Alphabet Inc. (NASDAQ:GOOG) to Post Q2 2024 Earnings of $1.85 Per Share, Wedbush Forecasts

Alphabet Inc. (NASDAQ:GOOG) – Analysts at Wedbush upped their Q2 2024 earnings per share (EPS) estimates for shares of Alphabet in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst S. Devitt now expects that the information services provider will post earnings per share of $1.85 for the quarter, up from their previous forecast of $1.67. The consensus estimate for Alphabet’s current full-year earnings is $6.80 per share. Wedbush also issued estimates for Alphabet’s Q3 2024 earnings at $1.78 EPS, Q4 2024 earnings at $1.96 EPS and FY2025 earnings at $8.25 EPS.

GOOG has been the subject of several other reports. Oppenheimer raised their target price on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Stifel Nicolaus raised their target price on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Morgan Stanley reaffirmed an “overweight” rating and set a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Susquehanna raised their target price on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Finally, Raymond James raised their target price on Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Alphabet currently has an average rating of “Buy” and an average price target of $165.67.

Alphabet Trading Down 3.3 %

NASDAQ GOOG opened at $167.90 on Monday. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet has a twelve month low of $104.50 and a twelve month high of $176.42. The company has a market cap of $2.09 trillion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The business’s fifty day moving average is $149.64 and its 200 day moving average is $142.97.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.38. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company had revenue of $80.54 billion for the quarter, compared to the consensus estimate of $78.75 billion. During the same quarter last year, the business posted $1.17 EPS. Alphabet’s revenue for the quarter was up 15.4% on a year-over-year basis.

Alphabet Dividend Announcement

The company also recently declared a — dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 10th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, June 10th.

Insider Buying and Selling

In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction that occurred 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 directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction that occurred 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 directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 3,258 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the sale, the senior vice president now directly owns 144,685 shares of the company’s stock, valued at $22,566,519.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 253,209 shares of company stock valued at $36,711,144. 12.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

Several institutional investors have recently modified their holdings of GOOG. FMR LLC grew its holdings in Alphabet by 3.8% during the third quarter. FMR LLC now owns 120,234,117 shares of the information services provider’s stock valued at $15,852,868,000 after purchasing an additional 4,348,188 shares during the period. JPMorgan Chase & Co. grew its holdings in Alphabet by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock valued at $12,649,838,000 after purchasing an additional 9,703,425 shares during the period. Capital International Investors grew its holdings in Alphabet by 1.1% during the fourth quarter. Capital International Investors now owns 80,246,520 shares of the information services provider’s stock valued at $11,309,370,000 after purchasing an additional 862,550 shares during the period. Northern Trust Corp grew its holdings in Alphabet by 2.3% during the third quarter. Northern Trust Corp now owns 57,269,184 shares of the information services provider’s stock valued at $7,550,942,000 after purchasing an additional 1,275,060 shares during the period. Finally, Norges Bank bought a new position in Alphabet during the fourth quarter valued at $4,101,040,000. 27.26% of the stock is owned by institutional investors.

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.