter. Bfsg LLC now owns 10,428 shares of the information services provider's stock valued at $1,838,000 after purchasing an additional 59 shares during the last quarter. Financial Council LLC boosted its position in shares of Alphabet by 1.0% in the 2nd quarter. Financial Council LLC now owns 5,800 shares of the information services provider's stock worth $1,022,000 after purchasing an additional 60 shares in the last quarter. Finally, Enzi Wealth boosted its position in shares of Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock worth $408,000 after purchasing an additional 62 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Alphabet Trading Up 2.7%

GOOGL opened at $259.92 on Friday. The firm has a market capitalization of $3.14 trillion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The company's 50 day simple moving average is $236.72 and its two-hundred day simple moving average is $195.25. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $261.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating 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 business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GOOGL shares. The Goldman Sachs Group reissued a "buy" rating and issued a $288.00 price target on shares of Alphabet in a report on Tuesday, October 14th. Citizens Jmp increased their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. Guggenheim reissued a "buy" rating and set a $280.00 target price (up previously from $210.00) on shares of Alphabet in a research report on Friday, October 17th. Phillip Securities lowered Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Finally, Cantor Fitzgerald upped their target price on Alphabet from $201.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, October 13th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $263.20.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock valued at $55,805,379. Insiders own 11.64% of the company's stock.

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.

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