Kayne Anderson Rudnick Investment Management LLC Sells 1,342 Shares of Alphabet Inc. (NASDAQ:GOOG)

Kayne Anderson Rudnick Investment Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 60,989 shares of the information services provider’s stock after selling 1,342 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Alphabet were worth $11,187,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Alaethes Wealth LLC boosted its holdings in Alphabet by 1.6% during the second quarter. Alaethes Wealth LLC now owns 30,295 shares of the information services provider’s stock worth $5,557,000 after buying an additional 489 shares in the last quarter. Libra Wealth LLC raised its position in Alphabet by 48.6% during the second quarter. Libra Wealth LLC now owns 3,061 shares of the information services provider’s stock worth $561,000 after acquiring an additional 1,001 shares during the period. Legacy Financial Advisors Inc. raised its position in Alphabet by 2.8% during the second quarter. Legacy Financial Advisors Inc. now owns 25,443 shares of the information services provider’s stock worth $4,667,000 after acquiring an additional 702 shares during the period. Arista Wealth Management LLC acquired a new position in Alphabet during the second quarter worth $213,000. Finally, Asset Management Group Inc. raised its position in Alphabet by 10.4% during the second quarter. Asset Management Group Inc. now owns 7,707 shares of the information services provider’s stock worth $1,414,000 after acquiring an additional 727 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GOOG. Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. 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 report on Friday, June 28th. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research report on Thursday, September 5th. Oppenheimer increased their target price on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.86.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the transaction, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at $4,421,948.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total value of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares of the company’s stock, valued at $415,941,874.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The disclosure for this sale can be found here. Insiders sold a total of 202,667 shares of company stock valued at $33,964,256 over the last 90 days. 12.99% of the stock is owned by company insiders.

Alphabet Trading Up 0.9 %

Shares of GOOG stock opened at $164.64 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market cap of $2.03 trillion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a 50-day moving average of $166.26 and a two-hundred day moving average of $167.26. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31.

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

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

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.