FY2024 Earnings Forecast for Alphabet Inc. Issued By Wedbush (NASDAQ:GOOG)

Alphabet Inc. (NASDAQ:GOOG) – Analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for Alphabet in a report released on Tuesday, July 23rd. Wedbush analyst S. Devitt now forecasts that the information services provider will earn $7.46 per share for the year, down from their prior forecast of $7.49. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. Alphabet’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.44 earnings per share.

A number of other analysts have also commented on the company. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective on the stock. in a research note on Friday, June 28th. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 price objective on shares of Alphabet in a research note on Thursday, April 11th. TD Cowen increased their price objective on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Oppenheimer increased their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Stifel Nicolaus increased their price objective on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $177.50.

Alphabet Stock Down 3.0 %

Alphabet stock opened at $169.16 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.15 and a current ratio of 2.08. The firm has a market capitalization of $2.09 trillion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 1.28 and a beta of 1.05. Alphabet has a fifty-two week low of $121.46 and a fifty-two week high of $193.31. The stock’s fifty day moving average is $180.74 and its two-hundred day moving average is $161.58.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,280,511 shares in the company, valued at approximately $380,389,234.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $168.08, for a total value of $252,120.00. Following the sale, the director now owns 4,391 shares in the company, valued at $738,039.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 144,888 shares of company stock worth $25,699,259. 12.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alphabet

Hedge funds have recently bought and sold shares of the business. Partnership Wealth Management LLC acquired a new stake in Alphabet during the 4th quarter valued at approximately $26,000. Equitec Proprietary Markets LLC acquired a new stake in Alphabet during the 4th quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. acquired a new position in shares of Alphabet in the 4th quarter worth approximately $32,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Alphabet in the 4th quarter worth approximately $34,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Alphabet in the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 27.26% of the company’s stock.

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.