Canandaigua National Bank & Trust Co. Lowers Holdings in Alphabet Inc. $GOOGL

Key Points

• Canandaigua National Bank & Trust Co. reduced its holdings in Alphabet Inc. by 13.3% in the second quarter, ending up with 19,699 shares valued at approximately $3.47 million.
• Insider transactions included CEO Sundar Pichai selling 32,500 shares, resulting in a total value of $7.47 million, which reflects a 1.32% decrease in his position.
• Alphabet's stock has seen a 4.5% increase, currently trading at around $251.61, with a market capitalization of $3.04 trillion.

Canandaigua National Bank & Trust Co. lessened its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,699 shares of the information services provider's stock after selling 3,014 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Alphabet were worth $3,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Guardian Wealth Management Inc. grew its stake in shares of Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the period. von Borstel & Associates Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. IMA Advisory Services Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC grew its stake in shares of Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at about $39,000. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider John Kent Walker sold 23,820 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the 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 sale, 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. Over the last 90 days, insiders have sold 254,710 shares of company stock worth $49,208,380. 11.55% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wedbush boosted their price target on Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Truist Financial restated a "buy" rating and set a $200.00 price target on shares of Alphabet in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Canaccord Genuity Group boosted their price objective on Alphabet from $230.00 to $270.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Finally, Needham & Company LLC boosted their price objective on Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $222.85.

Alphabet Stock Up 4.5%

Shares of GOOGL opened at $251.61 on Tuesday. The stock has a market capitalization of $3.04 trillion, a price-to-earnings ratio of 26.80, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $252.41. The business's 50 day simple moving average is $203.39 and its 200-day simple moving average is $178.15. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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, topping the consensus estimate of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is 8.95%.

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.