Analysts Offer Predictions for Alphabet Inc.’s Q3 2024 Earnings (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Equities researchers at DA Davidson issued their Q3 2024 earnings estimates for shares of Alphabet in a research note issued to investors on Wednesday, September 11th. DA Davidson analyst G. Luria anticipates that the information services provider will post earnings per share of $1.83 for the quarter. DA Davidson currently has a “Neutral” rating and a $170.00 target price 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 FY2024 earnings at $7.62 EPS and FY2025 earnings at $8.68 EPS.

Several other research firms have also weighed in on GOOGL. Jefferies Financial Group lifted their target price on shares of Alphabet from $215.00 to $220.00 in a report on Tuesday, July 9th. Morgan Stanley cut their target price on shares of Alphabet from $205.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 target price on shares of Alphabet in a report on Tuesday, July 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $210.00 target price on shares of Alphabet in a report on Friday, August 30th. Finally, Guggenheim lifted their price target on shares of Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $201.76.

Alphabet Stock Performance

GOOGL opened at $157.46 on Friday. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $1.94 trillion, a PE ratio of 24.15, a P/E/G ratio of 1.13 and a beta of 1.04. The firm has a 50 day moving average of $167.46 and a two-hundred day moving average of $164.67.

Alphabet (NASDAQ:GOOGL) last released its 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. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period last year, the business earned $1.44 EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. MorganRosel Wealth Management LLC lifted its position in Alphabet by 3.6% during the second quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock valued at $295,000 after purchasing an additional 57 shares during the period. Hengehold Capital Management LLC increased its holdings in Alphabet by 0.8% in the 2nd quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock valued at $1,316,000 after acquiring an additional 60 shares during the last quarter. Christopher J. Hasenberg Inc increased its holdings in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Joseph P. Lucia & Associates LLC increased its holdings in Alphabet by 1.0% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock valued at $1,000,000 after acquiring an additional 64 shares during the last quarter. Finally, Sunflower Bank N.A. increased its holdings in Alphabet by 1.0% in the 2nd quarter. Sunflower Bank N.A. now owns 6,309 shares of the information services provider’s stock valued at $1,149,000 after acquiring an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total transaction of $125,126.54. Following the completion of the sale, the chief accounting officer now owns 30,650 shares in the company, valued at $5,623,355.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was 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. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,367 shares of company stock valued at $30,016,931. 11.55% of the stock is currently owned by company insiders.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Monday, September 9th. Alphabet’s dividend payout ratio (DPR) is 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.