Elite Wealth Management Inc. Sells 14,663 Shares of Alphabet Inc. (NASDAQ:GOOG)

Elite Wealth Management Inc. decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 30.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,541 shares of the information services provider’s stock after selling 14,663 shares during the quarter. Alphabet comprises approximately 0.8% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 13th biggest holding. Elite Wealth Management Inc.’s holdings in Alphabet were worth $6,387,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Swedbank AB lifted its holdings in shares of Alphabet by 0.6% during the 3rd quarter. Swedbank AB now owns 8,338,900 shares of the information services provider’s stock valued at $1,394,181,000 after purchasing an additional 51,226 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in Alphabet by 2.0% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 56,210 shares of the information services provider’s stock worth $9,398,000 after purchasing an additional 1,103 shares in the last quarter. Viewpoint Capital Management LLC raised its holdings in Alphabet by 16.4% during the 3rd quarter. Viewpoint Capital Management LLC now owns 7,193 shares of the information services provider’s stock worth $1,189,000 after buying an additional 1,012 shares during the period. Pathway Financial Advisers LLC lifted its stake in Alphabet by 15,926.6% in the third quarter. Pathway Financial Advisers LLC now owns 594,907 shares of the information services provider’s stock valued at $99,463,000 after buying an additional 591,195 shares in the last quarter. Finally, First Bank & Trust boosted its holdings in shares of Alphabet by 0.5% in the third quarter. First Bank & Trust now owns 28,076 shares of the information services provider’s stock valued at $4,694,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Trading Down 0.2 %

Shares of NASDAQ:GOOG opened at $181.19 on Tuesday. The company has a 50-day simple moving average of $193.68 and a 200 day simple moving average of $177.58. The company has a market capitalization of $2.21 trillion, a P/E ratio of 22.51, a price-to-earnings-growth ratio of 1.34 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. Alphabet Inc. has a 52-week low of $131.55 and a 52-week high of $208.70.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data 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%. Sell-side analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 10th will be issued a $0.20 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.44%. Alphabet’s dividend payout ratio is currently 9.94%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GOOG. JPMorgan Chase & Co. raised their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley reissued an “overweight” rating on shares of Alphabet in a research note on Wednesday, February 5th. Oppenheimer boosted their price target on Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Pivotal Research increased their price objective on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Benchmark restated a “negative” rating on shares of Alphabet in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $209.13.

Insider Activity

In other news, Director John L. Hennessy sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $194.22, for a total value of $291,330.00. Following the transaction, the director now owns 23,324 shares of the company’s stock, valued at approximately $4,529,987.28. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $170.41, for a total value of $232,950.47. Following the sale, the chief accounting officer now directly owns 23,515 shares of the company’s stock, valued at approximately $4,007,191.15. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 134,299 shares of company stock valued at $25,055,751 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

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.