Elite Wealth Management Inc. Sells 6,272 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Elite Wealth Management Inc. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 156,621 shares of the information services provider’s stock after selling 6,272 shares during the quarter. Alphabet accounts for about 1.4% of Elite Wealth Management Inc.’s portfolio, making the stock its 4th largest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $21,878,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. FMR LLC boosted its stake in shares of Alphabet by 5.6% during the third quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock valued at $29,746,764,000 after purchasing an additional 12,070,681 shares in the last quarter. Northern Trust Corp boosted its position in Alphabet by 3.7% during the 3rd quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock worth $8,857,154,000 after buying an additional 2,416,328 shares during the period. Charles Schwab Investment Management Inc. increased its position in Alphabet by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 34,035,275 shares of the information services provider’s stock valued at $4,453,856,000 after acquiring an additional 335,219 shares during the period. American Century Companies Inc. raised its stake in shares of Alphabet by 7.8% during the third quarter. American Century Companies Inc. now owns 25,064,614 shares of the information services provider’s stock valued at $3,279,955,000 after acquiring an additional 1,809,910 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Alphabet by 9.3% during the third quarter. Jennison Associates LLC now owns 24,145,417 shares of the information services provider’s stock worth $3,159,669,000 after purchasing an additional 2,058,221 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.5 %

Shares of NASDAQ GOOGL opened at $159.13 on Thursday. Alphabet Inc. has a 12 month low of $102.63 and a 12 month high of $160.22. The firm has a market capitalization of $1.98 trillion, a price-to-earnings ratio of 27.44, a PEG ratio of 1.44 and a beta of 1.05. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average of $146.96 and a 200-day moving average of $141.06.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The business had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $70.77 billion. During the same quarter last year, the business posted $1.05 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 6.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. UBS Group raised their target price on Alphabet from $150.00 to $166.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Alphabet in a research note on Wednesday, January 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $155.00 target price on shares of Alphabet in a report on Wednesday, January 31st. Rosenblatt Securities dropped their price target on shares of Alphabet from $174.00 to $172.00 and set a “buy” rating on the stock in a research report on Wednesday, January 31st. Finally, Citigroup reaffirmed a “buy” rating and issued a $168.00 price objective on shares of Alphabet in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.71.

Insiders Place Their Bets

In other news, Director Frances Arnold sold 230 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the sale, the director now directly owns 15,104 shares in the company, valued at approximately $2,326,922.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Alphabet news, Director Frances Arnold sold 230 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the sale, the director now directly owns 15,104 shares of the company’s stock, valued at $2,326,922.24. 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 660 shares of Alphabet stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $143.59, for a total value of $94,769.40. Following the completion of the transaction, the chief accounting officer now owns 27,920 shares in the company, valued at approximately $4,009,032.80. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock valued at $36,377,482 over the last quarter. 0.88% of the stock is owned by corporate 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.