Elk River Wealth Management LLC Sells 1,060 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Elk River Wealth Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,629 shares of the information services provider’s stock after selling 1,060 shares during the quarter. Alphabet comprises approximately 3.3% of Elk River Wealth Management LLC’s investment portfolio, making the stock its 9th biggest position. Elk River Wealth Management LLC’s holdings in Alphabet were worth $18,481,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GOOGL. Schear Investment Advisers LLC boosted its stake in Alphabet by 17.0% during the third quarter. Schear Investment Advisers LLC now owns 33,751 shares of the information services provider’s stock worth $5,598,000 after buying an additional 4,905 shares during the period. Landscape Capital Management L.L.C. lifted its holdings in shares of Alphabet by 27.9% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 25,275 shares of the information services provider’s stock worth $4,192,000 after acquiring an additional 5,516 shares during the last quarter. abrdn plc boosted its position in shares of Alphabet by 10.7% during the 3rd quarter. abrdn plc now owns 6,305,717 shares of the information services provider’s stock worth $1,037,196,000 after purchasing an additional 611,233 shares during the period. Olistico Wealth LLC increased its holdings in Alphabet by 9.1% in the 4th quarter. Olistico Wealth LLC now owns 8,981 shares of the information services provider’s stock valued at $1,700,000 after purchasing an additional 746 shares during the last quarter. Finally, Centaurus Financial Inc. raised its position in Alphabet by 22.9% in the third quarter. Centaurus Financial Inc. now owns 61,540 shares of the information services provider’s stock valued at $10,206,000 after purchasing an additional 11,481 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $225.00 price target on shares of Alphabet in a research report on Wednesday, February 5th. JMP Securities reissued a “market perform” rating on shares of Alphabet in a research note on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on Alphabet from $232.00 to $220.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. The Goldman Sachs Group reiterated a “buy” rating and set a $210.00 price target on shares of Alphabet in a research note on Thursday, December 12th. Finally, Cantor Fitzgerald lowered their price objective on shares of Alphabet from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Wednesday, January 22nd. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $210.62.

Alphabet Stock Performance

Alphabet stock opened at $170.92 on Wednesday. Alphabet Inc. has a 1 year low of $130.66 and a 1 year high of $207.05. The company’s 50-day moving average is $189.52 and its two-hundred day moving average is $176.41. 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 company has a market cap of $2.08 trillion, a PE ratio of 21.23, a PEG ratio of 1.34 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS 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%. Equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 10th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s dividend payout ratio is 9.94%.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 16,820 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the completion of the transaction, the insider now directly owns 43,981 shares of the company’s stock, valued at approximately $8,471,620.22. The trade was a 27.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,834 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the completion of the transaction, the chief accounting officer now owns 20,681 shares of the company’s stock, valued at $4,085,531.55. This represents a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,316 shares of company stock valued at $25,062,887 in the last 90 days. 11.55% of the stock is owned by insiders.

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.