Seaport Res Ptn Weighs in on Alphabet Inc.’s Q2 2024 Earnings (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) – Equities research analysts at Seaport Res Ptn increased their Q2 2024 earnings estimates for Alphabet in a report issued on Thursday, April 25th. Seaport Res Ptn analyst A. Kessler now anticipates that the information services provider will earn $1.82 per share for the quarter, up from their prior estimate of $1.70. The consensus estimate for Alphabet’s current full-year earnings is $6.82 per share. Seaport Res Ptn also issued estimates for Alphabet’s Q3 2024 earnings at $1.81 EPS and Q4 2024 earnings at $2.00 EPS.

A number of other analysts have also recently issued reports on GOOGL. Truist Financial increased their price objective on shares of Alphabet from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity Group increased their price objective on shares of Alphabet from $190.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday. Barclays increased their price objective on shares of Alphabet from $173.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday. UBS Group increased their price objective on shares of Alphabet from $150.00 to $166.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Susquehanna increased their price objective on shares of Alphabet from $170.00 to $225.00 and gave the stock a “positive” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $189.44.

Alphabet Stock Down 3.4 %

Shares of GOOGL stock opened at $166.15 on Monday. The company has a 50 day simple moving average of $148.36 and a two-hundred day simple moving average of $141.62. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2.07 trillion, a P/E ratio of 25.48, a P/E/G ratio of 1.57 and a beta of 1.05. Alphabet has a 12 month low of $103.71 and a 12 month high of $174.71.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The business had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $66.04 billion. During the same period in the prior year, the company earned $1.17 earnings per share.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.48%. The ex-dividend date is Monday, June 10th.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $139.51, for a total value of $41,853.00. Following the completion of the transaction, the director now directly owns 9,291 shares in the company, valued at approximately $1,296,187.41. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the transaction, the chief executive officer now directly owns 2,332,691 shares in the company, valued at approximately $309,548,095.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 300 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $139.51, for a total transaction of $41,853.00. Following the completion of the transaction, the director now owns 9,291 shares of the company’s stock, valued at $1,296,187.41. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,209 shares of company stock worth $36,711,144. Company insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its holdings in Alphabet by 2.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 2,653,753 shares of the information services provider’s stock worth $400,531,000 after acquiring an additional 73,184 shares in the last quarter. Mcdaniel Terry & Co. grew its holdings in shares of Alphabet by 12.0% in the first quarter. Mcdaniel Terry & Co. now owns 16,697 shares of the information services provider’s stock valued at $2,520,000 after purchasing an additional 1,791 shares during the period. Boyd Watterson Asset Management LLC OH grew its holdings in shares of Alphabet by 4.0% in the first quarter. Boyd Watterson Asset Management LLC OH now owns 63,916 shares of the information services provider’s stock valued at $9,647,000 after purchasing an additional 2,433 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Alphabet by 2.1% in the first quarter. Principal Financial Group Inc. now owns 11,433,226 shares of the information services provider’s stock valued at $1,725,617,000 after purchasing an additional 236,502 shares during the period. Finally, Benjamin Edwards Inc. grew its holdings in shares of Alphabet by 7.3% in the first quarter. Benjamin Edwards Inc. now owns 27,670 shares of the information services provider’s stock valued at $4,176,000 after purchasing an additional 1,892 shares during the period. Hedge funds and other institutional investors 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.