Wedbush Comments on Alphabet’s Q3 Earnings (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Research analysts at Wedbush increased their Q3 2024 earnings per share estimates for shares of Alphabet in a report issued 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 forecast of $1.75. 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 $7.65 per share. Wedbush also issued estimates for Alphabet’s Q4 2024 earnings at $2.00 EPS and FY2024 earnings at $7.58 EPS.

GOOGL has been the subject of several other reports. Tigress Financial boosted their price objective on Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a research report on Thursday, September 26th. Jefferies Financial Group lifted their price target on Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. DA Davidson initiated coverage on Alphabet in a research report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price target for the company. Mizuho lifted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, TD Securities increased their target price on shares of Alphabet from $200.00 to $220.00 in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Stock Up 1.6 %

NASDAQ:GOOGL opened at $165.27 on Monday. Alphabet has a 1 year low of $120.21 and a 1 year high of $191.75. The stock has a 50-day moving average price of $161.95 and a two-hundred day moving average price of $168.60. The stock has a market cap of $2.03 trillion, a price-to-earnings ratio of 23.71, a PEG ratio of 1.27 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s 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 sale, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were 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 $50,765,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock valued at $35,993,340 over the last ninety days. 11.55% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Christopher J. Hasenberg Inc grew its holdings in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares during the period. Tributary Capital Management LLC acquired a new position in shares of Alphabet during the first quarter valued at about $30,000. Kings Path Partners LLC bought a new position in shares of Alphabet during the 2nd quarter worth about $36,000. Denver PWM LLC bought a new stake in Alphabet in the 2nd quarter valued at about $41,000. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after buying an additional 109 shares during the period. 40.03% of the stock is 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.