Elevatus Welath Management Sells 308 Shares of Alphabet Inc. $GOOGL

Elevatus Welath Management cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 3.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,554 shares of the information services provider’s stock after selling 308 shares during the quarter. Elevatus Welath Management’s holdings in Alphabet were worth $1,168,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Guardian Wealth Management Inc. raised its holdings in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock worth $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. bought a new position in Alphabet in the 1st quarter worth $28,000. IMA Advisory Services Inc. bought a new position in Alphabet in the 1st quarter worth $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after purchasing an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet in the 1st quarter worth about $39,000. 40.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the sale, the director owned 6,316 shares of the company’s stock, valued at $1,287,137.64. This trade represents a 8.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 222,219 shares of company stock valued at $40,725,772. Company insiders own 11.64% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the subject of several research reports. Piper Sandler increased their price target on shares of Alphabet from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Truist Financial reiterated a “buy” rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. Tigress Financial increased their price target on shares of Alphabet from $220.00 to $240.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, April 30th. KeyCorp increased their price target on shares of Alphabet from $215.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada increased their price target on shares of Alphabet from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $211.53.

Alphabet Stock Performance

Shares of GOOGL stock opened at $199.32 on Thursday. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05. The company’s 50-day moving average is $185.70 and its 200 day moving average is $173.38. The company has a market capitalization of $2.41 trillion, a price-to-earnings ratio of 21.23, a price-to-earnings-growth ratio of 1.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data 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 $96,428,000 billion for the quarter, compared to the consensus estimate of $93.60 billion. Sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

Alphabet Company Profile

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.