Wedbush Comments on Alphabet Inc.’s Q2 2024 Earnings (NASDAQ:GOOG)

Alphabet Inc. (NASDAQ:GOOG) – Equities researchers at Wedbush upped their Q2 2024 earnings estimates for Alphabet in a research report issued on Monday, July 22nd. Wedbush analyst S. Devitt now expects that the information services provider will post earnings per share of $1.86 for the quarter, up from their prior estimate of $1.85. The consensus estimate for Alphabet’s current full-year earnings is $7.62 per share. Wedbush also issued estimates for Alphabet’s FY2024 earnings at $7.49 EPS.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.44 earnings per share.

Several other equities research analysts also recently weighed in on GOOG. Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target for the company. in a research report on Friday, June 28th. Morgan Stanley reissued an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Stifel Nicolaus raised their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Oppenheimer raised their target price on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, TD Cowen raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Buy” and an average price target of $177.50.

Alphabet Price Performance

Shares of GOOG opened at $174.37 on Tuesday. The company has a market capitalization of $2.15 trillion, a P/E ratio of 26.74, a price-to-earnings-growth ratio of 1.35 and a beta of 1.05. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $180.86 and a 200 day moving average of $161.53. Alphabet has a twelve month low of $121.46 and a twelve month high of $193.31.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total transaction of $113,668.94. Following the transaction, the chief accounting officer now owns 29,284 shares in the company, valued at approximately $4,880,764.28. The disclosure for this sale can be found here. Insiders have sold 146,988 shares of company stock worth $26,068,355 in the last 90 days. 12.99% of the stock is currently owned by insiders.

Institutional Trading of Alphabet

Institutional investors and hedge funds have recently modified their holdings of the company. Partnership Wealth Management LLC bought a new stake in Alphabet in the 4th quarter valued at $26,000. Equitec Proprietary Markets LLC bought a new stake in Alphabet in the 4th quarter valued at $28,000. 1620 Investment Advisors Inc. bought a new stake in Alphabet in the 2nd quarter valued at $37,000. DiNuzzo Private Wealth Inc. bought a new stake in Alphabet in the 4th quarter valued at $32,000. Finally, Richardson Financial Services Inc. bought a new stake in Alphabet in the 4th quarter valued at $34,000. 27.26% of the stock is currently owned by institutional investors.

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.