Canandaigua National Trust Co of Florida Cuts Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• Canandaigua National Trust Co of Florida reduced its holdings in Alphabet Inc. by 17.2% during Q2, now owning 8,016 shares valued at approximately $1.41 million.
• Several institutional investors increased their positions in Alphabet during the first quarter, with Guardian Wealth Management reporting a 242.9% growth in its holdings.
• Alphabet's CEO Sundar Pichai sold 32,500 shares of the company, valued at over $6 million, which represents a 1.30% decrease in his ownership.

Canandaigua National Trust Co of Florida decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 17.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,016 shares of the information services provider's stock after selling 1,667 shares during the quarter. Alphabet accounts for 1.0% of Canandaigua National Trust Co of Florida's portfolio, making the stock its 20th largest position. Canandaigua National Trust Co of Florida's holdings in Alphabet were worth $1,413,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. grew its holdings in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the last quarter. von Borstel & Associates Inc. bought a new position in Alphabet during the first quarter valued at approximately $28,000. IMA Advisory Services Inc. bought a new position in Alphabet during the first quarter valued at approximately $28,000. NBZ Investment Advisors LLC lifted its position in Alphabet by 85.7% during the first 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 position in Alphabet during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $199.92, for a total value of $6,497,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This trade represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 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 transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. The trade was a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,710 shares of company stock valued at $49,208,380. Insiders own 11.55% of the company's stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. BMO Capital Markets increased their price objective on shares of Alphabet from $208.00 to $225.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Wall Street Zen upgraded shares of Alphabet from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Citigroup increased their price objective on shares of Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a research report on Monday. Three equities research 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, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.85.

Alphabet Stock Performance

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 PEG ratio of 1.62 and a beta of 1.01. The company has a fifty day moving average of $203.39 and a 200 day moving average of $178.15. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $252.41. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) 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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