Alphabet Inc. (NASDAQ:GOOGL – Free Report) – Research analysts at KeyCorp lifted their Q2 2023 earnings per share (EPS) estimates for Alphabet in a research report issued on Monday, July 17th. KeyCorp analyst J. Patterson now forecasts that the information services provider will earn $1.38 per share for the quarter, up from their previous forecast of $1.37. The consensus estimate for Alphabet’s current full-year earnings is $5.39 per share. KeyCorp also issued estimates for Alphabet’s Q3 2023 earnings at $1.41 EPS, FY2023 earnings at $5.50 EPS, FY2024 earnings at $6.43 EPS and FY2025 earnings at $7.13 EPS.
Several other research firms have also issued reports on GOOGL. Robert W. Baird lifted their price target on Alphabet from $120.00 to $123.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Wells Fargo & Company initiated coverage on Alphabet in a report on Wednesday, June 7th. They issued an “equal weight” rating and a $117.00 price objective for the company. Citigroup boosted their price target on Alphabet from $120.00 to $130.00 in a research note on Wednesday, April 26th. 51job restated a “downgrade” rating on shares of Alphabet in a research note on Tuesday, June 27th. Finally, Morgan Stanley boosted their price target on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Seven equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $131.53.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. During the same period last year, the business earned $1.23 earnings per share.
Insider Buying and Selling at Alphabet
In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the transaction, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at $2,788,486.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares in the company, valued at $721,231. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 841,688 shares of company stock worth $29,376,932. 0.88% of the stock is owned by insiders.
Institutional Investors Weigh In On Alphabet
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Alphabet by 1,919.4% in the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp increased its stake in Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after buying an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC increased its stake in shares of Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares during the period. Finally, Norges Bank bought a new stake in Alphabet in the 4th quarter valued at about $8,335,063,000. Institutional investors and hedge funds own 35.38% of the company’s stock.
About Alphabet
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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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