Alphabet Inc. $GOOG Shares Bought by Chemung Canal Trust Co.

Chemung Canal Trust Co. grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 3.6% during the 1st quarter, HoldingsChannel reports. The firm owned 55,608 shares of the information services provider’s stock after buying an additional 1,943 shares during the quarter. Alphabet accounts for about 3.2% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 6th biggest holding. Chemung Canal Trust Co.’s holdings in Alphabet were worth $15,952,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Imprint Wealth LLC purchased a new stake in Alphabet during the third quarter worth $31,000. Nvest Wealth Strategies Inc. acquired a new stake in Alphabet during the fourth quarter valued at $38,000. Lifetime Wealth Management P.C. purchased a new position in Alphabet in the fourth quarter valued at $38,000. Bard Associates Inc. purchased a new position in Alphabet in the fourth quarter valued at $41,000. Finally, Towne Trust Company N.A raised its position in shares of Alphabet by 34.0% in the fourth quarter. Towne Trust Company N.A now owns 134 shares of the information services provider’s stock worth $42,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $341.72, for a total value of $153,432.28. Following the sale, the chief accounting officer directly owned 27,348 shares of the company’s stock, valued at $9,345,358.56. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 112 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total value of $39,343.36. Following the sale, the director owned 18,833 shares of the company’s stock, valued at $6,615,656.24. The trade was a 0.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 160,465 shares of company stock valued at $8,020,511. 12.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GOOG shares. JPMorgan Chase & Co. raised their target price on Alphabet from $395.00 to $460.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. TD Cowen upped their price target on Alphabet from $450.00 to $475.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Oppenheimer increased their price target on Alphabet from $425.00 to $445.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Needham & Company LLC set a $400.00 price objective on Alphabet and gave the company a “buy” rating in a report on Friday, March 13th. Finally, Phillip Securities lowered Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Wednesday, April 15th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $376.78.

Alphabet Stock Up 1.3%

Shares of NASDAQ GOOG opened at $357.89 on Thursday. The firm has a market cap of $4.34 trillion, a price-to-earnings ratio of 27.30, a price-to-earnings-growth ratio of 1.51 and a beta of 1.23. The company’s 50-day simple moving average is $367.43 and its 200-day simple moving average is $332.84. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 52-week low of $173.88 and a 52-week high of $404.47.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, April 30th. The information services provider reported $5.11 earnings per share for the quarter, topping the consensus estimate of $2.68 by $2.43. The firm had revenue of $109.90 billion during the quarter, compared to the consensus estimate of $106.96 billion. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.81 EPS. Equities analysts predict that Alphabet Inc. will post 14.3 EPS for the current fiscal year.

Alphabet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 8th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, June 8th. This is an increase from Alphabet’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. Alphabet’s payout ratio is currently 6.71%.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet’s inclusion in the Dow Jones Industrial Average is drawing passive fund flows and reinforcing its status as a blue-chip tech leader. Reuters: Alphabet debuts in Dow Jones Industrial Average as index tilts toward tech
• Positive Sentiment: New AI product launches, including Nano Banana 2 Lite and Gemini Omni, suggest Alphabet is still pushing harder on cheaper, faster AI tools that could boost adoption and competitiveness. TechCrunch: Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
• Positive Sentiment: FactSet’s strategic partnership with Google Cloud adds another enterprise validation point for Alphabet’s AI and cloud strategy. Yahoo Finance: FactSet Announces Strategic Partnership with Google Cloud to Bring Advanced AI to Financial Intelligence
• Positive Sentiment: Wall Street commentary remains broadly bullish, with multiple analysts reiterating buy ratings and raising price targets, supporting the idea that recent weakness may be a buying opportunity.
• Neutral Sentiment: Google exceeded its $1 billion Africa investment target, which is strategically positive but not likely a near-term earnings driver. Reuters: Google has exceeded $1 billion Africa investment target
• Neutral Sentiment: Several reports highlighted strong long-term AI and cloud upside, but these were largely reiterations of an already bullish thesis rather than new catalysts.
• Negative Sentiment: A Swedish court ordered Google to pay nearly $2 billion in antitrust damages to Klarna’s PriceRunner unit, renewing regulatory pressure on Alphabet’s search and shopping businesses. Reuters: Swedish court says Google is to pay $1.5 billion to Klarna in antitrust damages
• Negative Sentiment: Alphabet insiders continued to sell shares, including director Frances Arnold and president John Kent Walker, which can weigh on investor sentiment even if the sales were routine. SEC filing: Alphabet insider transaction
• Negative Sentiment: Investors are also worried about Alphabet’s heavy AI infrastructure spending and compute-capacity constraints, which could pressure margins in the near term. Yahoo Finance: Alphabet Could Add 9 GW of Compute Capacity in 2028, Morgan Stanley Says

Alphabet Company Profile

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.