Kayne Anderson Rudnick Investment Management LLC Has $24.57 Million Stake in Alphabet Inc. $GOOGL

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its holdings in Alphabet Inc. by 1.0%, retaining 158,904 shares, valued at approximately $24.57 million.
• Alphabet Inc. reported a quarterly EPS of $2.31, surpassing the consensus estimate of $2.15, supported by a revenue of $96.43 billion for the quarter.
• Alphabet has announced a quarterly dividend of $0.21 per share, with a dividend payout ratio of 8.95% and a yield of 0.4%.

Kayne Anderson Rudnick Investment Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,904 shares of the information services provider's stock after selling 1,659 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Alphabet were worth $24,573,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GOOGL. Nuveen LLC bought a new position in shares of Alphabet in the first quarter worth $4,317,606,000. GAMMA Investing LLC grew its stake in shares of Alphabet by 16,993.2% in the first quarter. GAMMA Investing LLC now owns 16,062,457 shares of the information services provider's stock worth $2,483,898,000 after purchasing an additional 15,968,487 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Alphabet by 15.9% in the fourth quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock worth $12,503,291,000 after purchasing an additional 9,042,271 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Alphabet by 307.6% in the first quarter. Assenagon Asset Management S.A. now owns 10,302,644 shares of the information services provider's stock worth $1,593,201,000 after purchasing an additional 7,774,811 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GOOGL has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Rosenblatt Securities upped their target price on Alphabet from $189.00 to $191.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Citizens Jmp raised Alphabet from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research note on Friday, June 27th. BNP Paribas Exane reaffirmed a "neutral" rating and set a $172.00 price target on shares of Alphabet in a research note on Friday, June 27th. Finally, Wells Fargo & Company raised their price target on Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of "Moderate Buy" and an average price target of $211.53.

Alphabet Price Performance

GOOGL stock traded up $1.27 during trading on Friday, hitting $212.91. The company had a trading volume of 39,702,089 shares, compared to its average volume of 28,893,466. The company has a fifty day moving average price of $190.44 and a two-hundred day moving average price of $174.05. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $214.65. The company has a market cap of $2.57 trillion, a P/E ratio of 22.67, a P/E/G ratio of 1.43 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Equities research analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.4%. Alphabet's payout ratio is presently 8.95%.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director owned 6,316 shares in the company, valued at $1,287,137.64. The trade was a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total value of $6,497,400.00. Following the sale, the chief executive officer owned 2,462,392 shares of the company's stock, valued at approximately $492,281,408.64. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,710 shares of company stock worth $47,225,230. Insiders own 11.64% of the company's stock.

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.