Trinity Street Asset Management LLP Makes New Investment in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jun 23rd, 2023

Trinity Street Asset Management LLP bought a new stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 175,645 shares of the information services provider’s stock, valued at approximately $18,219,000. Alphabet comprises 2.0% of Trinity Street Asset Management LLP’s holdings, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. VitalStone Financial LLC purchased a new position in shares of Alphabet during the 4th quarter worth $25,000. Live Oak Investment Partners purchased a new position in Alphabet during the fourth quarter worth about $26,000. McElhenny Sheffield Capital Management LLC purchased a new position in Alphabet during the fourth quarter worth about $33,000. Sanctuary Wealth Management L.L.C. purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $34,000. Finally, TFO TDC LLC increased its holdings in shares of Alphabet by 952.6% during the 3rd quarter. TFO TDC LLC now owns 400 shares of the information services provider’s stock worth $38,000 after buying an additional 362 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of Alphabet stock opened at $123.15 on Friday. The firm’s fifty day simple moving average is $116.41 and its 200-day simple moving average is $102.95. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $129.04. The stock has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 27.43, a PEG ratio of 1.57 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same period in the prior year, the company earned $1.23 earnings per share. As a group, equities analysts forecast that Alphabet Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GOOGL shares. Truist Financial increased their price objective on Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. JMP Securities restated a “market outperform” rating and issued a $132.00 price objective on shares of Alphabet in a report on Thursday, March 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 target price on shares of Alphabet in a research note on Monday, April 3rd. 1-800-FLOWERS.COM reissued a “downgrade” rating on shares of Alphabet in a research note on Monday, May 15th. Finally, Jefferies Financial Group increased their price objective on shares of Alphabet from $130.00 to $150.00 in a research report on Tuesday, May 23rd. Five analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

Insider Buying and Selling at Alphabet

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the business’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $12.72, for a total value of $347,128.80. Following the transaction, the insider now directly owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of Alphabet stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $12.72, for a total value of $347,128.80. Following the sale, the insider now owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the transaction, the director now directly owns 5,740 shares of the company’s stock, valued at $721,231. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,930 shares of company stock worth $29,996,488. 0.88% of the stock is currently owned by insiders.

About Alphabet

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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.

Further Reading

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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