Alphabet Inc. $GOOGL is Elite Wealth Management Inc.'s 5th Largest Position

Key Points

• Elite Wealth Management Inc. reduced its stake in Alphabet Inc. by 16.5% in Q2, holding 79,470 shares, which represents approximately 4.6% of its portfolio.
• Several analysts have upgraded their price targets for Alphabet, with BMO Capital Markets setting a target price of $294 and emphasizing a strong outperform rating.
• Insider activity revealed that John Kent Walker sold 23,820 shares of Alphabet, marking a 35.65% decrease in his position and indicating ongoing insider trading trends.

Elite Wealth Management Inc. lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 16.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 79,470 shares of the information services provider's stock after selling 15,718 shares during the period. Alphabet comprises approximately 4.6% of Elite Wealth Management Inc.'s portfolio, making the stock its 5th largest position. Elite Wealth Management Inc.'s holdings in Alphabet were worth $14,005,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. increased its stake in Alphabet by 6.7% during the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider's stock worth $4,400,000 after purchasing an additional 1,791 shares during the period. Harbour Trust & Investment Management Co grew its holdings in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC grew its holdings in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock valued at $2,213,000 after purchasing an additional 563 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider's stock worth $13,637,000 after buying an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC lifted its holdings in Alphabet by 1.1% during the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider's stock worth $1,182,000 after buying an additional 84 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GOOGL shares. BMO Capital Markets set a $294.00 price target on shares of Alphabet and gave the stock an "outperform" rating in a research note on Thursday, October 9th. DA Davidson lifted their target price on Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, September 2nd. JMP Securities upped their price target on Alphabet from $250.00 to $290.00 and gave the stock a "market outperform" rating in a report on Friday, September 19th. JPMorgan Chase & Co. reiterated a "buy" rating on shares of Alphabet in a research note on Tuesday, October 14th. Finally, Moffett Nathanson boosted their price objective on Alphabet from $230.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, September 25th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $252.24.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock valued at $55,805,379 in the last ninety days. Insiders own 11.55% of the company's stock.

Alphabet Price Performance

GOOGL stock opened at $253.30 on Monday. The business has a 50 day moving average price of $231.55 and a 200 day moving average price of $192.14. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.06 trillion, a price-to-earnings ratio of 26.98, a PEG ratio of 1.71 and a beta of 1.00. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.96.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal 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.

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