Elite Wealth Management Inc. Has $6.39 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Elite Wealth Management Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 30.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,541 shares of the information services provider’s stock after selling 14,663 shares during the quarter. Alphabet accounts for 0.8% of Elite Wealth Management Inc.’s holdings, making the stock its 13th largest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $6,387,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sterling Financial Planning Inc. grew its stake in shares of Alphabet by 2.6% in the fourth quarter. Sterling Financial Planning Inc. now owns 1,941 shares of the information services provider’s stock worth $370,000 after purchasing an additional 50 shares during the last quarter. Arlington Trust Co LLC grew its position in shares of Alphabet by 0.4% in the 4th quarter. Arlington Trust Co LLC now owns 14,423 shares of the information services provider’s stock valued at $2,747,000 after buying an additional 52 shares during the last quarter. Harrell Investment Partners LLC increased its stake in shares of Alphabet by 0.9% in the fourth quarter. Harrell Investment Partners LLC now owns 5,659 shares of the information services provider’s stock valued at $1,078,000 after buying an additional 53 shares during the period. Redhawk Wealth Advisors Inc. raised its position in shares of Alphabet by 1.1% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 5,073 shares of the information services provider’s stock worth $966,000 after acquiring an additional 54 shares during the last quarter. Finally, Tempus Wealth Planning LLC lifted its stake in shares of Alphabet by 1.7% in the fourth quarter. Tempus Wealth Planning LLC now owns 3,337 shares of the information services provider’s stock worth $636,000 after acquiring an additional 55 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOG has been the subject of several analyst reports. Wells Fargo & Company raised their price target on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Barclays boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, February 5th. Benchmark reissued a “negative” rating on shares of Alphabet in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. upped their target price on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $209.13.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 1,340 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $202.08, for a total value of $270,787.20. Following the completion of the sale, the chief accounting officer now directly owns 17,848 shares of the company’s stock, valued at approximately $3,606,723.84. This represents a 6.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ruth Porat sold 17,690 shares of Alphabet stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $183.48, for a total transaction of $3,245,761.20. Following the transaction, the insider now directly owns 1,449,286 shares in the company, valued at approximately $265,914,995.28. This represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 134,299 shares of company stock valued at $25,055,751. 12.99% of the stock is owned by insiders.

Alphabet Stock Down 0.2 %

Alphabet stock opened at $181.19 on Tuesday. The firm has a market capitalization of $2.21 trillion, a price-to-earnings ratio of 22.51, a price-to-earnings-growth ratio of 1.34 and a beta of 1.00. The firm’s fifty day moving average price is $193.68 and its two-hundred day moving average price is $177.58. Alphabet Inc. has a 1-year low of $131.55 and a 1-year high of $208.70. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.03. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. On average, equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a yield of 0.44%. Alphabet’s dividend payout ratio (DPR) is currently 9.94%.

Alphabet 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.