Alphabet Inc. (NASDAQ:GOOG) Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. cut its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 9.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,771 shares of the information services provider's stock after selling 6,519 shares during the period. Alphabet accounts for about 2.1% of Chemung Canal Trust Co.'s portfolio, making the stock its 15th biggest position. Chemung Canal Trust Co.'s holdings in Alphabet were worth $9,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Principia Wealth Advisory LLC grew its stake in Alphabet by 111.8% in 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 in the last quarter. MorganRosel Wealth Management LLC bought a new position in Alphabet in the first quarter worth approximately $26,000. LSV Asset Management bought a new position in Alphabet in the fourth quarter worth approximately $27,000. Goodman Advisory Group LLC bought a new position in Alphabet in the first quarter worth approximately $32,000. Finally, WealthTrak Capital Management LLC bought a new position in Alphabet in the fourth quarter worth approximately $38,000. Institutional investors own 27.26% of the company's stock.

Alphabet Stock Performance

GOOG stock traded up $2.61 during midday trading on Friday, reaching $181.31. The stock had a trading volume of 23,949,486 shares, compared to its average volume of 21,450,262. The stock has a market cap of $2.20 trillion, a PE ratio of 20.21, a P/E/G ratio of 1.27 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a fifty day simple moving average of $171.50 and a two-hundred day simple moving average of $174.92. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $208.70.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The business had revenue of $90.23 billion during the quarter, compared to analyst estimates of $89.30 billion. During the same quarter last year, the business posted $1.89 EPS. The company's revenue was up 12.0% on a year-over-year basis. As a group, equities research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 9th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.46%. This is a boost from Alphabet's previous quarterly dividend of $0.20. Alphabet's dividend payout ratio is presently 9.36%.

Analyst Upgrades and Downgrades

GOOG has been the topic of several recent research reports. Raymond James Financial reaffirmed an "outperform" rating on shares of Alphabet in a research report on Wednesday. JPMorgan Chase & Co. increased their target price on Alphabet from $195.00 to $200.00 and gave the company an "overweight" rating in a research report on Friday. Barclays reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Finally, Cowen reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and six have issued a strong buy rating to the company's stock. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.13.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director directly owned 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $170.87, for a total value of $5,553,275.00. Following the completion of the transaction, the chief executive officer owned 2,620,196 shares of the company's stock, valued at $447,712,890.52. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 215,643 shares of company stock valued at $36,330,928 over the last quarter. 12.99% of the stock is currently owned by insiders.

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.