Cantor Fitzgerald Boosts Earnings Estimates for Alphabet

Alphabet Inc. (NASDAQ:GOOGL) – Research analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for Alphabet in a research report issued on Wednesday, October 30th. Cantor Fitzgerald analyst D. Mathivanan now expects that the information services provider will post earnings per share of $7.96 for the year, up from their previous estimate of $7.79. Cantor Fitzgerald currently has a “Neutral” rating and a $190.00 target price on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.85 per share.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period in the previous year, the business posted $1.55 earnings per share.

A number of other equities research analysts have also recently weighed in on the company. Citigroup increased their price target on Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Scotiabank raised Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Wells Fargo & Company raised their price objective on Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research note on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $210.00 target price (up from $200.00) on shares of Alphabet in a research report on Wednesday. Finally, Argus raised their price objective on Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $205.51.

Alphabet Price Performance

Shares of GOOGL opened at $171.29 on Thursday. Alphabet has a 52-week low of $126.93 and a 52-week high of $191.75. The firm has a market capitalization of $2.11 trillion, a PE ratio of 22.72, a P/E/G ratio of 1.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 1.95. The stock has a 50 day simple moving average of $162.43 and a 200 day simple moving average of $168.91.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. XML Financial LLC increased its holdings in Alphabet by 5.5% in the 3rd quarter. XML Financial LLC now owns 25,595 shares of the information services provider’s stock valued at $4,245,000 after purchasing an additional 1,325 shares during the last quarter. Austin Asset Management Co Inc grew its position in shares of Alphabet by 3.6% during the third quarter. Austin Asset Management Co Inc now owns 3,550 shares of the information services provider’s stock worth $589,000 after acquiring an additional 124 shares during the last quarter. GSG Advisors LLC grew its position in shares of Alphabet by 13.2% during the third quarter. GSG Advisors LLC now owns 6,446 shares of the information services provider’s stock worth $1,076,000 after acquiring an additional 753 shares during the last quarter. Essex Savings Bank grew its position in Alphabet by 2.3% in the 3rd quarter. Essex Savings Bank now owns 26,013 shares of the information services provider’s stock valued at $4,314,000 after buying an additional 581 shares during the last quarter. Finally, Cypress Point Wealth Management LLC grew its position in Alphabet by 2.4% in the 3rd quarter. Cypress Point Wealth Management LLC now owns 3,617 shares of the information services provider’s stock valued at $600,000 after buying an additional 86 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at $5,136,807.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares in the company, valued at approximately $5,136,807.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 230,244 shares of company stock valued at $37,776,954 over the last quarter. 11.55% of the stock is owned by corporate insiders.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.47%. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

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.