Q3 2024 Earnings Forecast for Alphabet Inc. (NASDAQ:GOOGL) Issued By Seaport Res Ptn

Alphabet Inc. (NASDAQ:GOOGL) – Investment analysts at Seaport Res Ptn raised their Q3 2024 EPS estimates for Alphabet in a report issued on Tuesday, July 23rd. Seaport Res Ptn analyst A. Kessler now forecasts that the information services provider will post earnings per share of $1.90 for the quarter, up from their prior estimate of $1.81. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share. Seaport Res Ptn also issued estimates for Alphabet’s Q4 2024 earnings at $2.02 EPS, FY2024 earnings at $7.70 EPS and FY2025 earnings at $8.34 EPS.

Alphabet (NASDAQ:GOOGL) last issued 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 business had revenue of $84.74 billion for the quarter, compared to analyst estimates 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 company posted $1.44 earnings per share.

Several other brokerages have also issued reports on GOOGL. Tigress Financial lifted their price objective on shares of Alphabet from $176.00 to $210.00 and gave the company a “strong-buy” rating in a report on Friday, May 24th. TD Securities boosted their price target on Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. Wells Fargo & Company raised their price objective on Alphabet from $187.00 to $190.00 and gave the company an “equal weight” rating in a research report on Wednesday. Evercore ISI lifted their target price on Alphabet from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, June 11th. Finally, Raymond James increased their price target on shares of Alphabet from $160.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $203.74.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $167.00 on Thursday. The firm has a market cap of $2.06 trillion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 1.29 and a beta of 1.05. The firm’s 50 day simple moving average is $179.04 and its 200-day simple moving average is $160.35. Alphabet has a one year low of $120.21 and a one year high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.15 and a current ratio of 2.08.

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend is Monday, September 9th. Alphabet’s dividend payout ratio is presently 12.27%.

Insiders Place Their Bets

In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total value of $4,113,900.00. Following the sale, the chief executive officer now directly owns 2,204,885 shares of the company’s stock, valued at approximately $403,141,173.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the sale, the chief accounting officer now directly owns 29,284 shares of the company’s stock, valued at approximately $4,880,764.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the completion of the sale, the chief executive officer now directly owns 2,204,885 shares in the company, valued at $403,141,173.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,388 shares of company stock valued at $21,497,609. Insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Several large investors have recently made changes to their positions in GOOGL. Etesian Wealth Advisors Inc. lifted its stake in shares of Alphabet by 1.2% in the 4th quarter. Etesian Wealth Advisors Inc. now owns 7,823 shares of the information services provider’s stock valued at $1,097,000 after purchasing an additional 96 shares during the period. Raymond James & Associates lifted its stake in shares of Alphabet by 1.5% in the 4th quarter. Raymond James & Associates now owns 8,990,264 shares of the information services provider’s stock valued at $1,255,850,000 after purchasing an additional 136,951 shares during the period. Pachira Investments Inc. raised its position in Alphabet by 27.5% during the fourth quarter. Pachira Investments Inc. now owns 3,984 shares of the information services provider’s stock worth $557,000 after acquiring an additional 860 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Alphabet by 2.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 3,539,314 shares of the information services provider’s stock worth $494,407,000 after acquiring an additional 76,328 shares during the period. Finally, Horizon Bancorp Inc. IN raised its position in Alphabet by 3.8% during the fourth quarter. Horizon Bancorp Inc. IN now owns 2,106 shares of the information services provider’s stock worth $294,000 after acquiring an additional 78 shares during the period. 40.03% of the stock is currently owned by institutional investors and hedge funds.

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.