FY2024 Earnings Forecast for Alphabet Issued By DA Davidson

Alphabet Inc. (NASDAQ:GOOG) – DA Davidson lifted their FY2024 earnings per share (EPS) estimates for shares of Alphabet in a report released on Wednesday, October 30th. DA Davidson analyst G. Luria now anticipates that the information services provider will post earnings of $7.93 per share for the year, up from their prior forecast of $7.62. DA Davidson has a “Hold” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.83 per share. DA Davidson also issued estimates for Alphabet’s Q4 2024 earnings at $2.03 EPS and FY2025 earnings at $8.75 EPS.

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

A number of other brokerages have also recently weighed in on GOOG. Canaccord Genuity Group upped their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday. Scotiabank started coverage on Alphabet in a research note on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective for the company. Pivotal Research upped their target price on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays upped their target price on Alphabet from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, TD Cowen upped their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Alphabet Trading Down 0.0 %

Shares of NASDAQ GOOG opened at $172.65 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 2.08. The stock has a market capitalization of $2.13 trillion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 1.31 and a beta of 1.04. Alphabet has a 1-year low of $128.11 and a 1-year high of $193.31. The business has a fifty day moving average price of $163.81 and a 200 day moving average price of $170.43.

Institutional Investors Weigh In On Alphabet

Several hedge funds and other institutional investors have recently made changes to their positions in GOOG. JPMorgan Chase & Co. increased its holdings in shares of Alphabet by 19.7% in the first quarter. JPMorgan Chase & Co. now owns 84,171,721 shares of the information services provider’s stock valued at $12,815,986,000 after purchasing an additional 13,876,534 shares during the last quarter. Swedbank AB acquired a new stake in shares of Alphabet in the first quarter valued at approximately $1,378,708,000. Capital International Investors increased its holdings in shares of Alphabet by 9.3% in the first quarter. Capital International Investors now owns 87,716,562 shares of the information services provider’s stock valued at $13,355,724,000 after purchasing an additional 7,470,042 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Alphabet by 65.9% in the third quarter. Assenagon Asset Management S.A. now owns 6,294,332 shares of the information services provider’s stock valued at $1,052,349,000 after purchasing an additional 2,500,621 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Alphabet by 51.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,416,150 shares of the information services provider’s stock valued at $976,923,000 after purchasing an additional 2,190,795 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Kavitark Ram Shriram sold 10,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $180.78, for a total value of $1,898,190.00. Following the transaction, the director now owns 330,466 shares in the company, valued at $59,741,643.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,244 shares of company stock worth $37,776,954 over the last quarter. 12.99% of the stock is currently owned by insiders.

Alphabet Dividend Announcement

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

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.