CNB Bank Sells 1,776 Shares of Alphabet Inc. $GOOG

CNB Bank lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 7.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,030 shares of the information services provider’s stock after selling 1,776 shares during the period. Alphabet makes up 1.8% of CNB Bank’s holdings, making the stock its 9th largest position. CNB Bank’s holdings in Alphabet were worth $3,731,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MorganRosel Wealth Management LLC bought a new stake in shares of Alphabet in the 1st quarter worth $26,000. IFS Advisors LLC lifted its stake in Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after buying an additional 120 shares in the last quarter. Robbins Farley boosted its stake in Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock worth $28,000 after purchasing an additional 60 shares during the period. WestEnd Advisors LLC boosted its position in shares of Alphabet by 58.7% in the second quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock worth $29,000 after buying an additional 61 shares during the period. Finally, Fairman Group LLC boosted its position in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock worth $31,000 after acquiring an additional 97 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

NASDAQ:GOOG opened at $260.51 on Monday. The firm has a 50 day moving average of $237.33 and a 200-day moving average of $196.91. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $262.51. The stock has a market capitalization of $3.15 trillion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 1.76 and a beta of 1.00.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Mizuho raised Alphabet to a “strong-buy” rating in a research report on Monday, September 29th. Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Piper Sandler reaffirmed a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Scotiabank restated an “outperform” rating and set a $310.00 price target on shares of Alphabet in a research note on Thursday, October 16th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $249.68.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 over the last ninety days. 12.99% of the stock is owned by insiders.

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.