CNB Bank Trims Holdings in Alphabet Inc. (NASDAQ:GOOGL)

CNB Bank lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 8,666 shares of the information services provider’s stock after selling 165 shares during the quarter. CNB Bank’s holdings in Alphabet were worth $1,211,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Meritage Group LP raised its stake in Alphabet by 1,061.5% during the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock valued at $40,000 after buying an additional 276 shares in the last quarter. Macroview Investment Management LLC increased its holdings in shares of Alphabet by 165.8% in the 3rd quarter. Macroview Investment Management LLC now owns 319 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. Armor Investment Advisors LLC raised its position in shares of Alphabet by 31.0% during the 4th quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 80 shares in the last quarter. Valued Wealth Advisors LLC acquired a new stake in shares of Alphabet during the 4th quarter valued at approximately $55,000. Finally, LFA Lugano Financial Advisors SA lifted its stake in Alphabet by 301.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 522 shares of the information services provider’s stock worth $73,000 after purchasing an additional 392 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the sale, the director now directly owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director John L. Hennessy sold 2,100 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $143.59, for a total transaction of $94,769.40. Following the sale, the chief accounting officer now owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 253,439 shares of company stock valued at $36,746,578. Company insiders own 0.88% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $171.95 on Monday. The company has a 50-day moving average of $147.85 and a two-hundred day moving average of $141.42. The stock has a market cap of $2.14 trillion, a price-to-earnings ratio of 26.37, a PEG ratio of 1.58 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. Alphabet Inc. has a one year low of $103.54 and a one year high of $174.71.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a net margin of 25.90% and a return on equity of 30.01%. The firm had revenue of $86.31 billion during the quarter, compared to analyst estimates of $70.77 billion. During the same quarter last year, the business posted $1.05 EPS. On average, equities research analysts expect that Alphabet Inc. will post 6.82 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%.

Analysts Set New Price Targets

GOOGL has been the topic of several analyst reports. Wedbush raised their price target on shares of Alphabet from $175.00 to $205.00 and gave the company an “outperform” rating in a research note on Friday. Susquehanna raised their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 31st. Piper Sandler reiterated an “overweight” rating and set a $200.00 price target (up previously from $160.00) on shares of Alphabet in a research report on Friday. Royal Bank of Canada increased their price target on Alphabet from $155.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Stifel Nicolaus lifted their price objective on shares of Alphabet from $174.00 to $196.00 and gave the company a “buy” rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $187.82.

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.