Cantor Fitzgerald Brokers Raise Earnings Estimates for Alphabet Inc. (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Stock analysts at Cantor Fitzgerald boosted their FY2024 EPS estimates for shares of Alphabet in a research note issued on Monday, October 7th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the information services provider will post earnings per share of $7.79 for the year, up from their prior estimate of $7.69. Cantor Fitzgerald has a “Neutral” rating and a $190.00 price target on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.63 per share.

Other equities research analysts have also issued reports about the company. Mizuho upped their price target on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. BMO Capital Markets cut their price objective on shares of Alphabet from $222.00 to $215.00 and set an “outperform” rating for the company in a research report on Wednesday. Loop Capital reiterated a “hold” rating and issued a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. JMP Securities restated a “market outperform” rating and set a $200.00 price target on shares of Alphabet in a report on Wednesday, September 25th. Finally, Wolfe Research started coverage on shares of Alphabet in a research report on Tuesday, July 16th. They set an “outperform” rating and a $240.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $200.95.

Alphabet Trading Up 0.1 %

Shares of GOOGL stock opened at $162.08 on Thursday. Alphabet has a fifty-two week low of $120.21 and a fifty-two week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The stock’s fifty day moving average is $161.62 and its two-hundred day moving average is $167.57. The firm has a market capitalization of $2.00 trillion, a P/E ratio of 24.92, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter last year, the business posted $1.44 earnings per share.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc increased its holdings in Alphabet by 75.0% in the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Tributary Capital Management LLC purchased a new position in Alphabet in the 1st quarter valued at approximately $30,000. Kings Path Partners LLC acquired a new position in Alphabet during the second quarter worth $36,000. Denver PWM LLC acquired a new stake in Alphabet in the second quarter valued at $41,000. Finally, CarsonAllaria Wealth Management Ltd. grew its holdings in Alphabet by 59.2% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $167.07, for a total transaction of $3,759,075.00. Following the completion of the transaction, the chief executive officer now owns 2,129,306 shares in the company, valued at approximately $355,743,153.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of Alphabet stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now directly owns 29,182 shares in the company, valued at approximately $4,421,948.46. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 216,092 shares of company stock valued at $35,644,136 in the last ninety days. 11.55% of the stock is currently owned by company insiders.

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, September 9th. Alphabet’s payout ratio is currently 12.27%.

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.