FY2024 EPS Estimates for Alphabet Inc. Raised by Cantor Fitzgerald (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Investment analysts at Cantor Fitzgerald boosted their FY2024 earnings per share estimates for shares of Alphabet in a note issued to investors on Monday, October 7th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the information services provider will earn $7.79 per share for the year, up from their previous forecast of $7.69. Cantor Fitzgerald has a “Neutral” rating and a $190.00 price objective on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share.

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 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 company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share.

GOOGL has been the subject of a number of other reports. Rosenblatt Securities reissued a “neutral” rating and issued a $181.00 price target on shares of Alphabet in a report on Wednesday, July 24th. UBS Group boosted their price objective on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Wedbush restated an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a research report on Thursday, September 5th. Pivotal Research upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, October 1st. Finally, Loop Capital restated a “hold” rating and issued a $170.00 price objective on shares of Alphabet in a research report on Wednesday, July 3rd. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $200.95.

Alphabet Trading Up 0.7 %

Alphabet stock opened at $163.24 on Thursday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet has a 52 week low of $120.21 and a 52 week high of $191.75. The company has a market capitalization of $2.01 trillion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The stock has a 50-day moving average price of $161.44 and a 200 day moving average price of $167.54.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 annualized dividend and a yield of 0.49%. Alphabet’s dividend payout ratio is 11.48%.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 216,092 shares of company stock valued at $35,644,136. 11.55% of the stock is currently owned by insiders.

Institutional Trading of Alphabet

A number of hedge funds have recently modified their holdings of GOOGL. Iams Wealth Management LLC grew its holdings in shares of Alphabet by 13.9% during the 3rd quarter. Iams Wealth Management LLC now owns 6,502 shares of the information services provider’s stock valued at $1,078,000 after purchasing an additional 791 shares during the last quarter. Creative Planning grew its holdings in shares of Alphabet by 9.9% during the 3rd quarter. Creative Planning now owns 1,946,827 shares of the information services provider’s stock valued at $311,061,000 after purchasing an additional 175,092 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in shares of Alphabet by 7.0% during the 3rd quarter. Wesbanco Bank Inc. now owns 371,220 shares of the information services provider’s stock valued at $61,567,000 after purchasing an additional 24,263 shares during the last quarter. CX Institutional grew its holdings in shares of Alphabet by 5.5% during the 3rd quarter. CX Institutional now owns 109,681 shares of the information services provider’s stock valued at $18,191,000 after purchasing an additional 5,686 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in shares of Alphabet by 1.2% during the 3rd quarter. Sivia Capital Partners LLC now owns 16,668 shares of the information services provider’s stock valued at $2,764,000 after purchasing an additional 194 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

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.