Chemung Canal Trust Co. Sells 1,214 Shares of Alphabet Inc. (NASDAQ:GOOG)

Chemung Canal Trust Co. trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGFree Report) by 1.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 66,290 shares of the information services provider’s stock after selling 1,214 shares during the quarter. Alphabet makes up about 2.6% of Chemung Canal Trust Co.’s holdings, making the stock its 8th largest position. Chemung Canal Trust Co.’s holdings in Alphabet were worth $12,624,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. M&G PLC purchased a new stake in shares of Alphabet in the third quarter valued at about $2,240,000. Coldstream Capital Management Inc. grew its position in Alphabet by 14.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 116,776 shares of the information services provider’s stock worth $19,642,000 after purchasing an additional 14,738 shares in the last quarter. Metis Global Partners LLC increased its stake in Alphabet by 1.4% in the 3rd quarter. Metis Global Partners LLC now owns 301,980 shares of the information services provider’s stock valued at $50,488,000 after buying an additional 4,292 shares during the last quarter. Stevens Capital Management LP lifted its position in shares of Alphabet by 172.9% during the 3rd quarter. Stevens Capital Management LP now owns 91,237 shares of the information services provider’s stock worth $15,254,000 after buying an additional 57,810 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in shares of Alphabet by 10.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 63,545 shares of the information services provider’s stock worth $10,624,000 after buying an additional 5,892 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $193.64 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. Alphabet Inc. has a fifty-two week low of $131.55 and a fifty-two week high of $203.84. The stock has a market cap of $2.37 trillion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 1.27 and a beta of 0.99. The stock has a fifty day moving average of $187.95 and a 200-day moving average of $175.08.

Alphabet (NASDAQ:GOOGGet Free Report) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the previous year, the firm earned $1.55 EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 1,367 shares of Alphabet stock in a transaction on Friday, November 1st. The stock was sold at an average price of $171.42, for a total transaction of $234,331.14. Following the completion of the sale, the chief accounting officer now owns 26,349 shares of the company’s stock, valued at approximately $4,516,745.58. This trade represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frances Arnold sold 441 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the completion of the transaction, the director now owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,387 shares of company stock valued at $24,368,654. Corporate insiders own 12.99% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of research analyst reports. Citigroup increased their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer lifted their target price on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Pivotal Research increased their price target on shares of Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group boosted their target price on shares of Alphabet from $187.00 to $192.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $205.13.

Check Out Our Latest Stock Analysis on GOOG

Alphabet Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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