Alphabet Inc. (NASDAQ:GOOGL – Free Report) – Research analysts at DA Davidson lifted their FY2024 earnings estimates for Alphabet in a report released on Wednesday, October 30th. DA Davidson analyst G. Luria now forecasts that the information services provider will post earnings per share of $7.93 for the year, up from their previous estimate of $7.62. DA Davidson currently has a “Neutral” rating and a $170.00 price target on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share. DA Davidson also issued estimates for Alphabet’s Q4 2024 earnings at $2.03 EPS and FY2025 earnings at $8.75 EPS.
Several other equities research analysts have also issued reports on GOOGL. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Scotiabank raised Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Pivotal Research upped their target price on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI raised their target price on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Sanford C. Bernstein upped their price target on Alphabet from $180.00 to $185.00 and gave the stock a “market perform” rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $205.51.
Alphabet Stock Up 2.8 %
Shares of NASDAQ:GOOGL opened at $174.46 on Thursday. Alphabet has a 1 year low of $122.68 and a 1 year high of $191.75. The stock has a 50-day simple moving average of $162.17 and a 200-day simple moving average of $168.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock has a market capitalization of $2.16 trillion, a P/E ratio of 26.76, a PEG ratio of 1.27 and a beta of 1.04.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter last year, the firm earned $1.55 earnings per share.
Alphabet Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio is currently 12.27%.
Insider Buying and Selling at Alphabet
In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock valued at $35,993,340 in the last quarter. Corporate insiders own 11.55% of the company’s stock.
Hedge Funds Weigh In On Alphabet
A number of hedge funds have recently modified their holdings of the stock. Burns J W & Co. Inc. NY raised its position in Alphabet by 7.4% during the first quarter. Burns J W & Co. Inc. NY now owns 24,861 shares of the information services provider’s stock valued at $3,752,000 after buying an additional 1,720 shares during the period. Grimes & Company Inc. grew its position in Alphabet by 1.6% during the first quarter. Grimes & Company Inc. now owns 176,121 shares of the information services provider’s stock valued at $26,582,000 after purchasing an additional 2,727 shares in the last quarter. Saratoga Research & Investment Management increased its stake in Alphabet by 19.1% in the 1st quarter. Saratoga Research & Investment Management now owns 1,001,128 shares of the information services provider’s stock valued at $151,100,000 after buying an additional 160,884 shares during the period. First Bank & Trust boosted its stake in shares of Alphabet by 2.5% during the 1st quarter. First Bank & Trust now owns 9,694 shares of the information services provider’s stock valued at $1,463,000 after buying an additional 239 shares during the period. Finally, Baker Ellis Asset Management LLC grew its holdings in shares of Alphabet by 5.7% during the 1st quarter. Baker Ellis Asset Management LLC now owns 21,355 shares of the information services provider’s stock valued at $3,223,000 after acquiring an additional 1,150 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.
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.
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