Klingenstein Fields & Co. LP cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 434,664 shares of the information services provider’s stock after selling 11,137 shares during the period. Alphabet accounts for about 5.1% of Klingenstein Fields & Co. LP’s holdings, making the stock its 2nd biggest position. Klingenstein Fields & Co. LP’s holdings in Alphabet were worth $136,050,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Integrity Investment Advisors LLC grew its position in shares of Alphabet by 31.2% during the fourth quarter. Integrity Investment Advisors LLC now owns 2,187 shares of the information services provider’s stock worth $685,000 after acquiring an additional 520 shares during the last quarter. Asset Allocation Strategies LLC grew its position in shares of Alphabet by 9.2% during the fourth quarter. Asset Allocation Strategies LLC now owns 1,072 shares of the information services provider’s stock worth $336,000 after acquiring an additional 90 shares during the last quarter. Schiavi & Co LLC purchased a new position in shares of Alphabet during the fourth quarter worth approximately $239,000. Wealthspire Advisors LLC grew its position in shares of Alphabet by 70.4% during the fourth quarter. Wealthspire Advisors LLC now owns 161,575 shares of the information services provider’s stock worth $50,573,000 after acquiring an additional 66,755 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC grew its position in shares of Alphabet by 21.9% during the fourth quarter. Atalanta Sosnoff Capital LLC now owns 1,319,039 shares of the information services provider’s stock worth $412,859,000 after acquiring an additional 236,587 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other Alphabet news, Director Frances Arnold sold 102 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $381.00, for a total value of $38,862.00. Following the completion of the sale, the director owned 18,721 shares of the company’s stock, valued at approximately $7,132,701. This trade represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 8,993 shares of the firm’s stock in a transaction on Friday, March 27th. The shares were sold at an average price of $275.89, for a total value of $2,481,078.77. Following the completion of the sale, the insider directly owned 51,808 shares of the company’s stock, valued at approximately $14,293,309.12. This trade represents a 14.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 193,016 shares of company stock valued at $17,282,549 in the last quarter. Corporate insiders own 11.61% of the company’s stock.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Wednesday, April 29th. The information services provider reported $5.11 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $2.47. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The company had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.98 billion. On average, sell-side analysts expect that Alphabet Inc. will post 14.3 EPS for the current year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 8th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.2%. This is an increase from Alphabet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Monday, June 8th. Alphabet’s dividend payout ratio is 6.71%.
More Alphabet News
Here are the key news stories impacting Alphabet this week:
- Positive Sentiment: Alphabet’s drone unit Wing expanded its Walmart partnership into seven more U.S. cities, pushing the service toward nearly 20 markets and signaling that drone delivery is moving from experiment to scalable business. Alphabet’s Most Overlooked Division Just Had a Big Week
- Positive Sentiment: Waymo launched a new $29.99 monthly membership program with perks for frequent riders, a move that suggests the robotaxi business is building recurring revenue on top of rapid ride-growth. Waymo launches premier subscription tier for $29.99 a month, starting in select cities
- Positive Sentiment: TD Cowen raised its price target on Alphabet, adding to the bullish analyst backdrop and supporting the view that the stock still has room to run. Alphabet (GOOGL) Among Our Good Stocks to Buy Now
- Positive Sentiment: Bank of America and other commentary highlighted Alphabet as a long-term AI beneficiary, especially as rising model costs could strengthen demand for Google Cloud and infrastructure. Anthropic’s Priciest AI Model Yet Is Here. Why Alphabet and Amazon Will Benefit.
- Neutral Sentiment: Alphabet sued an alleged Chinese cybercrime group accused of using Google’s AI tools to run scam operations, which shows the company is actively defending its platform but is not likely to move the stock much on its own. Google sues alleged Chinese cybercrime operation that used AI to send scam texts
- Neutral Sentiment: Some investors noted that Altimeter Capital fully exited its Alphabet stake in Q1, but this appears more like portfolio repositioning than a company-specific warning. Billionaire Brad Gerstner Dumped All of His Alphabet Then Bought 2 Stocks Nobody Expected
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on GOOGL shares. Susquehanna restated a “positive” rating and set a $460.00 target price (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. Citizens Jmp reiterated a “market outperform” rating and issued a $515.00 price objective on shares of Alphabet in a research report on Wednesday, May 20th. China Renaissance lifted their price objective on shares of Alphabet from $400.00 to $485.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Wolfe Research lowered their price objective on shares of Alphabet from $390.00 to $360.00 and set an “outperform” rating on the stock in a research report on Friday, April 10th. Finally, Tigress Financial set a $415.00 price objective on shares of Alphabet and gave the company a “strong-buy” rating in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, forty-seven have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $413.13.
Check Out Our Latest Research Report on Alphabet
About Alphabet
Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.
Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.
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