Alphabet FY2024 EPS Forecast Increased by Cantor Fitzgerald

Alphabet Inc. (NASDAQ:GOOG) – Stock analysts at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for Alphabet in a research report issued to clients and investors on Wednesday, October 30th. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the information services provider will earn $7.96 per share for the year, up from their previous estimate of $7.79. Cantor Fitzgerald has a “Hold” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same quarter in the prior year, the business posted $1.55 EPS. The business’s revenue was up 15.1% compared to the same quarter last year.

Several other equities analysts have also issued reports on the company. Wells Fargo & Company upped their target price on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday. DA Davidson raised Alphabet to a “hold” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday. Canaccord Genuity Group increased their price target on shares of Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, UBS Group lifted their price objective on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $200.56.

Alphabet Trading Down 2.0 %

NASDAQ:GOOG opened at $172.69 on Thursday. Alphabet has a 52 week low of $123.93 and a 52 week high of $193.31. The firm has a 50-day moving average price of $163.71 and a two-hundred day moving average price of $170.32. 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 firm has a market cap of $2.13 trillion, a price-to-earnings ratio of 26.49, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04.

Institutional Trading of Alphabet

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

Insider Activity at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of Alphabet stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction 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 completion of the sale, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 219,744 shares of company stock worth $35,878,764. 12.99% of the stock is owned by company insiders.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s payout ratio is currently 12.27%.

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.