Elite Wealth Management Inc. Lowers Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Elite Wealth Management Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,346 shares of the information services provider’s stock after selling 3,469 shares during the quarter. Alphabet accounts for approximately 3.8% of Elite Wealth Management Inc.’s holdings, making the stock its 5th largest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $27,920,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC raised its holdings in Alphabet by 43,005.6% in the 3rd quarter. International Assets Investment Management LLC now owns 18,743,594 shares of the information services provider’s stock worth $31,086,250,000 after purchasing an additional 18,700,111 shares during the period. SG Americas Securities LLC raised its holdings in Alphabet by 587.4% in the 3rd quarter. SG Americas Securities LLC now owns 10,690,326 shares of the information services provider’s stock worth $1,772,991,000 after purchasing an additional 9,135,056 shares during the period. Assenagon Asset Management S.A. raised its holdings in Alphabet by 116.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 8,670,225 shares of the information services provider’s stock worth $1,437,957,000 after purchasing an additional 4,662,809 shares during the period. Wulff Hansen & CO. raised its holdings in Alphabet by 18,810.2% in the 2nd quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock worth $807,700,000 after purchasing an additional 4,410,811 shares during the period. Finally, PineStone Asset Management Inc. raised its holdings in Alphabet by 143.7% in the 2nd quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock worth $1,288,201,000 after purchasing an additional 4,170,229 shares during the period. 40.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on GOOGL. The Goldman Sachs Group decreased their target price on Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a report on Monday, October 14th. JMP Securities raised their target price on Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Company raised their price target on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Finally, Morgan Stanley raised their price target on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $206.03.

Insider Activity

In related news, Director Frances Arnold sold 441 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares of the company’s stock, valued at $2,820,779.40. The trade was a 2.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total transaction of $3,614,175.00. Following the completion of the transaction, the chief executive officer now directly owns 2,114,885 shares of the company’s stock, valued at $339,713,977.55. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,923 shares of company stock valued at $34,244,676. Corporate insiders own 11.55% of the company’s stock.

Alphabet Stock Up 5.6 %

Shares of NASDAQ:GOOGL opened at $185.17 on Wednesday. Alphabet Inc. has a 1 year low of $129.68 and a 1 year high of $191.75. The business has a 50 day simple moving average of $169.70 and a two-hundred day simple moving average of $170.21. The firm has a market capitalization of $2.27 trillion, a PE ratio of 24.56, a price-to-earnings-growth ratio of 1.24 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the previous year, the business earned $1.55 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 8.01 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is presently 10.61%.

About Alphabet

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.