CNB Bank raised its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 10.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,373 shares of the information services provider's stock after buying an additional 2,278 shares during the quarter. Alphabet comprises 1.8% of CNB Bank's holdings, making the stock its 8th largest position. CNB Bank's holdings in Alphabet were worth $3,614,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Graphene Investments SAS boosted its stake in Alphabet by 14.4% during the first quarter. Graphene Investments SAS now owns 34,900 shares of the information services provider's stock worth $5,397,000 after buying an additional 4,400 shares during the last quarter. Nadler Financial Group Inc. boosted its position in shares of Alphabet by 2.1% in the 1st quarter. Nadler Financial Group Inc. now owns 7,009 shares of the information services provider's stock valued at $1,084,000 after purchasing an additional 144 shares during the period. PDS Planning Inc grew its position in Alphabet by 9.4% during the 1st quarter. PDS Planning Inc now owns 35,723 shares of the information services provider's stock worth $5,524,000 after purchasing an additional 3,061 shares during the last quarter. Atala Financial Inc increased its stake in Alphabet by 1.8% in the 1st quarter. Atala Financial Inc now owns 30,427 shares of the information services provider's stock valued at $4,707,000 after buying an additional 548 shares during the period. Finally, GenTrust LLC lifted its holdings in shares of Alphabet by 35.1% in the 1st quarter. GenTrust LLC now owns 6,513 shares of the information services provider's stock valued at $1,007,000 after buying an additional 1,692 shares during the period. Hedge funds and other institutional investors own 40.03% of the company's stock.
Insider Activity
In related news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $105,000.00. Following the completion of the sale, the director owned 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 9,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $1,575,000.00. Following the sale, the director directly owned 255,400 shares in the company, valued at $44,695,000. The trade was a 3.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,143 shares of company stock valued at $30,529,028 in the last ninety days. 11.64% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
GOOGL has been the subject of a number of recent research reports. Westpark Capital reissued a "buy" rating and set a $210.00 price objective on shares of Alphabet in a research note on Thursday, May 8th. Sanford C. Bernstein raised their price target on shares of Alphabet from $165.00 to $185.00 and gave the stock a "market perform" rating in a research report on Friday, April 25th. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, April 23rd. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $171.00 target price on shares of Alphabet in a research note on Wednesday, June 25th. Finally, BNP Paribas Exane reiterated a "neutral" rating and issued a $172.00 price target on shares of Alphabet in a research report on Friday, June 27th. Ten research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $199.95.
Read Our Latest Research Report on GOOGL
Alphabet Price Performance
Shares of Alphabet stock traded up $0.18 during midday trading on Thursday, reaching $178.82. The company had a trading volume of 11,467,379 shares, compared to its average volume of 31,427,105. The company has a market capitalization of $2.17 trillion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 1.24 and a beta of 1.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $167.96 and a 200 day simple moving average of $174.20.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a return on equity of 34.54% and a net margin of 30.86%. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. During the same period in the previous year, the business posted $1.89 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.
Alphabet Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 9th were given 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 dividend yield of 0.47%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet's payout ratio is presently 9.36%.
About Alphabet
(
Free Report)
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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