Canandaigua National Bank & Trust Co. Sells 3,921 Shares of Alphabet Inc. (NASDAQ:GOOG)

Canandaigua National Bank & Trust Co. cut its stake in Alphabet Inc. (NASDAQ:GOOG) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,355 shares of the information services provider’s stock after selling 3,921 shares during the period. Alphabet comprises about 0.9% of Canandaigua National Bank & Trust Co.’s investment portfolio, making the stock its 23rd largest position. Canandaigua National Bank & Trust Co.’s holdings in Alphabet were worth $9,756,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new stake in Alphabet during the 4th quarter valued at $34,000. Abich Financial Wealth Management LLC increased its stake in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after buying an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Alphabet in the second quarter valued at about $37,000. HWG Holdings LP purchased a new stake in Alphabet in the second quarter worth about $40,000. Finally, Slocum Gordon & Co LLP bought a new position in Alphabet during the 2nd quarter worth about $44,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Oppenheimer lowered their price target on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating for the company in a research report on Wednesday, September 25th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Pivotal Research began coverage on Alphabet in a report on Tuesday. They issued a “buy” rating and a $215.00 price target on the stock. TD Cowen upped their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Cantor Fitzgerald raised Alphabet to a “hold” rating in a research report on Thursday, September 5th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $183.75.

Alphabet Stock Down 0.1 %

Alphabet stock opened at $167.21 on Friday. Alphabet Inc. has a 1-year low of $121.46 and a 1-year high of $193.31. The business has a fifty day moving average price of $163.53 and a 200-day moving average price of $168.49. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The stock has a market capitalization of $2.07 trillion, a price-to-earnings ratio of 25.65, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. During the same quarter last year, the company earned $1.44 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. Equities research analysts forecast that Alphabet Inc. will post 7.63 EPS for the current fiscal year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.48%. Alphabet’s payout ratio is 12.27%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the sale, the chief executive officer now directly owns 2,129,306 shares of the company’s stock, valued at $355,743,153.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the sale, the chief executive officer now owns 2,129,306 shares in the company, valued at approximately $355,743,153.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 217,592 shares of company stock valued at $35,922,911. Insiders own 12.99% of the company’s stock.

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.