FY2024 Earnings Forecast for Alphabet Issued By Roth Capital

Alphabet Inc. (NASDAQ:GOOG) – Equities research analysts at Roth Capital increased their FY2024 earnings per share estimates for Alphabet in a research note issued to investors on Wednesday, October 30th. Roth Capital analyst R. Kulkarni now forecasts that the information services provider will earn $8.33 per share for the year, up from their prior estimate of $7.98. The consensus estimate for Alphabet’s current full-year earnings is $7.83 per share. Roth Capital also issued estimates for Alphabet’s Q4 2024 earnings at $2.44 EPS, Q1 2025 earnings at $2.31 EPS, Q2 2025 earnings at $2.43 EPS, Q3 2025 earnings at $2.48 EPS and Q4 2025 earnings at $2.84 EPS.

A number of other analysts also recently commented on GOOG. Canaccord Genuity Group upped their target price on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group raised their price objective on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday. Scotiabank assumed coverage on shares of Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price target on the stock. Pivotal Research upped their price objective on shares of Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald upgraded Alphabet to a “hold” rating in a research report on Thursday, September 5th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Trading Down 2.0 %

NASDAQ GOOG opened at $172.69 on Friday. Alphabet has a 1 year low of $123.93 and a 1 year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 2.08. The company has a market capitalization of $2.13 trillion, a PE ratio of 22.90, a P/E/G ratio of 1.31 and a beta of 1.04. The company has a fifty day moving average of $163.71 and a 200 day moving average of $170.32.

Alphabet (NASDAQ:GOOG) last announced 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 business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.55 EPS.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently bought and sold shares of the company. Physicians Financial Services Inc. increased its stake in Alphabet by 3.1% during the third quarter. Physicians Financial Services Inc. now owns 8,390 shares of the information services provider’s stock worth $1,403,000 after purchasing an additional 250 shares during the period. Philip James Wealth Mangement LLC grew its holdings in shares of Alphabet by 23.6% in the third quarter. Philip James Wealth Mangement LLC now owns 3,976 shares of the information services provider’s stock valued at $665,000 after purchasing an additional 760 shares in the last quarter. Lakeshore Financial Planning Inc. grew its holdings in shares of Alphabet by 3.8% in the third quarter. Lakeshore Financial Planning Inc. now owns 3,832 shares of the information services provider’s stock valued at $641,000 after purchasing an additional 142 shares in the last quarter. Financial Strategies Group Inc. increased its stake in Alphabet by 4.7% during the 3rd quarter. Financial Strategies Group Inc. now owns 49,871 shares of the information services provider’s stock worth $8,296,000 after buying an additional 2,230 shares during the period. Finally, AIA Group Ltd lifted its holdings in Alphabet by 8.6% during the 3rd quarter. AIA Group Ltd now owns 95,629 shares of the information services provider’s stock worth $15,988,000 after buying an additional 7,536 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related 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 completion of the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at approximately $5,136,807.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Tuesday, September 3rd. The shares were 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 directly owns 32,017 shares of the company’s stock, valued at $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 219,744 shares of company stock valued at $35,878,764. 12.99% of the stock is owned by company insiders.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. Alphabet’s payout ratio is 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.