Mechanics Bank Trust Department Raises Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Mechanics Bank Trust Department increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 8.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,911 shares of the information services provider’s stock after acquiring an additional 2,196 shares during the quarter. Mechanics Bank Trust Department’s holdings in Alphabet were worth $3,497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Alphabet during the first quarter worth $314,000. Jmac Enterprises LLC grew its holdings in shares of Alphabet by 6.0% during the first quarter. Jmac Enterprises LLC now owns 17,707 shares of the information services provider’s stock worth $1,842,000 after buying an additional 1,005 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Alphabet by 4.7% during the first quarter. Pinnacle Associates Ltd. now owns 392,090 shares of the information services provider’s stock worth $40,777,000 after buying an additional 17,471 shares in the last quarter. Meyer Handelman Co. grew its holdings in shares of Alphabet by 7.4% during the first quarter. Meyer Handelman Co. now owns 264,040 shares of the information services provider’s stock worth $27,460,000 after buying an additional 18,210 shares in the last quarter. Finally, Windward Capital Management Co. CA grew its holdings in shares of Alphabet by 2.1% during the first quarter. Windward Capital Management Co. CA now owns 317,199 shares of the information services provider’s stock worth $32,989,000 after buying an additional 6,615 shares in the last quarter. Hedge funds and other institutional investors own 27.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GOOG shares. Robert W. Baird upped their target price on shares of Alphabet from $123.00 to $140.00 in a report on Wednesday, July 26th. Wedbush initiated coverage on shares of Alphabet in a report on Monday, August 21st. They issued an “outperform” rating for the company. Susquehanna upped their price objective on shares of Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Finally, Oppenheimer upped their price objective on shares of Alphabet from $145.00 to $160.00 in a report on Wednesday, July 26th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alphabet presently has an average rating of “Buy” and an average target price of $130.94.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $137.30, for a total transaction of $27,460.00. Following the sale, the director now directly owns 7,584 shares in the company, valued at $1,041,283.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $137.30, for a total transaction of $27,460.00. Following the sale, the director now directly owns 7,584 shares in the company, valued at $1,041,283.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Kent Walker sold 42,900 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $136.51, for a total transaction of $5,856,279.00. Following the sale, the insider now owns 10,383 shares in the company, valued at $1,417,383.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,092 shares of company stock worth $12,221,941. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Up 0.5 %

Shares of GOOG opened at $138.96 on Tuesday. The stock has a market capitalization of $1.75 trillion, a PE ratio of 29.44, a P/E/G ratio of 1.60 and a beta of 1.06. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $139.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The company’s 50-day simple moving average is $130.22 and its 200-day simple moving average is $118.50.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 earnings per share. Analysts forecast that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

Alphabet Company Profile

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.