Elite Wealth Management Cuts Alphabet Stake as Investors Adjust Holdings

Elite Wealth Management Inc. has reduced its stake in Alphabet Inc. by 16.5% during the second quarter of 2023, as detailed in its latest filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 79,470 shares of Alphabet (NASDAQ: GOOGL), following the sale of 15,718 shares during this period. Alphabet represents approximately 4.6% of Elite Wealth Management’s portfolio, making it the fifth largest position in their investments. At the end of the most recent reporting period, these holdings were valued at around $14 million.

Other significant investors have also adjusted their positions in Alphabet. Mystic Asset Management Inc. increased its stake by 6.7% in the first quarter, bringing its total shares to 28,454, valued at approximately $4.4 million after acquiring an additional 1,791 shares. Similarly, Harbour Trust & Investment Management Co raised its holdings by 0.3%, now owning 27,075 shares worth $4.2 million after purchasing 80 more shares.

Cypress Capital LLC expanded its investment in Alphabet by 4.1%, acquiring 563 additional shares to reach a total of 14,310 shares valued at $2.2 million. Bridgeway Capital Management LLC notably increased its stake by 17.9%, owning 88,187 shares worth approximately $13.6 million post a significant purchase of 13,371 shares. Alaethes Wealth LLC also lifted its holdings by 1.1%, acquiring 84 shares to total 7,646 shares valued at $1.2 million. Currently, institutional investors and hedge funds own about 40.03% of Alphabet’s stock.

Analysts Adjust Price Targets for Alphabet

Analysts have recently updated their ratings and price targets for Alphabet. BMO Capital Markets set a price target of $294.00, rating the stock as “outperform” on October 9, 2023. DA Davidson raised its target from $180.00 to $190.00 and maintained a “neutral” rating. JMP Securities increased its target from $250.00 to $290.00, also rating the stock as “market outperform.”

JPMorgan Chase & Co. reiterated a “buy” rating on Alphabet, while Moffett Nathanson raised its price objective from $230.00 to $295.00 with a “buy” rating. Overall, four analysts have rated Alphabet with a Strong Buy, thirty-four with a Buy, and ten with a Hold rating, leading to an average rating of “Moderate Buy” and a consensus target price of $252.24 according to data from MarketBeat.com.

Insider Transactions at Alphabet

In addition to market movements, insider activity at Alphabet has drawn attention. On August 4, 2023, insider John Kent Walker sold 23,820 shares at an average price of $194.70, totaling approximately $4.6 million. Following this transaction, Walker held 42,999 shares valued at around $8.4 million, marking a 35.65% decrease in his position.

Another insider, Chief Accounting Officer Amie Thuener O’toole, sold 2,778 shares on September 15, 2023, at an average price of $245.00, resulting in a transaction worth $680,610.00. After this sale, O’toole owned 17,293 shares valued at about $4.2 million, reflecting a 13.84% decrease in her holdings. In total, Alphabet insiders have sold 246,150 shares valued at approximately $55.8 million over the past 90 days, with insiders currently holding 11.55% of the company’s stock.

Alphabet’s stock opened at $253.30 on Monday. The company has a market capitalization of $3.06 trillion and reported a price-to-earnings ratio of 26.98. With a fifty-two-week range of $140.53 to $256.96, Alphabet’s stock performance remains a focal point for both analysts and investors.

Recently, Alphabet announced its quarterly earnings results on July 23, 2023, reporting earnings per share (EPS) of $2.31, surpassing analyst expectations of $2.15. The company achieved a net margin of 31.12% and a return on equity of 34.31%, with revenues totaling $96.43 billion, exceeding the projected $93.60 billion. Analysts forecast that Alphabet Inc. will deliver an EPS of $8.9 for the current fiscal year.

Alphabet Inc. operates globally, offering various products and platforms through segments such as Google Services, Google Cloud, and Other Bets. Its services include advertising, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.