Alphabet FY2024 EPS Forecast Increased by Seaport Res Ptn

Alphabet Inc. (NASDAQ:GOOGL) – Seaport Res Ptn increased their FY2024 earnings per share estimates for Alphabet in a research report issued to clients and investors on Tuesday, October 29th. Seaport Res Ptn analyst A. Kessler now anticipates that the information services provider will post earnings of $8.02 per share for the year, up from their previous estimate of $7.70. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share. Seaport Res Ptn also issued estimates for Alphabet’s Q4 2024 earnings at $2.13 EPS, Q1 2025 earnings at $2.02 EPS, Q2 2025 earnings at $2.12 EPS, Q3 2025 earnings at $2.23 EPS, Q4 2025 earnings at $2.36 EPS and FY2025 earnings at $8.73 EPS.

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

Several other brokerages have also issued reports on GOOGL. KeyCorp boosted their target price on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Wednesday. TD Securities increased their target price on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. BMO Capital Markets reissued an “outperform” rating and issued a $217.00 price target (up previously from $215.00) on shares of Alphabet in a research report on Wednesday. Wolfe Research assumed coverage on shares of Alphabet in a report on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price objective for the company. Finally, Bank of America raised their price target on Alphabet from $206.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $205.51.

Alphabet Trading Up 2.8 %

NASDAQ:GOOGL opened at $174.46 on Thursday. The firm’s 50 day moving average is $162.17 and its 200 day moving average is $168.78. Alphabet has a 12 month low of $122.68 and a 12 month high of $191.75. The stock has a market capitalization of $2.16 trillion, a PE ratio of 26.76, a price-to-earnings-growth 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.

Institutional Investors Weigh In On Alphabet

Hedge funds and other institutional investors have recently made changes to their positions in the business. CV Advisors LLC raised its stake in Alphabet by 2.5% during the 3rd quarter. CV Advisors LLC now owns 54,714 shares of the information services provider’s stock worth $9,074,000 after acquiring an additional 1,353 shares during the period. Consilium Wealth Advisory LLC increased its stake in shares of Alphabet by 3.4% in the third quarter. Consilium Wealth Advisory LLC now owns 23,997 shares of the information services provider’s stock worth $3,980,000 after purchasing an additional 799 shares in the last quarter. Centennial Wealth Advisory LLC raised its position in shares of Alphabet by 8.3% during the 3rd quarter. Centennial Wealth Advisory LLC now owns 3,888 shares of the information services provider’s stock valued at $645,000 after purchasing an additional 298 shares during the period. White Lighthouse Investment Management Inc. lifted its stake in shares of Alphabet by 0.8% during the 3rd quarter. White Lighthouse Investment Management Inc. now owns 9,480 shares of the information services provider’s stock valued at $1,572,000 after buying an additional 74 shares in the last quarter. Finally, Armor Investment Advisors LLC boosted its holdings in Alphabet by 2.5% in the 3rd quarter. Armor Investment Advisors LLC now owns 9,739 shares of the information services provider’s stock worth $1,615,000 after buying an additional 233 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the 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 sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade 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 the SEC website. In other news, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction 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 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 three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. 11.55% of the stock is owned by corporate insiders.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. 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.