CNB Bank Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

CNB Bank grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,898.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,414 shares of the information services provider’s stock after buying an additional 7,043 shares during the period. CNB Bank’s holdings in Alphabet were worth $709,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GOOGL. Bornite Capital Management LP purchased a new position in shares of Alphabet in the first quarter valued at $16,688,000. Markel Corp raised its position in Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after purchasing an additional 2,250 shares during the period. United Bank lifted its stake in shares of Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after acquiring an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after purchasing an additional 61,427 shares during the period. Finally, Dakota Wealth Management grew its stake in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after acquiring an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the subject of several recent research reports. Jefferies Financial Group restated a “buy” rating and issued a $130.00 price target on shares of Alphabet in a report on Friday, February 10th. JMP Securities restated a “market outperform” rating and set a $132.00 price objective on shares of Alphabet in a report on Friday, February 3rd. Evercore ISI dropped their price target on Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 21st. Morgan Stanley raised their target price on shares of Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Finally, Truist Financial decreased their price target on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a report on Friday, February 3rd. Five investment analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.32.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $91.11 on Tuesday. The business has a 50 day simple moving average of $94.25 and a 200-day simple moving average of $96.41. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $143.79. The company has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 20.02, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion for the quarter, compared to analyst estimates of $63.15 billion. During the same period last year, the company posted $1.53 earnings per share. As a group, equities research analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $89.24, for a total transaction of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,008,412. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total value of $57,425.55. Following the completion of the sale, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at approximately $2,293,596.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann Mather sold 380 shares of the company’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the sale, the director now directly owns 11,300 shares of the company’s stock, valued at $1,008,412. The disclosure for this sale can be found here. Insiders have sold 36,745 shares of company stock valued at $3,424,078 over the last quarter. Insiders own 11.44% of the company’s stock.

About Alphabet

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.