Cantor Fitzgerald Predicts Stronger Earnings for Alphabet

Alphabet Inc. (NASDAQ:GOOGL) – Stock analysts at Cantor Fitzgerald lifted their FY2024 earnings estimates for Alphabet in a note issued to investors on Wednesday, October 30th. Cantor Fitzgerald analyst D. Mathivanan now expects that the information services provider will post earnings of $7.96 per share for the year, up from their prior forecast of $7.79. Cantor Fitzgerald has a “Neutral” rating and a $190.00 price objective on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share.

GOOGL has been the subject of several other research reports. Bank of America lifted their price objective on Alphabet from $206.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho boosted their price target on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Roth Mkm upped their price target on shares of Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group lifted their price objective on shares of Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Tigress Financial increased their target price on Alphabet from $210.00 to $220.00 and gave the stock a “strong-buy” rating in a research report on Thursday, September 26th. Seven investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.51.

Alphabet Stock Performance

Shares of GOOGL opened at $171.11 on Thursday. Alphabet has a 1 year low of $122.68 and a 1 year high of $191.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The stock’s fifty day moving average price is $162.32 and its two-hundred day moving average price is $168.79. The firm has a market cap of $2.11 trillion, a PE ratio of 26.24, a PEG ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $88.27 billion for the quarter, compared to the consensus estimate of $72.85 billion. During the same quarter in the prior year, the business earned $1.55 earnings per share.

Hedge Funds Weigh In On Alphabet

A number of hedge funds have recently modified their holdings of the company. Christopher J. Hasenberg Inc raised its position in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Kings Path Partners LLC purchased a new position in shares of Alphabet during the second quarter valued at approximately $36,000. Tributary Capital Management LLC bought a new position in shares of Alphabet during the first quarter valued at approximately $30,000. Denver PWM LLC purchased a new stake in Alphabet in the second quarter worth $41,000. Finally, Quarry LP bought a new stake in Alphabet in the second quarter valued at $53,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the 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 sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 219,744 shares of company stock worth $35,878,764. 11.55% of the stock is currently owned by insiders.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Alphabet Company Profile

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.