Mutual of America Capital Management LLC Sells 11,356 Shares of Alphabet Inc. $GOOG

Key Points

• Mutual of America Capital Management LLC reduced its holdings in Alphabet Inc. by 2.1%, selling 11,356 shares, but still maintains a position worth approximately $95.5 million.
• Analysts have mixed views on Alphabet's shares, with six rating them as Strong Buy and a consensus price target of $246.26.
• Insider transactions reflect changes in confidence, as CAO Amie Thuener O'toole and CEO Sundar Pichai sold shares, collectively valued at over $8.7 million.

Mutual of America Capital Management LLC cut its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 538,313 shares of the information services provider's stock after selling 11,356 shares during the quarter. Alphabet comprises approximately 1.0% of Mutual of America Capital Management LLC's holdings, making the stock its 12th biggest position. Mutual of America Capital Management LLC's holdings in Alphabet were worth $95,491,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. RDA Financial Network grew its stake in shares of Alphabet by 5.3% in the second quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after buying an additional 554 shares in the last quarter. Tower View Wealth Management LLC boosted its position in Alphabet by 6.9% during the second quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock worth $4,904,000 after purchasing an additional 1,776 shares during the period. Oldfather Financial Services LLC bought a new position in Alphabet during the second quarter worth $213,000. Truist Financial Corp boosted its position in Alphabet by 0.4% during the second quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock worth $643,381,000 after purchasing an additional 15,065 shares during the period. Finally, Dock Street Asset Management Inc. boosted its position in Alphabet by 0.8% during the second quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider's stock worth $41,563,000 after purchasing an additional 1,970 shares during the period. 27.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GOOG shares. Citizens Jmp raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Piper Sandler reaffirmed a "neutral" rating on shares of Alphabet in a research report on Wednesday, July 9th. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Oppenheimer set a $300.00 price objective on shares of Alphabet and gave the stock an "outperform" rating in a research report on Monday. Six analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $246.26.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 over the last quarter. 12.99% of the stock is owned by corporate insiders.

Alphabet Trading Up 1.3%

Shares of Alphabet stock opened at $257.02 on Tuesday. The firm has a 50-day moving average of $233.29 and a 200-day moving average of $194.01. The stock has a market cap of $3.11 trillion, a PE ratio of 27.37, a PEG ratio of 1.72 and a beta of 1.00. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.88. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.89 earnings per share. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.

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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