Elite Wealth Management Inc. Buys 11,602 Shares of Alphabet Inc. (NASDAQ:GOOG)

Elite Wealth Management Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 33.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 46,609 shares of the information services provider’s stock after purchasing an additional 11,602 shares during the quarter. Alphabet accounts for 0.3% of Elite Wealth Management Inc.’s holdings, making the stock its 12th biggest holding. Elite Wealth Management Inc.’s holdings in Alphabet were worth $8,549,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of GOOG. 1620 Investment Advisors Inc. acquired a new position in shares of Alphabet during the second quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in Alphabet in the fourth quarter valued at about $34,000. Slocum Gordon & Co LLP acquired a new position in Alphabet during the 2nd quarter worth about $44,000. Hoese & Co LLP lifted its holdings in Alphabet by 62.5% during the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after buying an additional 100 shares in the last quarter. Finally, Iron Horse Wealth Management LLC acquired a new position in shares of Alphabet during the second quarter worth about $48,000. Institutional investors own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG opened at $164.64 on Friday. The company has a market capitalization of $2.03 trillion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company’s fifty day moving average price is $166.26 and its 200 day moving average price is $166.79. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. Alphabet Inc. has a one year low of $121.46 and a one year high of $193.31.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $84.22 billion. During the same quarter in the prior year, the firm posted $1.44 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, analysts expect that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio is 12.27%.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total value of $125,126.54. Following the transaction, the chief accounting officer now directly owns 30,650 shares in the company, valued at $5,623,355.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Alphabet news, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $153.75, for a total value of $123,000.00. Following the completion of the sale, the director now owns 28,524 shares in the company, valued at approximately $4,385,565. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the transaction, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The disclosure for this sale can be found here. Insiders have sold a total of 202,667 shares of company stock valued at $33,964,256 in the last 90 days. 12.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOOG. Oppenheimer increased their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. TD Cowen boosted their target price on shares of Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. DA Davidson raised shares of Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Finally, Cantor Fitzgerald raised Alphabet to a “hold” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.86.

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.