Lingotto Investment Management LLP Buys Shares of 53,016 Alphabet Inc. (NASDAQ:GOOGL)

Lingotto Investment Management LLP purchased a new position in Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 53,016 shares of the information services provider’s stock, valued at approximately $7,406,000. Alphabet accounts for 0.4% of Lingotto Investment Management LLP’s portfolio, making the stock its 28th biggest position.

Several other hedge funds have also recently made changes to their positions in GOOGL. DiNuzzo Private Wealth Inc. purchased a new position in Alphabet in the fourth quarter worth about $38,000. Meritage Group LP lifted its stake in shares of Alphabet by 1,061.5% in the 3rd quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after purchasing an additional 276 shares during the period. Armor Investment Advisors LLC boosted its holdings in shares of Alphabet by 31.0% in the fourth quarter. Armor Investment Advisors LLC now owns 338 shares of the information services provider’s stock worth $47,000 after buying an additional 80 shares during the last quarter. IAG Wealth Partners LLC grew its position in Alphabet by 55.9% during the fourth quarter. IAG Wealth Partners LLC now owns 343 shares of the information services provider’s stock valued at $48,000 after buying an additional 123 shares during the period. Finally, Valued Wealth Advisors LLC purchased a new stake in Alphabet during the fourth quarter valued at approximately $55,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $148.78, for a total value of $3,347,550.00. Following the transaction, the chief executive officer now directly owns 2,310,191 shares of the company’s stock, valued at $343,710,216.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Ruth Porat sold 48,077 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $137.22, for a total value of $6,597,125.94. Following the completion of the transaction, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at approximately $243,854,485.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $148.78, for a total transaction of $3,347,550.00. Following the sale, the chief executive officer now directly owns 2,310,191 shares in the company, valued at approximately $343,710,216.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 205,835 shares of company stock worth $32,177,952. Corporate insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Tigress Financial boosted their price target on Alphabet from $176.00 to $210.00 and gave the company a “strong-buy” rating in a report on Friday, May 24th. Canaccord Genuity Group increased their target price on shares of Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Needham & Company LLC lifted their price target on shares of Alphabet from $160.00 to $210.00 and gave the company a “buy” rating in a report on Friday, April 26th. Wells Fargo & Company raised their price target on Alphabet from $141.00 to $168.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. Finally, Jefferies Financial Group upped their price objective on Alphabet from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Five equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $191.57.

Alphabet Price Performance

GOOGL opened at $175.41 on Thursday. The company has a market capitalization of $2.17 trillion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.31 and a beta of 1.01. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12-month low of $115.35 and a 12-month high of $178.77. The business’s fifty day simple moving average is $164.82 and its 200-day simple moving average is $149.09.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40. The firm had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $66.04 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. During the same quarter in the prior year, the company earned $1.17 EPS. On average, equities research analysts anticipate that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. The ex-dividend date is Monday, June 10th.

Alphabet 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.