Chemung Canal Trust Co. Decreases Holdings in Alphabet Inc. (NASDAQ:GOOG)

Chemung Canal Trust Co. reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 47.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 31,013 shares of the information services provider’s stock after selling 28,065 shares during the quarter. Chemung Canal Trust Co.’s holdings in Alphabet were worth $4,722,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Veracity Capital LLC increased its holdings in Alphabet by 12.4% in the 4th quarter. Veracity Capital LLC now owns 10,597 shares of the information services provider’s stock worth $1,493,000 after acquiring an additional 1,173 shares during the last quarter. Independence Bank of Kentucky boosted its position in Alphabet by 25.3% during the fourth quarter. Independence Bank of Kentucky now owns 6,093 shares of the information services provider’s stock worth $859,000 after purchasing an additional 1,230 shares during the period. Park Avenue Securities LLC increased its stake in shares of Alphabet by 11.9% in the first quarter. Park Avenue Securities LLC now owns 109,878 shares of the information services provider’s stock worth $16,730,000 after purchasing an additional 11,646 shares in the last quarter. Strategic Blueprint LLC raised its position in shares of Alphabet by 36.7% in the fourth quarter. Strategic Blueprint LLC now owns 15,068 shares of the information services provider’s stock valued at $2,123,000 after purchasing an additional 4,044 shares during the period. Finally, Investment Partners LTD. lifted its stake in shares of Alphabet by 5.8% during the 4th quarter. Investment Partners LTD. now owns 7,446 shares of the information services provider’s stock valued at $1,049,000 after buying an additional 410 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GOOG shares. Stifel Nicolaus increased their target price on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Morgan Stanley reiterated an “overweight” rating and set a $165.00 price objective on shares of Alphabet in a research note on Thursday, April 11th. Oppenheimer raised their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Finally, Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research report on Friday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $167.86.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $154.79, for a total transaction of $105,566.78. Following the completion of the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Prabhakar Raghavan sold 3,258 shares of Alphabet stock in a transaction on Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the transaction, the senior vice president now owns 144,685 shares in the company, valued at approximately $22,566,519.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $154.79, for a total transaction of $105,566.78. Following the sale, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,532,870.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,284 shares of company stock worth $24,534,393. Corporate insiders own 12.99% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $183.42 on Friday. The firm has a market capitalization of $2.27 trillion, a P/E ratio of 28.13, a P/E/G ratio of 1.38 and a beta of 1.01. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The stock’s 50-day simple moving average is $174.40 and its two-hundred day simple moving average is $155.68. Alphabet Inc. has a twelve month low of $115.83 and a twelve month high of $187.50.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.51 by $0.38. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $78.75 billion. During the same period in the prior year, the business earned $1.17 earnings per share. Alphabet’s revenue for the quarter was up 15.4% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 7.6 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently disclosed a — dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 10th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio is currently 12.27%.

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.