Alphabet (NASDAQ:GOOGL) Announces Quarterly Earnings Results

Alphabet (NASDAQ:GOOGL) announced its earnings results on Tuesday. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29, Yahoo Finance reports. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same period in the prior year, the company posted $1.55 EPS.

Alphabet Stock Performance

NASDAQ GOOGL traded up $8.22 during trading on Wednesday, reaching $177.90. The company’s stock had a trading volume of 43,211,785 shares, compared to its average volume of 27,018,779. Alphabet has a twelve month low of $122.68 and a twelve month high of $191.75. The firm has a market cap of $2.20 trillion, a price-to-earnings ratio of 27.40, a P/E/G ratio of 1.27 and a beta of 1.04. The business’s fifty day moving average price is $162.00 and its 200-day moving average price is $168.74. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GOOGL shares. Guggenheim boosted their price objective on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley boosted their price target on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wolfe Research started coverage on Alphabet in a report on Tuesday, July 16th. They issued an “outperform” rating and a $240.00 price objective on the stock. Loop Capital reaffirmed a “hold” rating and set a $170.00 target price on shares of Alphabet in a report on Wednesday, July 3rd. Finally, KeyCorp increased their target price on shares of Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $204.18.

Insider Activity at Alphabet

In other news, CAO Amie Thuener O’toole sold 682 shares of the company’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 completion of the sale, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. This 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 is available through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the transaction, the chief executive officer now directly owns 2,182,385 shares of the company’s stock, valued at $354,310,204.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at approximately $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock worth $35,993,340 in the last quarter. Company insiders own 11.55% 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.