Canandaigua National Bank & Trust Co. Grows Stake in Alphabet Inc. $GOOG

Canandaigua National Bank & Trust Co. boosted its position in Alphabet Inc. (NASDAQ:GOOG) by 0.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 50,651 shares of the information services provider’s stock after buying an additional 111 shares during the period. Alphabet accounts for about 0.8% of Canandaigua National Bank & Trust Co.’s holdings, making the stock its 23rd largest holding. Canandaigua National Bank & Trust Co.’s holdings in Alphabet were worth $8,985,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. ARQ Wealth Advisors LLC increased its stake in Alphabet by 39.3% in the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider’s stock valued at $945,000 after purchasing an additional 1,400 shares in the last quarter. Independence Bank of Kentucky increased its stake in Alphabet by 10.2% in the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider’s stock valued at $2,329,000 after purchasing an additional 1,376 shares in the last quarter. RDA Financial Network increased its stake in Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock valued at $1,968,000 after purchasing an additional 554 shares in the last quarter. Fermata Advisors LLC increased its stake in Alphabet by 2.7% in the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider’s stock valued at $1,527,000 after purchasing an additional 259 shares in the last quarter. Finally, jvl associates llc increased its stake in Alphabet by 3.5% in the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider’s stock valued at $1,571,000 after purchasing an additional 343 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 15,000 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $2,786,400.00. Following the transaction, the director owned 240,400 shares in the company, valued at approximately $44,656,704. This trade represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $229.73, for a total value of $7,466,225.00. Following the completion of the transaction, the chief executive officer owned 2,429,892 shares in the company, valued at $558,219,089.16. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,710 shares of company stock worth $49,208,380 over the last ninety days. Company insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on GOOG shares. JPMorgan Chase & Co. raised their price target on Alphabet from $232.00 to $260.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 3rd. Piper Sandler reissued a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. BNP Paribas downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 26th. Pivotal Research raised their price target on Alphabet from $245.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Finally, Lake Street Capital reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $227.56.

Alphabet Price Performance

GOOG stock opened at $241.38 on Monday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $242.57. The stock’s fifty day simple moving average is $202.67 and its 200-day simple moving average is $178.92. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.92 trillion, a price-to-earnings ratio of 25.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.67 billion. During the same quarter last year, the firm earned $1.89 earnings per share. The business’s revenue was up 13.8% on a year-over-year basis. Equities research analysts expect that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be issued 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 dividend payout ratio (DPR) is 8.95%.

About Alphabet

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.