FY2024 Earnings Forecast for Alphabet Issued By DA Davidson

31 Oct 2024, 12:05 by Mitch Edgeman · The Markets Daily

Alphabet Inc. (NASDAQ:GOOG – Free Report) – Research analysts at DA Davidson upped their FY2024 earnings per share (EPS) estimates for Alphabet in a research note issued to investors on Wednesday, October 30th. DA Davidson analyst G. Luria now expects that the information services provider will earn $7.93 per share for the year, up from their prior forecast of $7.62. DA Davidson currently has a “Hold” rating on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.64 per share. DA Davidson also issued estimates for Alphabet’s Q4 2024 earnings at $2.03 EPS and FY2025 earnings at $8.75 EPS.

Other research analysts have also issued research reports about the company. Citigroup raised their price objective on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on Alphabet from $220.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday. Oppenheimer upped their price objective on Alphabet from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, Wolfe Research upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, July 16th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

View Our Latest Research Report on GOOG

Alphabet Stock Performance

GOOG opened at $176.14 on Thursday. The stock has a market capitalization of $2.18 trillion, a price-to-earnings ratio of 27.02, a PEG ratio of 1.27 and a beta of 1.04. Alphabet has a fifty-two week low of $123.93 and a fifty-two week high of $193.31. 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 company has a fifty day moving average of $163.56 and a 200 day moving average of $170.30.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its quarterly earnings data 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. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same period last year, the firm posted $1.55 EPS. The company’s revenue was up 15.1% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Cullinan Associates Inc. lifted its position in shares of Alphabet by 8.4% in the 1st quarter. Cullinan Associates Inc. now owns 124,621 shares of the information services provider’s stock worth $18,975,000 after purchasing an additional 9,612 shares during the period. Westhampton Capital LLC lifted its holdings in Alphabet by 23.9% during the first quarter. Westhampton Capital LLC now owns 4,040 shares of the information services provider’s stock worth $615,000 after buying an additional 780 shares during the period. Deepwater Asset Management LLC boosted its position in Alphabet by 18.5% during the 1st quarter. Deepwater Asset Management LLC now owns 89,082 shares of the information services provider’s stock valued at $13,564,000 after acquiring an additional 13,927 shares in the last quarter. Exchange Capital Management Inc. increased its holdings in shares of Alphabet by 2.9% in the 1st quarter. Exchange Capital Management Inc. now owns 6,091 shares of the information services provider’s stock valued at $927,000 after acquiring an additional 170 shares during the period. Finally, Financial Strategies Group Inc. raised its position in shares of Alphabet by 22.8% in the 1st quarter. Financial Strategies Group Inc. now owns 43,876 shares of the information services provider’s stock worth $6,939,000 after acquiring an additional 8,156 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Alphabet news, Director John L. Hennessy sold 800 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $153.75, for a total value of $123,000.00. Following the transaction, the director now directly owns 28,524 shares in the company, valued at $4,385,565. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of Alphabet 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 sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock valued at $35,993,340 in the last quarter. 12.99% of the stock is owned by insiders.

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, December 9th. Alphabet’s payout ratio is currently 12.27%.

Alphabet Company Profile

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