Elevation Wealth Partners LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Elevation Wealth Partners LLC lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,497 shares of the information services provider’s stock after selling 569 shares during the period. Alphabet makes up 1.9% of Elevation Wealth Partners LLC’s portfolio, making the stock its 11th biggest position. Elevation Wealth Partners LLC’s holdings in Alphabet were worth $4,448,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. acquired a new stake in shares of Alphabet in the fourth quarter worth $2,302,000. Comprehensive Financial Planning Inc. PA acquired a new position in shares of Alphabet during the 4th quarter valued at $576,000. Elevate Capital Advisors LLC purchased a new stake in Alphabet during the 4th quarter worth $4,758,000. GGM Financials LLC increased its holdings in Alphabet by 3.6% in the 4th quarter. GGM Financials LLC now owns 2,647 shares of the information services provider’s stock valued at $501,000 after purchasing an additional 93 shares in the last quarter. Finally, Savant Capital LLC raised its position in Alphabet by 5.0% in the fourth quarter. Savant Capital LLC now owns 149,387 shares of the information services provider’s stock valued at $28,279,000 after purchasing an additional 7,159 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GOOGL has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $225.00 target price on shares of Alphabet in a research note on Wednesday, February 5th. Wedbush upped their price target on Alphabet from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, January 6th. China Renaissance upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. The Goldman Sachs Group restated a “buy” rating and issued a $210.00 target price on shares of Alphabet in a research note on Thursday, December 12th. Finally, Citizens Jmp lowered shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.62.

Alphabet Stock Down 0.4 %

NASDAQ:GOOGL opened at $184.56 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average of $192.67 and a 200-day moving average of $175.55. The firm has a market capitalization of $2.25 trillion, a PE ratio of 22.93, a price-to-earnings-growth ratio of 1.34 and a beta of 0.99. Alphabet Inc. has a 52 week low of $130.66 and a 52 week high of $207.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Monday, March 10th. Alphabet’s payout ratio is 9.94%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,340 shares of Alphabet stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $202.08, for a total transaction of $270,787.20. Following the sale, the chief accounting officer now owns 17,848 shares of the company’s stock, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 29,066 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $184.89, for a total value of $5,374,012.74. Following the completion of the transaction, the director now directly owns 272,466 shares of the company’s stock, valued at $50,376,238.74. This trade represents a 9.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 116,609 shares of company stock valued at $21,809,990 in the last ninety days. Company insiders own 11.55% of the company’s stock.

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.