Klingenstein Fields & Co. LP Has $37.97 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Klingenstein Fields & Co. LP reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 2.3% in the 2nd quarter, Holdings Channel reports. The firm owned 207,032 shares of the information services provider’s stock after selling 4,782 shares during the period. Alphabet accounts for approximately 1.6% of Klingenstein Fields & Co. LP’s holdings, making the stock its 19th biggest position. Klingenstein Fields & Co. LP’s holdings in Alphabet were worth $37,974,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Gilbert & Cook Inc. increased its stake in shares of Alphabet by 15.5% in the fourth quarter. Gilbert & Cook Inc. now owns 29,159 shares of the information services provider’s stock worth $4,109,000 after purchasing an additional 3,924 shares during the period. Concentrum Wealth Management grew its holdings in Alphabet by 25.0% in the 4th quarter. Concentrum Wealth Management now owns 16,440 shares of the information services provider’s stock valued at $2,317,000 after buying an additional 3,283 shares during the last quarter. Aveo Capital Partners LLC increased its position in Alphabet by 2.4% in the 4th quarter. Aveo Capital Partners LLC now owns 6,647 shares of the information services provider’s stock worth $937,000 after buying an additional 154 shares during the period. Meridian Wealth Advisors LLC lifted its holdings in shares of Alphabet by 0.5% during the fourth quarter. Meridian Wealth Advisors LLC now owns 17,950 shares of the information services provider’s stock worth $2,530,000 after buying an additional 84 shares during the last quarter. Finally, Bogart Wealth LLC boosted its position in shares of Alphabet by 8.2% in the fourth quarter. Bogart Wealth LLC now owns 3,287 shares of the information services provider’s stock valued at $463,000 after acquiring an additional 248 shares during the period. Institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Rosenblatt Securities cut shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 target price for the company. in a research note on Friday, June 28th. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Oppenheimer boosted their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, TD Cowen raised their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Buy” and a consensus target price of $182.86.

Insider Activity at Alphabet

In other news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the sale, the chief executive officer now owns 2,213,011 shares in the company, valued at $392,588,151.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $177.40, for a total transaction of $3,991,500.00. Following the transaction, the chief executive officer now owns 2,213,011 shares in the company, valued at approximately $392,588,151.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 3,262 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $183.99, for a total transaction of $600,175.38. Following the completion of the sale, the senior vice president now owns 9 shares of the company’s stock, valued at approximately $1,655.91. The disclosure for this sale can be found here. Insiders sold 156,565 shares of company stock valued at $27,043,340 in the last three months. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.5 %

GOOG stock opened at $157.81 on Thursday. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $173.69 and its 200-day moving average is $165.59. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The firm has a market cap of $1.95 trillion, a P/E ratio of 24.20, a P/E/G ratio of 1.22 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm posted $1.44 EPS. Equities analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Alphabet 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.