Elevate Capital Advisors LLC Sells 12,555 Shares of Alphabet Inc. $GOOGL

Key Points

• Elevate Capital Advisors LLC reduced its stake in Alphabet Inc. by 49.0%, selling 12,555 shares during the 2nd quarter, leaving it with 13,064 shares valued at $2,302,000.
• Analysts are optimistic about Alphabet, with price targets increasing; JMP Securities set a new target of $290.00 while the consensus rating remains at "Moderate Buy".
• Alphabet declared a quarterly dividend of $0.21 per share, which amounts to an annualized yield of 0.4%, maintaining a dividend payout ratio of 8.95%.

Elevate Capital Advisors LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 49.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,064 shares of the information services provider's stock after selling 12,555 shares during the quarter. Alphabet makes up approximately 1.8% of Elevate Capital Advisors LLC's investment portfolio, making the stock its 20th largest holding. Elevate Capital Advisors LLC's holdings in Alphabet were worth $2,302,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of GOOGL. Nuveen LLC bought a new position in shares of Alphabet in the first quarter valued at about $4,317,606,000. Vanguard Group Inc. raised its position in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Alphabet by 11.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Amundi raised its position in shares of Alphabet by 11.8% in the first quarter. Amundi now owns 33,403,871 shares of the information services provider's stock valued at $5,034,992,000 after purchasing an additional 3,537,173 shares during the period. Finally, Evergreen Quality Fund GP Ltd. raised its position in shares of Alphabet by 178.3% in the first quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider's stock valued at $619,163,000 after purchasing an additional 2,565,400 shares during the period. 40.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JMP Securities increased their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company a "market outperform" rating in a research report on Friday, September 19th. KeyCorp upped their price target on shares of Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Wells Fargo & Company set a $236.00 price target on shares of Alphabet and gave the company an "equal weight" rating in a research note on Tuesday, October 7th. BMO Capital Markets set a $294.00 price target on shares of Alphabet and gave the company an "outperform" rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus price target of $245.88.

Insider Buying and Selling

In related news, CAO Amie Thuener O'toole sold 953 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $241.20, for a total value of $229,863.60. Following the completion of the transaction, the chief accounting officer owned 17,294 shares in the company, valued at $4,171,312.80. This trade represents a 5.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frances Arnold sold 103 shares of the firm's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 276,338 shares of company stock worth $59,062,683 in the last quarter. Corporate insiders own 11.64% of the company's stock.

Alphabet Trading Down 2.1%

GOOGL opened at $236.57 on Monday. The company's 50 day moving average is $226.31 and its 200-day moving average is $188.84. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.86 trillion, a P/E ratio of 25.19, a PEG ratio of 1.60 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $93.60 billion. Equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

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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