Alphabet Inc. (NASDAQ:GOOGL) to Post FY2024 Earnings of $7.79 Per Share, Cantor Fitzgerald Forecasts

Alphabet Inc. (NASDAQ:GOOGL) – Cantor Fitzgerald lifted their FY2024 earnings estimates for Alphabet in a research note issued on Monday, October 7th. Cantor Fitzgerald analyst D. Mathivanan now expects that the information services provider will earn $7.79 per share for the year, up from their previous forecast of $7.69. Cantor Fitzgerald has a “Neutral” rating and a $190.00 price target on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share.

Several other equities research analysts also recently commented on GOOGL. Wedbush reissued an “outperform” rating and issued a $205.00 target price on shares of Alphabet in a report on Thursday, September 5th. Guggenheim increased their target price on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial restated a “buy” rating and set a $196.00 price target on shares of Alphabet in a report on Monday, September 16th. Royal Bank of Canada raised their price objective on Alphabet from $200.00 to $204.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley lowered their price objective on Alphabet from $205.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.95.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $163.24 on Thursday. The business has a 50 day moving average of $161.44 and a 200 day moving average of $167.54. The company has a market capitalization of $2.01 trillion, a price-to-earnings ratio of 23.45, a PEG ratio of 1.21 and a beta of 1.04. Alphabet has a 1-year low of $120.21 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.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. The company had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same quarter last year, the firm posted $1.44 EPS.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, September 9th. Alphabet’s payout ratio is 11.48%.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the transaction, the chief executive officer now directly owns 2,204,885 shares in the company, valued at $403,141,173.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on 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 approximately $50,765,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total value of $4,113,900.00. Following the transaction, the chief executive officer now directly owns 2,204,885 shares of the company’s stock, valued at $403,141,173.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 216,092 shares of company stock valued at $35,644,136 over the last three months. 11.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphabet

Large investors have recently bought and sold shares of the business. Christopher J. Hasenberg Inc lifted its holdings in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. Tributary Capital Management LLC purchased a new position in Alphabet in the 1st quarter worth approximately $30,000. Kings Path Partners LLC purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $41,000. Finally, CarsonAllaria Wealth Management Ltd. raised its holdings in shares of 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 acquiring an additional 109 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

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.