Torno Capital LLC Acquires New Holdings in Alphabet Inc. $GOOGL

Key Points

• Torno Capital LLC has acquired a new position in Alphabet Inc., purchasing 145,000 shares valued at approximately $22.42 million, making it the firm's largest holding at 5.8% of its portfolio.
• Institutional investors, including Vanguard Group Inc. and Wellington Management Group LLP, have recently increased their stakes in Alphabet, reflecting growing confidence in the company's performance.
• Alphabet reported earnings of $2.31 per share for its last quarter, exceeding estimates, with total revenue reaching $96.43 billion, and has declared a quarterly dividend of $0.21 per share.

Torno Capital LLC purchased a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 145,000 shares of the information services provider's stock, valued at approximately $22,423,000. Alphabet accounts for 5.8% of Torno Capital LLC's holdings, making the stock its largest position.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after purchasing an additional 14,307,345 shares in the last quarter. Wellington Management Group LLP lifted its stake in Alphabet by 15.9% in the fourth quarter. Wellington Management Group LLP now owns 66,050,135 shares of the information services provider's stock valued at $12,503,291,000 after buying an additional 9,042,271 shares during the period. Invesco Ltd. raised its position in shares of Alphabet by 1.4% during the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares during the period. Deutsche Bank AG grew its holdings in shares of Alphabet by 1.9% during the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after buying an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Alphabet by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after buying an additional 104,859 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Insiders Place Their Bets

In related news, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the transaction, the director directly owned 240,400 shares in the company, valued at $44,656,704. The trade was a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total value of $122,274.00. Following the sale, the director directly owned 6,316 shares of the company's stock, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,608 shares of company stock valued at $47,204,035. Insiders own 11.64% of the company's stock.

Alphabet Price Performance

Shares of GOOGL opened at $211.64 on Friday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $212.22. The business has a 50-day simple moving average of $189.51 and a two-hundred day simple moving average of $173.92. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market cap of $2.56 trillion, a PE ratio of 22.54, a PEG ratio of 1.40 and a beta of 1.01.

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

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. KeyCorp raised their price target on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Citigroup lifted their target price on Alphabet from $203.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Stifel Nicolaus lifted their price target on Alphabet from $200.00 to $218.00 and gave the stock a "buy" rating in a report on Tuesday, July 22nd. Bank of America lifted their price target on Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Needham & Company LLC reissued a "buy" rating and set a $220.00 price target on shares of Alphabet in a report on Thursday, August 21st. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Alphabet currently has an average rating of "Moderate Buy" and an average target price of $211.53.

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

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