Elite Wealth Management Inc. Has $27.92 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Elite Wealth Management Inc. reduced its position in Alphabet Inc. (NASDAQ:GOOGLFree Report) by 2.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 168,346 shares of the information services provider’s stock after selling 3,469 shares during the period. Alphabet accounts for about 3.8% of Elite Wealth Management Inc.’s portfolio, making the stock its 5th biggest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $27,920,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Christopher J. Hasenberg Inc grew its holdings in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares during the last quarter. LMR Partners LLP purchased a new position in Alphabet in the third quarter worth $32,000. Kings Path Partners LLC purchased a new position in Alphabet in the second quarter worth $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet during the second quarter valued at $41,000. Finally, Quarry LP purchased a new stake in shares of Alphabet during the second quarter valued at $53,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of research analyst reports. Truist Financial boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Bank of America boosted their price objective on shares of Alphabet from $206.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Scotiabank raised shares of Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $190.00 price objective on shares of Alphabet in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $206.03.

Get Our Latest Research Report on Alphabet

Alphabet Trading Up 5.6 %

Shares of Alphabet stock opened at $185.17 on Wednesday. The firm has a market capitalization of $2.27 trillion, a PE ratio of 24.56, a P/E/G ratio of 1.24 and a beta of 1.01. Alphabet Inc. has a twelve month low of $129.68 and a twelve month high of $191.75. The firm’s 50-day moving average price is $169.70 and its 200 day moving average price is $170.21. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGLGet Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same period last year, the company posted $1.55 EPS. On average, sell-side analysts predict that Alphabet Inc. will post 8.01 EPS for the current fiscal year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is 10.61%.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 16,802 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $165.47, for a total value of $2,780,226.94. Following the transaction, the insider now directly owns 43,999 shares of the company’s stock, valued at $7,280,514.53. This trade represents a 27.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 37,134 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the completion of the transaction, the director now directly owns 282,832 shares in the company, valued at $52,329,576.64. This trade represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 197,923 shares of company stock valued at $34,244,676 in the last ninety days. 11.55% of the stock is currently owned by corporate insiders.

Alphabet Profile

(Free Report)

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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