Alphabet Inc. (NASDAQ:GOOGL) Forecasted to Post Q2 2024 Earnings of $1.82 Per Share

Alphabet Inc. (NASDAQ:GOOGL) – Analysts at Seaport Res Ptn raised their Q2 2024 earnings estimates for Alphabet in a research report issued to clients and investors on Thursday, April 25th. Seaport Res Ptn analyst A. Kessler now expects that the information services provider will post earnings per share of $1.82 for the quarter, up from their prior forecast of $1.70. The consensus estimate for Alphabet’s current full-year earnings is $6.82 per share. Seaport Res Ptn also issued estimates for Alphabet’s Q3 2024 earnings at $1.81 EPS and Q4 2024 earnings at $2.00 EPS.

A number of other equities research analysts also recently weighed in on GOOGL. UBS Group raised their price target on shares of Alphabet from $150.00 to $166.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Needham & Company LLC raised their target price on shares of Alphabet from $160.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Piper Sandler reiterated an “overweight” rating and set a $200.00 price target (up from $160.00) on shares of Alphabet in a report on Friday, April 26th. Oppenheimer increased their price target on Alphabet from $185.00 to $205.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Finally, Roth Mkm boosted their price objective on Alphabet from $164.00 to $202.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Five research analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.74.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $162.78 on Monday. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.02 trillion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. Alphabet has a twelve month low of $103.71 and a twelve month high of $174.71. The stock’s 50-day simple moving average is $148.80 and its 200 day simple moving average is $141.79.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.40. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. During the same quarter last year, the company posted $1.17 EPS.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend is Monday, June 10th.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares in the company, valued at approximately $1,035,402.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now directly owns 5,891 shares in the company, valued at $1,035,402.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $146.29, for a total transaction of $3,291,525.00. Following the completion of the sale, the chief executive officer now directly owns 2,377,691 shares of the company’s stock, valued at $347,832,416.39. The disclosure for this sale can be found here. In the last three months, insiders have sold 253,289 shares of company stock worth $36,724,534. Corporate insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC acquired a new position in shares of Alphabet during the first quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC bought a new stake in Alphabet during the 4th quarter valued at $30,000. DiNuzzo Private Wealth Inc. bought a new stake in Alphabet during the 4th quarter valued at $38,000. Richardson Capital Management LLC raised its holdings in Alphabet by 87.5% during the first quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock worth $45,000 after buying an additional 140 shares during the last quarter. Finally, Meritage Group LP lifted its stake in shares of Alphabet by 1,061.5% in the third quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock valued at $40,000 after buying an additional 276 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

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.