Canandaigua National Bank & Trust Co. Has $9.90 Million Position in Alphabet Inc. (NASDAQ:GOOG)

Canandaigua National Bank & Trust Co. reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 7.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 65,009 shares of the information services provider’s stock after selling 5,208 shares during the period. Alphabet comprises about 1.5% of Canandaigua National Bank & Trust Co.’s investment portfolio, making the stock its 12th biggest position. Canandaigua National Bank & Trust Co.’s holdings in Alphabet were worth $9,898,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Bruce G. Allen Investments LLC bought a new position in Alphabet during the 4th quarter valued at about $26,000. Partnership Wealth Management LLC bought a new position in Alphabet during the 4th quarter valued at about $26,000. Equitec Proprietary Markets LLC bought a new position in Alphabet during the 4th quarter valued at about $28,000. DiNuzzo Private Wealth Inc. bought a new position in Alphabet during the 4th quarter valued at about $32,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new position in Alphabet during the 4th quarter valued at about $34,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GOOG shares. Oppenheimer lifted their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Finally, Stifel Nicolaus boosted their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $165.67.

Alphabet Trading Down 1.3 %

GOOG opened at $176.45 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.15. The company has a market cap of $2.18 trillion, a price-to-earnings ratio of 27.06, a price-to-earnings-growth ratio of 1.33 and a beta of 1.01. The firm has a 50 day simple moving average of $170.48 and a 200 day simple moving average of $153.13. Alphabet Inc. has a fifty-two week low of $115.83 and a fifty-two week high of $182.08.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.38. The business had revenue of $80.54 billion during the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. Alphabet’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.17 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 7.69 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a — dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 10th. Alphabet’s dividend payout ratio (DPR) is 12.27%.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $155.67, for a total transaction of $3,502,575.00. Following the completion of the sale, the chief executive officer now directly owns 2,325,513 shares of the company’s stock, valued at $362,012,608.71. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $155.67, for a total transaction of $3,502,575.00. Following the completion of the transaction, the chief executive officer now owns 2,325,513 shares in the company, valued at $362,012,608.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Kent Walker sold 12,084 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $151.19, for a total transaction of $1,826,979.96. Following the transaction, the insider now owns 48,717 shares of the company’s stock, valued at approximately $7,365,523.23. The disclosure for this sale can be found here. Insiders sold a total of 135,958 shares of company stock valued at $22,383,553 over the last ninety days. 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.