Douglas Lane & Associates LLC Has $157.08 Million Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Douglas Lane & Associates LLC reduced its holdings in Alphabet Inc. by 3.2% in Q2, now owning 885,528 shares valued at approximately $157.08 million.
• CEO Sundar Pichai sold 32,500 shares of Alphabet's stock for $7.47 million, resulting in a 1.32% decrease in his ownership.
• Alphabet reported a $96.43 billion revenue for the last quarter, exceeding analysts' expectations, and achieved earnings per share of $2.31, beating the consensus estimate.

Douglas Lane & Associates LLC lessened its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 885,528 shares of the information services provider's stock after selling 29,355 shares during the quarter. Alphabet accounts for 2.3% of Douglas Lane & Associates LLC's investment portfolio, making the stock its 5th biggest position. Douglas Lane & Associates LLC's holdings in Alphabet were worth $157,084,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. TruWealth Advisors LLC increased its stake in Alphabet by 3.4% in the 2nd quarter. TruWealth Advisors LLC now owns 212,400 shares of the information services provider's stock worth $37,678,000 after purchasing an additional 7,043 shares during the period. RDA Financial Network grew its holdings in shares of Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock worth $1,968,000 after purchasing an additional 554 shares during the last quarter. TrueWealth Advisors LLC purchased a new position in shares of Alphabet in the second quarter worth $229,000. McLean Asset Management Corp raised its holdings in Alphabet by 9.8% during the 2nd quarter. McLean Asset Management Corp now owns 6,171 shares of the information services provider's stock valued at $1,109,000 after buying an additional 550 shares during the last quarter. Finally, Fiduciary Financial Group LLC boosted its position in Alphabet by 6.3% during the 2nd quarter. Fiduciary Financial Group LLC now owns 15,670 shares of the information services provider's stock valued at $2,772,000 after buying an additional 935 shares during the period. 27.26% of the stock is owned by institutional investors.

Insider Buying and Selling at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total transaction of $7,466,225.00. Following the sale, the chief executive officer owned 2,429,892 shares of the company's stock, valued at $558,219,089.16. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 600 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total transaction of $122,274.00. Following the sale, the director directly owned 6,316 shares in the company, valued at $1,287,137.64. The trade was a 8.68% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,710 shares of company stock worth $49,208,380. Insiders own 12.99% of the company's stock.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $241.38 on Friday. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $242.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company's 50-day moving average is $202.67 and its 200 day moving average is $178.86. The stock has a market capitalization of $2.92 trillion, a P/E ratio of 25.71, a P/E/G ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same quarter in the previous year, the company earned $1.89 earnings per share. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared 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. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is currently 8.95%.

Analysts Set New Price Targets

GOOG has been the topic of a number of analyst reports. BNP Paribas cut shares of Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Pivotal Research boosted their price target on Alphabet from $245.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Lake Street Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Barclays restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Piper Sandler restated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $227.56.

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.

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