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

Chemung Canal Trust Co. lowered 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 disclosure with the Securities & Exchange Commission. The fund owned 59,771 shares of the information services provider's stock after selling 6,519 shares during the period. Alphabet accounts for approximately 2.1% of Chemung Canal Trust Co.'s portfolio, making the stock its 15th biggest holding. Chemung Canal Trust Co.'s holdings in Alphabet were worth $9,338,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Norges Bank acquired a new position in shares of Alphabet during the 4th quarter valued at about $5,166,070,000. GAMMA Investing LLC increased its stake in shares of Alphabet by 18,562.3% during the 1st quarter. GAMMA Investing LLC now owns 14,323,323 shares of the information services provider's stock valued at $2,237,733,000 after acquiring an additional 14,246,573 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Alphabet during the 4th quarter valued at about $1,551,533,000. Northern Trust Corp increased its stake in shares of Alphabet by 16.1% during the 4th quarter. Northern Trust Corp now owns 57,098,042 shares of the information services provider's stock valued at $10,873,751,000 after acquiring an additional 7,917,625 shares during the last quarter. Finally, GQG Partners LLC increased its stake in shares of Alphabet by 181,679.1% during the 4th quarter. GQG Partners LLC now owns 7,225,721 shares of the information services provider's stock valued at $1,376,066,000 after acquiring an additional 7,221,746 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 10,500 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $1,837,500.00. Following the completion of the transaction, the director directly owned 261,966 shares of the company's stock, valued at $45,844,050. This trade represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total value of $5,553,275.00. Following the completion of the sale, the chief executive officer owned 2,620,196 shares of the company's stock, valued at $447,712,890.52. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 215,643 shares of company stock valued at $36,330,928 in the last ninety days. Corporate insiders own 12.99% of the company's stock.

Alphabet Stock Up 0.6%

GOOG traded up $1.04 on Thursday, reaching $178.70. The company's stock had a trading volume of 24,662,719 shares, compared to its average volume of 21,392,262. The stock has a market cap of $2.17 trillion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.25 and a beta of 1.01. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77. The business's 50 day moving average is $171.19 and its 200 day moving average is $175.18.

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

Alphabet Increases Dividend

The business also recently disclosed 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. This is a positive change from Alphabet's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.47%. The ex-dividend date was Monday, June 9th. Alphabet's dividend payout ratio (DPR) is currently 9.36%.

Wall Street Analyst Weigh In

GOOG has been the topic of several research reports. KeyCorp cut their target price on Alphabet from $202.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday. Citigroup reaffirmed a "sell" rating on shares of Alphabet in a research report on Wednesday, April 23rd. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $171.00 target price on shares of Alphabet in a research report on Friday, April 25th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Alphabet in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nineteen have given a buy rating and six have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of "Moderate Buy" and an average price target of $207.63.

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.