Alphabet Inc. (NASDAQ:GOOG) is Elite Wealth Management Inc.’s 10th Largest Position

by · The Markets Daily

Elite Wealth Management Inc. boosted its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,204 shares of the information services provider’s stock after buying an additional 1,595 shares during the quarter. Alphabet accounts for approximately 1.1% of Elite Wealth Management Inc.’s holdings, making the stock its 10th biggest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $8,059,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. FMR LLC raised its position in Alphabet by 5.2% in the 3rd quarter. FMR LLC now owns 114,802,133 shares of the information services provider’s stock worth $19,193,768,000 after buying an additional 5,655,022 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Alphabet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,334,082 shares of the information services provider’s stock valued at $5,573,125,000 after purchasing an additional 3,113,395 shares during the period. Jennison Associates LLC grew its stake in shares of Alphabet by 9.1% during the 3rd quarter. Jennison Associates LLC now owns 15,424,324 shares of the information services provider’s stock valued at $2,578,793,000 after purchasing an additional 1,291,274 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Alphabet by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 14,657,421 shares of the information services provider’s stock valued at $2,688,743,000 after purchasing an additional 636,008 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Alphabet by 2.3% during the 2nd quarter. American Century Companies Inc. now owns 12,327,458 shares of the information services provider’s stock valued at $2,261,103,000 after acquiring an additional 282,121 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

GOOG has been the subject of several recent analyst reports. Barclays upped their price target on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Seaport Res Ptn upgraded Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Canaccord Genuity Group upped their price target on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company upped their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Check Out Our Latest Research Report on GOOG

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $158.68, for a total value of $3,570,300.00. Following the transaction, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. The trade was a 1.04 % 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 the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 206,795 shares of company stock valued at $34,673,866. 12.99% of the stock is currently owned by insiders.

Alphabet Price Performance

GOOG opened at $170.82 on Thursday. Alphabet Inc. has a 12-month low of $129.40 and a 12-month high of $193.31. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The business’s fifty day simple moving average is $169.71 and its 200-day simple moving average is $171.85. The company has a market capitalization of $2.09 trillion, a price-to-earnings ratio of 22.66, a PEG ratio of 1.18 and a beta of 1.04.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $86.39 billion. During the same quarter in the prior year, the company earned $1.55 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is currently 10.61%.

Alphabet Company Profile

(Free Report)

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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