Citizens & Northern Corp Purchases 1,346 Shares of Alphabet Inc. $GOOG

Key Points

• Citizens & Northern Corp increased its stake in Alphabet Inc. by 3.1% during the second quarter, acquiring an additional 1,346 shares, bringing its total to 44,781 shares valued at approximately $7,944,000.
• Alphabet's stock received several analyst upgrades, including a strong-buy rating from HSBC Global Research, with an average price target of $249.68.
• Insider selling was notable, with CEO Sundar Pichai and another insider selling a combined total of 56,320 shares, valued at over $12 million recently.

Citizens & Northern Corp grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,781 shares of the information services provider's stock after acquiring an additional 1,346 shares during the quarter. Alphabet comprises approximately 2.1% of Citizens & Northern Corp's portfolio, making the stock its 12th biggest position. Citizens & Northern Corp's holdings in Alphabet were worth $7,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. ACT Advisors LLC. raised its position in Alphabet by 3.5% in the second quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider's stock valued at $288,000 after purchasing an additional 55 shares during the period. LongView Wealth Management raised its holdings in shares of Alphabet by 1.1% in the 2nd quarter. LongView Wealth Management now owns 5,126 shares of the information services provider's stock valued at $909,000 after buying an additional 56 shares during the period. Kooman & Associates raised its holdings in shares of Alphabet by 1.4% in the 2nd quarter. Kooman & Associates now owns 4,127 shares of the information services provider's stock valued at $732,000 after buying an additional 56 shares during the period. Greenup Street Wealth Management LLC raised its holdings in shares of Alphabet by 0.5% in the 2nd quarter. Greenup Street Wealth Management LLC now owns 11,656 shares of the information services provider's stock valued at $2,068,000 after buying an additional 56 shares during the period. Finally, Colton Groome Financial Advisors LLC raised its holdings in shares of Alphabet by 3.4% in the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider's stock valued at $309,000 after buying an additional 57 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GOOG has been the topic of several research analyst reports. Hsbc Global Res upgraded Alphabet to a "strong-buy" rating in a report on Tuesday, October 7th. UBS Group set a $255.00 price objective on Alphabet and gave the company a "neutral" rating in a report on Thursday, October 9th. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Finally, Piper Sandler reiterated a "neutral" rating on shares of Alphabet in a report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $249.68.

Insider Buying and Selling

In other news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last three months. 12.99% of the stock is owned by corporate insiders.

Alphabet Trading Up 2.7%

GOOG opened at $260.51 on Friday. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $262.51. The stock has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.71 and a beta of 1.00. 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 business has a fifty day moving average price of $237.33 and a 200 day moving average price of $196.32.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping 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 firm had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the previous year, the firm posted $1.89 EPS. Alphabet's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts expect that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet 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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