Alphabet Inc. $GOOGL Stock Position Trimmed by Mechanics Financial Corp

Key Points

• Mechanics Financial Corp reduced its holdings in Alphabet Inc. by 7.6%, selling 1,680 shares and now owning a total of 20,313 shares worth approximately $3,580,000.
• Insider sales included 18,566 shares sold by director Kavitark Ram Shriram and 32,500 shares sold by CEO Sundar Pichai, resulting in a 7.09% and 1.27% decrease in their ownership stakes, respectively.
• JPMorgan Chase & Co. and Piper Sandler have raised their target prices on Alphabet, with current consensus indicating an average target of $244.62 and an overall strong buy outlook from analysts.

Mechanics Financial Corp lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 7.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,313 shares of the information services provider's stock after selling 1,680 shares during the period. Alphabet makes up 1.5% of Mechanics Financial Corp's holdings, making the stock its 14th largest position. Mechanics Financial Corp's holdings in Alphabet were worth $3,580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of GOOGL. Jmac Enterprises LLC raised its holdings in shares of Alphabet by 5.9% in the 2nd quarter. Jmac Enterprises LLC now owns 1,783 shares of the information services provider's stock worth $314,000 after purchasing an additional 100 shares in the last quarter. Cornell Pochily Investment Advisors Inc. grew its position in shares of Alphabet by 3.0% in the second quarter. Cornell Pochily Investment Advisors Inc. now owns 15,426 shares of the information services provider's stock valued at $2,718,000 after purchasing an additional 456 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its position in Alphabet by 17.2% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 39,863 shares of the information services provider's stock worth $7,025,000 after buying an additional 5,860 shares in the last quarter. Kennebec Savings Bank boosted its holdings in Alphabet by 6.3% during the second quarter. Kennebec Savings Bank now owns 15,797 shares of the information services provider's stock valued at $2,784,000 after purchasing an additional 942 shares in the last quarter. Finally, Sageworth Trust Co acquired a new stake in Alphabet in the 2nd quarter valued at $355,000. Institutional investors own 40.03% of the company's stock.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 18,566 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total value of $5,992,350.00. Following the completion of the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 276,738 shares of company stock worth $59,135,475 in the last 90 days. Insiders own 11.64% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on GOOGL. JPMorgan Chase & Co. boosted their price objective on Alphabet from $200.00 to $232.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Piper Sandler upped their target price on shares of Alphabet from $220.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Alphabet in a research report on Wednesday, September 3rd. Sanford C. Bernstein raised their price objective on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. Finally, Barclays boosted their price target on Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Five analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $244.62.

Alphabet Trading Down 1.3%

Shares of GOOGL stock opened at $241.53 on Friday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market cap of $2.92 trillion, a P/E ratio of 25.72, a PEG ratio of 1.65 and a beta of 1.00. The stock has a 50 day simple moving average of $225.37 and a two-hundred day simple moving average of $188.04.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

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.

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