Elite Wealth Management Inc. Purchases 172 Shares of Alphabet Inc. (NASDAQ:GOOG)

Elite Wealth Management Inc. grew its position in Alphabet Inc. (NASDAQ:GOOG) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,064 shares of the information services provider’s stock after purchasing an additional 172 shares during the quarter. Alphabet makes up about 0.3% of Elite Wealth Management Inc.’s portfolio, making the stock its 14th largest position. Elite Wealth Management Inc.’s holdings in Alphabet were worth $4,801,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its stake in Alphabet by 61,587.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after acquiring an additional 129,835,437 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Alphabet by 1,807.4% during the third quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock worth $5,487,226,000 after acquiring an additional 54,077,519 shares in the last quarter. Norges Bank bought a new position in Alphabet during the fourth quarter worth $3,059,614,000. Morgan Stanley boosted its stake in Alphabet by 37.6% during the fourth quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock worth $6,368,961,000 after acquiring an additional 19,612,974 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Alphabet by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock worth $12,649,838,000 after acquiring an additional 9,703,425 shares in the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of GOOG stock opened at $155.72 on Friday. The firm has a 50-day moving average of $147.46 and a 200-day moving average of $141.87. The company has a market cap of $1.94 trillion, a P/E ratio of 26.85, a P/E/G ratio of 1.45 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. Alphabet Inc. has a one year low of $103.27 and a one year high of $161.70.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $85.28 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 6.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GOOG shares. Susquehanna upped their price objective on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and set a $165.00 price objective on shares of Alphabet in a report on Thursday, April 11th. Oppenheimer upped their price objective on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Stifel Nicolaus upped their price objective on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Raymond James upped their price objective on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alphabet has an average rating of “Buy” and a consensus price target of $159.86.

Insider Activity

In related news, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the sale, the director now owns 15,104 shares in the company, valued at $2,326,922.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the sale, the director now owns 15,104 shares in the company, valued at $2,326,922.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $143.59, for a total transaction of $94,769.40. Following the sale, the chief accounting officer now owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock worth $36,377,482 over the last quarter. Insiders own 12.99% of the company’s stock.

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.