Chemung Canal Trust Co. Decreases Position in Alphabet Inc. (NASDAQ:GOOGL)

Chemung Canal Trust Co. decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 6.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,699 shares of the information services provider’s stock after selling 484 shares during the quarter. Chemung Canal Trust Co.’s holdings in Alphabet were worth $1,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Alphabet by 9.8% during the fourth quarter. FMR LLC now owns 248,416,916 shares of the information services provider’s stock valued at $47,025,322,000 after acquiring an additional 22,100,902 shares during the last quarter. Norges Bank bought a new position in shares of Alphabet during the fourth quarter valued at about $24,383,677,000. Price T Rowe Associates Inc. MD raised its stake in shares of Alphabet by 8.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 98,638,127 shares of the information services provider’s stock valued at $18,672,198,000 after acquiring an additional 7,574,417 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Alphabet by 16.2% during the fourth quarter. Capital Research Global Investors now owns 72,033,086 shares of the information services provider’s stock valued at $13,635,878,000 after acquiring an additional 10,037,685 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Alphabet by 17.0% during the fourth quarter. Northern Trust Corp now owns 69,616,854 shares of the information services provider’s stock valued at $13,178,470,000 after acquiring an additional 10,135,430 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.2%

GOOGL stock opened at $182.00 on Wednesday. The company has a fifty day moving average price of $171.04 and a 200 day moving average price of $173.13. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $207.05. The company has a market cap of $2.21 trillion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.77 and a quick ratio of 1.77.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The business had revenue of $76.49 billion for the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. During the same period in the prior year, the company posted $1.89 EPS. Sell-side analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders 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 dividend yield of 0.46%. The ex-dividend date of this dividend was Monday, June 9th. Alphabet’s dividend payout ratio is presently 9.36%.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $1,837,500.00. Following the transaction, the director owned 261,966 shares in the company, valued at approximately $45,844,050. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer directly owned 2,559,892 shares of the company’s stock, valued at $456,991,919.84. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 182,943 shares of company stock worth $31,223,348 in the last three months. Company insiders own 11.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GOOGL. UBS Group set a $195.00 price target on shares of Alphabet in a research note on Friday, April 25th. BNP Paribas downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. DA Davidson decreased their price target on shares of Alphabet from $200.00 to $160.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 price target on shares of Alphabet in a research note on Wednesday, April 23rd. Finally, JMP Securities raised shares of Alphabet from a “market perform” rating to a “market outperform” rating and set a $220.00 price target for the company in a research note on Friday, June 27th. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $199.82.

Alphabet Company 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.