Elite Wealth Management Inc. Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Elite Wealth Management Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 3.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 156,621 shares of the information services provider’s stock after selling 6,272 shares during the quarter. Alphabet comprises approximately 1.4% of Elite Wealth Management Inc.’s holdings, 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 SEC filing.

Other large investors also recently modified their holdings of the company. Quantum Private Wealth LLC boosted its stake in Alphabet by 0.7% during the 4th quarter. Quantum Private Wealth LLC now owns 28,930 shares of the information services provider’s stock valued at $4,041,000 after purchasing an additional 200 shares in the last quarter. Phoenix Wealth Advisors lifted its stake in Alphabet by 5.8% during the fourth quarter. Phoenix Wealth Advisors now owns 2,665 shares of the information services provider’s stock valued at $368,000 after purchasing an additional 145 shares during the last quarter. Duncker Streett & Co. Inc. boosted its holdings in Alphabet by 4.2% during the fourth quarter. Duncker Streett & Co. Inc. now owns 78,577 shares of the information services provider’s stock worth $10,976,000 after buying an additional 3,182 shares in the last quarter. Sloy Dahl & Holst LLC increased its holdings in shares of Alphabet by 37.1% in the fourth quarter. Sloy Dahl & Holst LLC now owns 3,422 shares of the information services provider’s stock valued at $478,000 after buying an additional 926 shares in the last quarter. Finally, Guidance Point Advisors LLC lifted its position in shares of Alphabet by 21.5% during the 4th quarter. Guidance Point Advisors LLC now owns 2,589 shares of the information services provider’s stock valued at $362,000 after acquiring an additional 459 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOOGL has been the subject of several analyst reports. Susquehanna upped their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. UBS Group raised their price objective on shares of Alphabet from $150.00 to $166.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Rosenblatt Securities reduced their price objective on Alphabet from $174.00 to $172.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. Wells Fargo & Company lowered their target price on Alphabet from $144.00 to $141.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $155.00 price target on shares of Alphabet in a research report on Wednesday, January 31st. Five equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $158.71.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the sale, the chief executive officer now directly owns 2,332,691 shares in the company, valued at approximately $309,548,095.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the sale, the chief executive officer now owns 2,332,691 shares in the company, valued at $309,548,095.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $159.56, for a total value of $127,648.00. Following the transaction, the director now owns 7,991 shares in the company, valued at $1,275,043.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 251,339 shares of company stock valued at $36,377,482. 0.88% of the stock is owned by company insiders.

Alphabet Trading Up 0.5 %

Shares of NASDAQ:GOOGL opened at $159.13 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The stock’s 50-day moving average is $146.96 and its 200-day moving average is $141.06. The company has a market cap of $1.98 trillion, a P/E ratio of 27.44, a P/E/G ratio of 1.44 and a beta of 1.05. Alphabet Inc. has a 52-week low of $102.63 and a 52-week high of $160.22.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) 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 firm had revenue of $86.31 billion for the quarter, compared to analyst estimates of $70.77 billion. During the same quarter last year, the firm posted $1.05 EPS. Equities research analysts predict that Alphabet Inc. will post 6.78 earnings per share for the current year.

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.