Canandaigua National Trust Co of Florida Acquires 5,942 Shares of Alphabet Inc. $GOOG

Key Points

• Canandaigua National Trust Co of Florida increased its stake in Alphabet Inc. by 80.6%, acquiring an additional 5,942 shares, bringing its total holdings to 13,316 shares, valued at approximately $2.36 million.
• Several analysts have provided mixed ratings on Alphabet, with Cowen restating a "buy" rating and UBS raising the price target to $192.00, while other analysts downgraded their outlook.
• CEO Sundar Pichai sold 32,500 shares in September for approximately $7.47 million, representing a 1.32% decrease in his overall ownership of the company.

Canandaigua National Trust Co of Florida raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 80.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,316 shares of the information services provider's stock after purchasing an additional 5,942 shares during the quarter. Alphabet accounts for approximately 1.7% of Canandaigua National Trust Co of Florida's investment portfolio, making the stock its 13th largest holding. Canandaigua National Trust Co of Florida's holdings in Alphabet were worth $2,362,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GOOG. Principia Wealth Advisory LLC lifted its position in shares of Alphabet by 111.8% during the first quarter. Principia Wealth Advisory LLC now owns 161 shares of the information services provider's stock worth $26,000 after purchasing an additional 85 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet during the first quarter worth $26,000. Goodman Advisory Group LLC bought a new stake in shares of Alphabet during the first quarter worth $32,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Alphabet in the first quarter valued at about $32,000. Finally, Elevate Wealth Advisory Inc. bought a new stake in shares of Alphabet in the first quarter valued at about $34,000. 27.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GOOG shares. Cowen restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. UBS Group lifted their price objective on Alphabet from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Roth Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, BNP Paribas downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 26th. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $227.56.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was 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 in the company, valued at approximately $558,219,089.16. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction dated 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 sale, the director owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock worth $49,208,380 over the last ninety days. Insiders own 12.99% of the company's stock.

Alphabet Price Performance

GOOG opened at $241.38 on Monday. The business's 50-day moving average is $202.67 and its two-hundred day moving average is $178.92. 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 firm has a market capitalization of $2.92 trillion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its 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 return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid 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 0.3%. Alphabet's payout ratio is presently 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.

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