Is it ‘Take Profit’ Time for Alphabet Inc. (GOOG)?

Giverny Capital, an asset management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly net return of 0.53% was delivered by the fund for the third quarter of 2021, slightly below its benchmark, the S&P 500 Index, which delivered a 0.58% gain for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Giverny Capital Asset Management, in its Q3 2021 investor letter, mentioned Alphabet Inc. (NASDAQ: GOOG) and discussed its stance on the firm. Alphabet Inc. is a Mountain View, California-based multinational technology conglomerate holding company with a $1.9 trillion market capitalization. GOOG delivered a 67.91% return since the beginning of the year, while its 12-month returns are up by 69.56%. The stock closed at $2941.57 per share on November 22, 2021.

Here is what Giverny Capital Asset Management has to say about Alphabet Inc. in its Q3 2021 investor letter:

“During the quarter we trimmed two positions, (which includes) Alphabet, after significant run-ups. Alphabet remains our largest holding at a 9% weight. When it rose above a 10% weight in late July, we brought it down a bit. I won’t automatically trim a position when it reaches the 10% threshold, but Alphabet nearly doubled from the summer of 2020 to 2021 and it felt responsible to take some gains.”

Pixabay/Public Domain

Based on our calculations, Alphabet Inc. (NASDAQ: GOOG) ranks 5th in our list of the 30 Most Popular Stocks Among Hedge Funds. GOOG was in 156 hedge fund portfolios at the end of the third quarter of 2021, compared to 155 funds in the previous quarter. Alphabet Inc. (NASDAQ: GOOG) delivered a 4.24% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.