Cantor Fitzgerald Expects Higher Earnings for Alphabet

Alphabet Inc. (NASDAQ:GOOGL) – Equities research analysts at Cantor Fitzgerald lifted their FY2024 earnings per share (EPS) estimates for Alphabet in a report released on Tuesday, January 7th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the information services provider will earn $8.06 per share for the year, up from their prior forecast of $7.96. Cantor Fitzgerald has a “Neutral” rating and a $190.00 price target on the stock. The consensus estimate for Alphabet’s current full-year earnings is $8.01 per share.

A number of other research firms have also recently issued reports on GOOGL. Bank of America restated a “buy” rating and issued a $210.00 price objective on shares of Alphabet in a research report on Monday, December 23rd. KeyCorp lifted their price target on Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Wells Fargo & Company raised their target price on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Needham & Company LLC reissued a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research report on Wednesday, October 30th. Finally, Roth Mkm raised their price objective on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Nine analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $206.82.

Alphabet Trading Down 0.8 %

Shares of GOOGL stock opened at $193.95 on Wednesday. The stock has a market capitalization of $2.37 trillion, a PE ratio of 25.72, a P/E/G ratio of 1.35 and a beta of 0.98. Alphabet has a 1-year low of $130.66 and a 1-year high of $201.42. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The business has a 50-day moving average of $181.75 and a 200 day moving average of $172.87.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter last year, the company earned $1.55 EPS.

Institutional Investors Weigh In On Alphabet

Several institutional investors and hedge funds have recently modified their holdings of the stock. LMR Partners LLP purchased a new stake in shares of Alphabet during the 3rd quarter worth approximately $32,000. Kings Path Partners LLC bought a new stake in shares of Alphabet in the 2nd quarter worth about $36,000. Denver PWM LLC purchased a new stake in shares of Alphabet during the 2nd quarter valued at about $41,000. Quarry LP bought a new position in shares of Alphabet in the 2nd quarter valued at about $53,000. Finally, Teachers Insurance & Annuity Association of America purchased a new position in Alphabet in the third quarter worth about $66,000. Institutional investors own 40.03% of the company’s stock.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $164.95, for a total transaction of $247,425.00. Following the sale, the director now owns 26,324 shares of the company’s stock, valued at approximately $4,342,143.80. This trade represents a 5.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,368 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $191.55, for a total value of $262,040.40. Following the completion of the transaction, the chief accounting officer now directly owns 20,681 shares in the company, valued at approximately $3,961,445.55. This represents a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 155,887 shares of company stock valued at $27,996,356. 11.55% of the stock is owned by corporate insiders.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 9th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.41%. Alphabet’s dividend payout ratio (DPR) is presently 10.61%.

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.