Elite Wealth Management Inc. has decreased its stake in Alphabet Inc. (NASDAQ: GOOGL) by 16.5% during the second quarter of 2023, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The investment firm now holds 79,470 shares of the technology giant after divesting 15,718 shares during the quarter. This reduction positions Alphabet as the fifth largest holding in Elite Wealth Management’s portfolio, accounting for approximately 4.6% of its total assets. As of the last reporting period, these shares were valued at approximately $14 million.
Several other institutional 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 to 28,454 shares, which are now valued at $4.4 million. Similarly, Harbour Trust & Investment Management Co. grew its holdings by 0.3%, now owning 27,075 shares worth around $4.2 million. Cypress Capital LLC raised its stake by 4.1%, while Bridgeway Capital Management LLC made a significant 17.9% increase to own 88,187 shares valued at $13.6 million. Currently, institutional investors and hedge funds collectively own 40.03% of Alphabet’s shares.
Analysts Weigh In on Alphabet’s Performance
Equity analysts have also provided insights into Alphabet’s stock. BMO Capital Markets recently set a price target of $294.00 on GOOGL shares, rating it as “outperform.” DA Davidson raised its target from $180.00 to $190.00, giving Alphabet a “neutral” rating. JMP Securities increased its price target from $250.00 to $290.00, rating it as “market outperform.”
JPMorgan Chase & Co. reiterated its “buy” rating for Alphabet, while Moffett Nathanson boosted its price objective from $230.00 to $295.00, maintaining a “buy” rating. The consensus among analysts indicates a “Moderate Buy” with an average target price of $252.24, according to data from MarketBeat.com. Notably, four analysts have rated Alphabet with a “Strong Buy,” while thirty-four have issued a “Buy” rating, and ten have assigned a “Hold” rating.
Insider Transactions Raise Eyebrows
In related news, insider activity has also been notable. John Kent Walker, a senior executive at Alphabet, sold 23,820 shares on August 4, 2023, at an average price of $194.70, amounting to a total transaction value of $4.6 million. Post-transaction, Walker holds 42,999 shares valued at approximately $8.4 million, reflecting a 35.65% decrease in his position.
Additionally, Chief Accounting Officer Amie Thuener O’toole sold 2,778 shares on September 15, 2023, at an average price of $245.00, bringing in about $680,610. Following this sale, she owns 17,293 shares valued at around $4.2 million, marking a 13.84% reduction in her holdings. In total, insiders have sold 246,150 shares valued at approximately $55.8 million over the past ninety days.
Alphabet’s stock performance has been closely monitored as it opened at $253.30 on the latest trading day. The company maintains a market capitalization of $3.06 trillion with a price-to-earnings ratio of 26.98 and a PEG ratio of 1.71. Over the past year, shares have fluctuated between a low of $140.53 and a high of $256.96.
Alphabet Inc. continues to be a significant player in the information services sector, offering a range of products and platforms globally. The company operates through various segments, including Google Services, Google Cloud, and Other Bets, providing essential services such as advertising, cloud computing, and digital media. With robust financial performance—reporting revenue of $96.43 billion for the last quarter—Alphabet remains a focal point for investors and analysts alike.
