Cantor Fitzgerald Forecasts Higher Earnings for Alphabet

Alphabet Inc. (NASDAQ:GOOG) – Equities research analysts at Cantor Fitzgerald lifted their FY2024 earnings estimates for shares of Alphabet in a research report issued to clients and investors on Wednesday, October 30th. Cantor Fitzgerald analyst D. Mathivanan now anticipates that the information services provider will post earnings per share of $7.96 for the year, up from their prior forecast of $7.79. Cantor Fitzgerald has a “Hold” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.83 per share.

GOOG has been the subject of several other reports. Citigroup lifted their target price on Alphabet from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group lifted their target price on Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays boosted their price target on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday. TD Cowen lifted their target price on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

Alphabet Stock Down 0.0 %

NASDAQ:GOOG opened at $172.65 on Thursday. Alphabet has a twelve month low of $128.11 and a twelve month high of $193.31. The company has a market cap of $2.13 trillion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 1.31 and a beta of 1.04. The stock has a fifty day simple moving average of $163.81 and a 200-day simple moving average of $170.43. The company has a current ratio of 1.95, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Alphabet’s revenue was up 15.1% on a year-over-year basis. During the same period last year, the company earned $1.55 earnings per share.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio is currently 10.61%.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the transaction, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 34,257 shares of the firm’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 transaction of $5,570,188.20. Following the completion of the sale, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,244 shares of company stock worth $37,776,954 in the last 90 days. Company insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GOOG. Abich Financial Wealth Management LLC raised its holdings in shares of Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the period. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet during the 2nd quarter valued at about $37,000. HWG Holdings LP purchased a new stake in Alphabet during the second quarter valued at about $40,000. Slocum Gordon & Co LLP purchased a new stake in shares of Alphabet in the second quarter worth approximately $44,000. Finally, Hoese & Co LLP lifted its position in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares in the last quarter. 27.26% 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.