Cantor Fitzgerald Lifts Earnings Estimates for Alphabet

Alphabet Inc. (NASDAQ:GOOGL) – Stock analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for Alphabet in a research report issued to clients and investors on Wednesday, October 30th. Cantor Fitzgerald analyst D. Mathivanan now forecasts that the information services provider will earn $7.96 per share for the year, up from their prior forecast of $7.79. Cantor Fitzgerald currently has a “Neutral” rating and a $190.00 price target on the stock. The consensus estimate for Alphabet’s current full-year earnings is $7.65 per share.

A number of other research analysts have also recently issued reports on GOOGL. Pivotal Research lifted their price objective on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday. Wolfe Research assumed coverage on Alphabet in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price target for the company. TD Securities increased their price objective on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 target price on shares of Alphabet in a report on Wednesday. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $217.00 price target (up previously from $215.00) on shares of Alphabet in a report on Wednesday. Seven analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $205.51.

Alphabet Stock Up 2.8 %

Shares of NASDAQ:GOOGL opened at $174.46 on Thursday. The firm has a market capitalization of $2.16 trillion, a P/E ratio of 26.76, a P/E/G ratio of 1.27 and a beta of 1.04. The stock has a 50 day moving average price of $162.17 and a 200-day moving average price of $168.78. Alphabet has a 52-week low of $122.68 and a 52-week high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share 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 firm had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter in the previous year, the firm posted $1.55 EPS.

Alphabet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a yield of 0.46%. Alphabet’s dividend payout ratio (DPR) is currently 12.27%.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the completion of the transaction, the insider now directly owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated 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 owns 31,334 shares in the company, valued at $5,264,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 220,426 shares of company stock worth $35,993,340. 11.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GOOGL. CV Advisors LLC grew its position in Alphabet by 2.5% in the 3rd quarter. CV Advisors LLC now owns 54,714 shares of the information services provider’s stock valued at $9,074,000 after acquiring an additional 1,353 shares during the last quarter. Consilium Wealth Advisory LLC boosted its stake in shares of Alphabet by 3.4% during the third quarter. Consilium Wealth Advisory LLC now owns 23,997 shares of the information services provider’s stock valued at $3,980,000 after purchasing an additional 799 shares during the period. Centennial Wealth Advisory LLC grew its holdings in shares of Alphabet by 8.3% in the third quarter. Centennial Wealth Advisory LLC now owns 3,888 shares of the information services provider’s stock worth $645,000 after purchasing an additional 298 shares during the last quarter. White Lighthouse Investment Management Inc. increased its stake in Alphabet by 0.8% in the 3rd quarter. White Lighthouse Investment Management Inc. now owns 9,480 shares of the information services provider’s stock worth $1,572,000 after buying an additional 74 shares during the period. Finally, Armor Investment Advisors LLC lifted its holdings in Alphabet by 2.5% during the 3rd quarter. Armor Investment Advisors LLC now owns 9,739 shares of the information services provider’s stock valued at $1,615,000 after buying an additional 233 shares in the last quarter. 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.