FY2024 EPS Estimates for Alphabet Increased by William Blair

Alphabet Inc. (NASDAQ:GOOGL) – Stock analysts at William Blair lifted their FY2024 EPS estimates for Alphabet in a report released on Tuesday, October 29th. William Blair analyst R. Schackart now expects that the information services provider will post earnings per share of $7.94 for the year, up from their previous forecast of $7.63. The consensus estimate for Alphabet’s current full-year earnings is $7.85 per share. William Blair also issued estimates for Alphabet’s Q4 2024 earnings at $2.05 EPS, Q1 2025 earnings at $1.98 EPS, Q3 2025 earnings at $2.19 EPS, Q4 2025 earnings at $2.27 EPS and FY2025 earnings at $8.54 EPS.

Alphabet (NASDAQ:GOOGL) last issued 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. The company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter in the previous year, the company earned $1.55 earnings per share.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley lifted their target price on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. China Renaissance upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Thursday. Truist Financial boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Guggenheim boosted their price objective on shares of Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $205.51.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $171.29 on Friday. Alphabet has a 12 month low of $126.93 and a 12 month high of $191.75. The stock has a market cap of $2.11 trillion, a P/E ratio of 22.72, a P/E/G ratio of 1.29 and a beta of 1.04. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $162.43 and a 200 day moving average of $168.91.

Hedge Funds Weigh In On Alphabet

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Alphabet by 0.8% during the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock valued at $75,144,172,000 after purchasing an additional 4,064,073 shares in the last quarter. Capital Research Global Investors lifted its holdings in Alphabet by 14.4% during the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after purchasing an additional 7,275,757 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Alphabet by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider’s stock valued at $9,011,412,000 after purchasing an additional 238,403 shares in the last quarter. Capital World Investors lifted its holdings in Alphabet by 1.7% during the first quarter. Capital World Investors now owns 35,412,299 shares of the information services provider’s stock valued at $5,344,778,000 after purchasing an additional 597,756 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Alphabet by 1.8% during the second quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider’s stock valued at $4,274,184,000 after purchasing an additional 418,204 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’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 sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the sale, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’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 transaction of $109,420.08. Following the completion of the transaction, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 230,244 shares of company stock valued at $37,776,954 in the last 90 days. 11.55% of the stock is currently owned by insiders.

Alphabet Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.47%. Alphabet’s dividend payout ratio is currently 10.61%.

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.