What is DA Davidson’s Forecast for Alphabet FY2024 Earnings?

Alphabet Inc. (NASDAQ:GOOG) – Analysts at DA Davidson upped their FY2024 earnings estimates for shares of Alphabet in a research note issued on Wednesday, October 30th. DA Davidson analyst G. Luria now forecasts that the information services provider will post earnings of $7.93 per share for the year, up from their previous forecast of $7.62. DA Davidson currently has a “Hold” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share. DA Davidson also issued estimates for Alphabet’s Q4 2024 earnings at $2.03 EPS and FY2025 earnings at $8.75 EPS.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter last year, the firm earned $1.55 EPS. The business’s quarterly revenue was up 15.1% on a year-over-year basis.

GOOG has been the topic of a number of other research reports. Barclays upped their price target on shares of Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their target price on Alphabet from $208.00 to $212.00 and gave the company an “overweight” rating in a research report on Wednesday. Oppenheimer raised their target price on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday. Citigroup boosted their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Scotiabank initiated coverage on Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 target price for the company. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $200.56.

Alphabet Price Performance

Shares of GOOG stock opened at $176.14 on Thursday. The firm has a market capitalization of $2.18 trillion, a price-to-earnings ratio of 27.02, a PEG ratio of 1.27 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock’s 50-day simple moving average is $163.56 and its 200-day simple moving average is $170.30. Alphabet has a fifty-two week low of $123.93 and a fifty-two week high of $193.31.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.20 per share. 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 0.45%. Alphabet’s dividend payout ratio is currently 12.27%.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $153.75, for a total transaction of $123,000.00. Following the completion of the sale, the director now owns 28,524 shares of the company’s stock, valued at $4,385,565. The trade was 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 this link. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now owns 31,334 shares in the company, valued at approximately $5,264,112. 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 three months, insiders have sold 220,426 shares of company stock valued at $35,993,340. Company insiders own 12.99% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cullinan Associates Inc. grew its holdings in shares of Alphabet by 8.4% during the first quarter. Cullinan Associates Inc. now owns 124,621 shares of the information services provider’s stock worth $18,975,000 after buying an additional 9,612 shares in the last quarter. Westhampton Capital LLC boosted its position in Alphabet by 23.9% during the first quarter. Westhampton Capital LLC now owns 4,040 shares of the information services provider’s stock worth $615,000 after acquiring an additional 780 shares during the last quarter. Deepwater Asset Management LLC boosted its position in Alphabet by 18.5% during the first quarter. Deepwater Asset Management LLC now owns 89,082 shares of the information services provider’s stock worth $13,564,000 after acquiring an additional 13,927 shares during the last quarter. Exchange Capital Management Inc. grew its stake in Alphabet by 2.9% during the 1st quarter. Exchange Capital Management Inc. now owns 6,091 shares of the information services provider’s stock valued at $927,000 after acquiring an additional 170 shares in the last quarter. Finally, Financial Strategies Group Inc. raised its holdings in Alphabet by 22.8% in the 1st quarter. Financial Strategies Group Inc. now owns 43,876 shares of the information services provider’s stock valued at $6,939,000 after acquiring an additional 8,156 shares during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

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.