Q3 2024 Earnings Forecast for Alphabet Inc. Issued By Wedbush (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Analysts at Wedbush cut their Q3 2024 earnings per share estimates for shares of Alphabet in a research note issued on Tuesday, July 23rd. Wedbush analyst S. Devitt now anticipates that the information services provider will post earnings of $1.75 per share for the quarter, down from their prior estimate of $1.78. Wedbush currently has a “Outperform” rating and a $205.00 target price on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share. Wedbush also issued estimates for Alphabet’s Q4 2024 earnings at $1.93 EPS and FY2025 earnings at $8.27 EPS.

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

Other equities analysts have also recently issued research reports about the company. Bank of America upped their target price on Alphabet from $200.00 to $206.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Canaccord Genuity Group upped their target price on Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Susquehanna upped their target price on Alphabet from $170.00 to $225.00 and gave the stock a “positive” rating in a report on Monday, April 29th. Raymond James upped their target price on Alphabet from $160.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Finally, Royal Bank of Canada upped their target price on Alphabet from $200.00 to $204.00 and gave the stock an “outperform” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.74.

Alphabet Price Performance

Alphabet stock opened at $167.00 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.15 and a current ratio of 2.08. Alphabet has a 52 week low of $120.21 and a 52 week high of $191.75. The stock has a market capitalization of $2.06 trillion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 1.29 and a beta of 1.05. The stock has a fifty day moving average of $179.04 and a 200-day moving average of $160.35.

Institutional Trading of Alphabet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Alphabet during the fourth quarter valued at $15,441,917,000. Capital Research Global Investors grew 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 during the period. Vanguard Group Inc. grew its holdings in Alphabet by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 493,810,251 shares of the information services provider’s stock valued at $68,980,354,000 after purchasing an additional 6,374,756 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in Alphabet by 39,754.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 6,025,667 shares of the information services provider’s stock valued at $841,725,000 after purchasing an additional 6,010,548 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Alphabet by 4,894.1% in the fourth quarter. International Assets Investment Management LLC now owns 5,445,396 shares of the information services provider’s stock worth $7,606,670,000 after acquiring an additional 5,336,359 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $166.80, for a total transaction of $3,753,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,280,511 shares of the company’s stock, valued at $380,389,234.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The disclosure for this sale can be found here. Insiders sold a total of 122,388 shares of company stock valued at $21,497,609 over the last ninety days. 11.55% of the stock is currently owned by insiders.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.48%. The ex-dividend date of this dividend is Monday, September 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.