Equities Analysts Set Expectations for Alphabet Q3 Earnings

Alphabet Inc. (NASDAQ:GOOG) – Equities research analysts at Wedbush increased their Q3 2024 earnings per share estimates for Alphabet in a research note issued to investors on Wednesday, October 23rd. Wedbush analyst S. Devitt now forecasts that the information services provider will earn $1.81 per share for the quarter, up from their prior estimate of $1.75. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share. Wedbush also issued estimates for Alphabet’s Q4 2024 earnings at $2.00 EPS and FY2024 earnings at $7.58 EPS.

Several other research firms also recently commented on GOOG. Cantor Fitzgerald raised shares of Alphabet to a “hold” rating in a report on Thursday, September 5th. Oppenheimer cut their price target on Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Pivotal Research initiated coverage on Alphabet in a report on Tuesday, October 1st. They issued a “buy” rating and a $215.00 price objective for the company. UBS Group lowered their target price on Alphabet from $204.00 to $187.00 and set a “neutral” rating on the stock in a research note on Monday, October 7th. Finally, DA Davidson upgraded Alphabet to a “hold” rating in a research report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $186.90.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $166.99 on Monday. Alphabet has a 52 week low of $121.46 and a 52 week high of $193.31. The business’s 50 day moving average price is $163.35 and its 200 day moving average price is $170.12. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.06 trillion, a P/E ratio of 23.96, a P/E/G ratio of 1.27 and a beta of 1.04.

Insiders Place Their Bets

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total value of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at $4,421,948.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 220,426 shares of company stock worth $35,993,340. Corporate insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Institutional investors have recently bought and sold shares of the company. Abich Financial Wealth Management LLC lifted its holdings in Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Alphabet in the 2nd quarter valued at $37,000. HWG Holdings LP purchased a new position in shares of Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet during the 2nd quarter worth about $44,000. Finally, Hoese & Co LLP raised its holdings in Alphabet by 62.5% in the 2nd quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares during the period. 27.26% of the stock is owned by hedge funds and other 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.