Q2 2024 Earnings Estimate for Alphabet Inc. Issued By Wedbush (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Wedbush lifted their Q2 2024 earnings estimates for Alphabet in a report issued on Thursday, April 25th. Wedbush analyst S. Devitt now forecasts that the information services provider will earn $1.85 per share for the quarter, up from their previous estimate of $1.67. Wedbush currently has a “Outperform” rating and a $205.00 target price on the stock. The consensus estimate for Alphabet’s current full-year earnings is $6.82 per share. Wedbush also issued estimates for Alphabet’s Q3 2024 earnings at $1.78 EPS, Q4 2024 earnings at $1.96 EPS and FY2025 earnings at $8.25 EPS.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. During the same period in the prior year, the business earned $1.17 EPS.

Other research analysts have also recently issued reports about the company. Evercore ISI boosted their target price on Alphabet from $160.00 to $220.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. KeyCorp boosted their price objective on Alphabet from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Roth Mkm upped their target price on shares of Alphabet from $164.00 to $202.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Jefferies Financial Group lifted their price target on shares of Alphabet from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Piper Sandler reissued an “overweight” rating and issued a $200.00 price objective (up from $160.00) on shares of Alphabet in a research report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating, thirty have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $189.74.

Alphabet Stock Down 2.0 %

Alphabet stock opened at $162.78 on Monday. The firm has a market capitalization of $2.02 trillion, a P/E ratio of 24.97, a P/E/G ratio of 1.57 and a beta of 1.05. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. Alphabet has a twelve month low of $103.71 and a twelve month high of $174.71. The stock’s fifty day simple moving average is $148.80 and its 200-day simple moving average is $141.79.

Hedge Funds Weigh In On Alphabet

Large investors have recently modified their holdings of the business. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Alphabet in the fourth quarter valued at about $30,000. Tributary Capital Management LLC acquired a new stake in shares of Alphabet during the 1st quarter valued at approximately $30,000. DiNuzzo Private Wealth Inc. purchased a new stake in shares of Alphabet during the 4th quarter worth approximately $38,000. Meritage Group LP grew its holdings 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 acquiring an additional 276 shares during the period. Finally, Macroview Investment Management LLC increased its stake in Alphabet by 165.8% in the 3rd quarter. Macroview Investment Management LLC now owns 319 shares of the information services provider’s stock valued at $42,000 after purchasing an additional 199 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the sale, the director now directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $146.29, for a total transaction of $3,291,525.00. Following the transaction, the chief executive officer now directly owns 2,377,691 shares in the company, valued at $347,832,416.39. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 2,100 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The disclosure for this sale can be found here. Insiders have sold a total of 253,289 shares of company stock valued at $36,724,534 over the last quarter. 0.88% of the stock is currently owned by insiders.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, June 10th.

About Alphabet

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.