Chemung Canal Trust Co. Has $1.11 Million Stake in Alphabet Inc. $GOOGL

Chemung Canal Trust Co. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 6.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,285 shares of the information services provider’s stock after selling 414 shares during the quarter. Chemung Canal Trust Co.’s holdings in Alphabet were worth $1,108,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Guardian Wealth Management Inc. increased its stake in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares during the period. von Borstel & Associates Inc. acquired a new stake in Alphabet in the first quarter worth about $28,000. IMA Advisory Services Inc. acquired a new stake in Alphabet in the first quarter worth about $28,000. NBZ Investment Advisors LLC increased its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock worth $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet in the first quarter worth about $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 3.2%

NASDAQ:GOOGL opened at $244.15 on Tuesday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $256.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.95 trillion, a price-to-earnings ratio of 26.00, a PEG ratio of 1.60 and a beta of 1.00. The stock has a 50-day moving average price of $227.30 and a two-hundred day moving average price of $189.47.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. As a group, equities analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet’s dividend payout ratio is 8.95%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GOOGL. Roth Capital lifted their price target on shares of Alphabet from $205.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Hsbc Global Res raised shares of Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Tigress Financial lifted their target price on shares of Alphabet from $240.00 to $280.00 and gave the stock a “strong-buy” rating in a report on Friday, September 5th. JPMorgan Chase & Co. lifted their price objective on Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Finally, BNP Paribas cut Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 26th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $247.40.

Insider Activity

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $196.23, for a total value of $6,377,475.00. Following the completion of the transaction, the chief executive officer directly owned 2,494,892 shares of the company’s stock, valued at approximately $489,572,657.16. This represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction on 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. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 276,338 shares of company stock worth $59,062,683 over the last quarter. 11.55% of the stock is currently owned by company insiders.

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.