Elite Wealth Management Inc. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,010 shares of the information services provider's stock after selling 3,042 shares during the period. Alphabet accounts for approximately 8.6% of Elite Wealth Management Inc.'s holdings, making the stock its 3rd biggest position. Elite Wealth Management Inc.'s holdings in Alphabet were worth $26,458,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after buying an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock valued at $2,826,000 after acquiring an additional 506 shares in the last quarter. Matrix Asset Advisors Inc. NY raised its stake in Alphabet by 17.6% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock valued at $685,000 after acquiring an additional 581 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Alphabet by 11.2% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock worth $85,557,000 after acquiring an additional 48,805 shares during the period. Finally, United Bank grew its stake in shares of Alphabet by 6.9% in the second quarter. United Bank now owns 48,204 shares of the information services provider's stock worth $8,495,000 after purchasing an additional 3,120 shares in the last quarter. Institutional investors own 40.03% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the company. Wolfe Research lowered their price target on Alphabet from $390.00 to $360.00 and set an "outperform" rating on the stock in a report on Friday, April 10th. President Capital increased their target price on shares of Alphabet from $375.00 to $465.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Rosenblatt Securities reiterated a "neutral" rating and issued a $393.00 target price on shares of Alphabet in a research report on Thursday, July 23rd. Daiwa Securities Group raised their target price on shares of Alphabet from $380.00 to $445.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen downgraded shares of Alphabet from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Six equities research analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of "Buy" and a consensus target price of $419.86.
Check Out Our Latest Research Report on GOOGL
Insider Activity
In other Alphabet news, insider John Kent Walker sold 8,998 shares of Alphabet stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the transaction, the insider directly owned 75,290 shares in the company, valued at approximately $26,298,044.10. The trade was a 10.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Marsida Saraci sold 449 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the sale, the chief accounting officer directly owned 27,386 shares in the company, valued at approximately $9,125,015.20. This trade represents a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 600,547 shares of company stock worth $16,255,540 in the last quarter. Insiders own 11.61% of the company's stock.
Alphabet Trading Down 4.0%
NASDAQ:GOOGL opened at $362.43 on Thursday. The stock has a fifty day simple moving average of $356.85 and a 200 day simple moving average of $340.12. The firm has a market capitalization of $4.43 trillion, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 1.06 and a beta of 1.24. Alphabet Inc. has a 1-year low of $193.67 and a 1-year high of $408.61. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16.
Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The firm had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.07 billion. Sell-side analysts forecast that Alphabet Inc. will post 20.51 earnings per share for the current year.
Alphabet Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. Alphabet's payout ratio is currently 4.42%.
Key Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Google is reportedly discussing a potential deal valued at more than $1.5 billion with AI coding-agent startup Mechanize. The arrangement could provide access to specialized talent and technology in a rapidly expanding AI application market. Google is in talks for a $1.5 billion-plus deal with AI coding agent startup Mechanize
- Positive Sentiment: Alphabet continues to benefit from strong fundamentals and AI-related growth opportunities, including its cloud business, advertising franchise and direct sales of custom Tensor Processing Units. Analysts remain broadly optimistic about the stock’s long-term growth prospects. Is Alphabet a Solid Growth Stock?
- Positive Sentiment: Alphabet-owned Waymo opened its Dallas robotaxi service to all residents and visitors, supporting the company’s effort to scale autonomous-driving operations. Waymo opens up robotaxi service in Dallas to everyone
- Neutral Sentiment: Demis Hassabis is moving from leading Google DeepMind into an Alphabet chief scientist role focused on long-term research and AI safety. Management described the move as a leadership realignment, but investors are weighing whether it could disrupt near-term product execution. Google shakes up AI leadership as DeepMind chief shifts role
- Negative Sentiment: Longtime chief scientist Jeff Dean and three other senior AI researchers are leaving Google to launch Discovery Loop, an AI startup focused on automated research and drug design. The departures intensify concerns over the loss of influential technical talent during the AI race. Google chief scientist Jeff Dean leaving in AI reshuffle
- Negative Sentiment: The leadership overhaul comes while Google’s latest flagship Gemini release remains delayed, increasing investor anxiety about product momentum and competitive positioning. Why is Alphabet stock falling?
- Negative Sentiment: A U.K. tribunal allowed a roughly $6.7 billion advertiser class action to proceed, adding to Alphabet’s regulatory and legal exposure in its search and advertising businesses. UK Tribunal Rejects Google Bid to Block Advertiser Class Action
Alphabet Profile
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Free Report)
Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.
Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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