Q2 2024 Earnings Forecast for Alphabet Inc. Issued By Wedbush (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Equities research analysts at Wedbush raised their Q2 2024 earnings per share (EPS) estimates for Alphabet in a report issued on Monday, July 22nd. Wedbush analyst S. Devitt now forecasts that the information services provider will earn $1.86 per share for the quarter, up from their previous forecast of $1.85. Wedbush has a “Outperform” rating and a $205.00 price objective on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.62 per share. Wedbush also issued estimates for Alphabet’s FY2024 earnings at $7.49 EPS.

A number of other equities research analysts have also weighed in on GOOGL. UBS Group raised their price objective on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research note on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 target price on shares of Alphabet in a report on Wednesday. Canaccord Genuity Group increased their target price on Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Susquehanna increased their target price on Alphabet from $170.00 to $225.00 and gave the stock a “positive” rating in a report on Monday, April 29th. Finally, Evercore ISI increased their target price on Alphabet from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, June 11th. Six investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $203.74.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $172.63 on Tuesday. Alphabet has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The business has a 50 day moving average price of $179.36 and a two-hundred day moving average price of $160.10. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The firm has a market cap of $2.13 trillion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 1.36 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $70.60 billion. During the same quarter last year, the firm earned $1.44 earnings per share.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was 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 of the company’s stock, valued at $1,035,402.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director John L. Hennessy sold 2,100 shares of Alphabet stock in a transaction on Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $166.80, for a total value of $3,753,000.00. Following the sale, the chief executive officer now directly owns 2,280,511 shares of the company’s stock, valued at approximately $380,389,234.80. The disclosure for this sale can be found here. Insiders sold a total of 124,488 shares of company stock valued at $21,866,705 over the last quarter. Company insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Institutional investors and hedge funds have recently made changes to their positions in the stock. MorganRosel Wealth Management LLC boosted its holdings in Alphabet by 3.6% in the 2nd quarter. MorganRosel Wealth Management LLC now owns 1,620 shares of the information services provider’s stock worth $295,000 after buying an additional 57 shares during the period. Hengehold Capital Management LLC boosted its holdings in Alphabet by 0.8% in the 2nd quarter. Hengehold Capital Management LLC now owns 7,224 shares of the information services provider’s stock worth $1,316,000 after buying an additional 60 shares during the period. Joseph P. Lucia & Associates LLC boosted its holdings in Alphabet by 1.0% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 6,624 shares of the information services provider’s stock worth $1,000,000 after buying an additional 64 shares during the period. Sunflower Bank N.A. boosted its holdings in Alphabet by 1.0% in the 2nd quarter. Sunflower Bank N.A. now owns 6,309 shares of the information services provider’s stock worth $1,149,000 after buying an additional 65 shares during the period. Finally, M. Kraus & Co boosted its holdings in Alphabet by 1.1% in the 1st quarter. M. Kraus & Co now owns 6,267 shares of the information services provider’s stock worth $946,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

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.