CNB Bank Has $4.71 Million Position in Alphabet Inc. $GOOGL

CNB Bank boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 14.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,736 shares of the information services provider’s stock after purchasing an additional 3,363 shares during the quarter. Alphabet comprises about 2.2% of CNB Bank’s investment portfolio, making the stock its 5th largest holding. CNB Bank’s holdings in Alphabet were worth $4,712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Alphabet by 11.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after acquiring an additional 4,473,901 shares during the period. Invesco Ltd. grew its stake in Alphabet by 1.4% in the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock valued at $6,749,806,000 after acquiring an additional 593,345 shares during the period. Deutsche Bank AG grew its stake in Alphabet by 1.9% in the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock valued at $6,153,481,000 after acquiring an additional 727,335 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Alphabet by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock valued at $5,962,389,000 after acquiring an additional 104,859 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the sale, the chief executive officer directly owned 2,402,119 shares of the company’s stock, valued at approximately $584,699,785.79. The trade was a 1.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 190,896 shares of company stock valued at $45,092,175. 11.64% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GOOGL shares. Wedbush reissued an “outperform” rating and issued a $320.00 target price (up from $245.00) on shares of Alphabet in a research note on Thursday, October 30th. Wells Fargo & Company boosted their target price on Alphabet from $236.00 to $268.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Roth Capital upped their price objective on Alphabet from $210.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, HSBC upped their price objective on Alphabet from $295.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $303.09.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $277.54 on Wednesday. The stock has a 50 day moving average price of $246.91 and a 200 day moving average price of $202.13. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $291.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market capitalization of $3.36 trillion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

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.