Alphabet Inc. (NASDAQ:GOOGL) Expected to Post Quarterly Sales of $58.45 Billion

Wall Street brokerages expect Alphabet Inc. (NASDAQ:GOOGLGet Rating) to report $58.45 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Alphabet’s earnings. The lowest sales estimate is $57.33 billion and the highest is $60.36 billion. Alphabet reported sales of $50.95 billion during the same quarter last year, which indicates a positive year over year growth rate of 14.7%. The business is expected to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Alphabet will report full year sales of $245.99 billion for the current fiscal year, with estimates ranging from $242.03 billion to $252.54 billion. For the next fiscal year, analysts forecast that the business will report sales of $283.90 billion, with estimates ranging from $270.60 billion to $298.06 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Alphabet.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $25.51 by ($0.89). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same period in the prior year, the business earned $26.29 EPS.

A number of research firms have recently issued reports on GOOGL. Mizuho cut their target price on shares of Alphabet from $3,600.00 to $3,500.00 and set a “buy” rating for the company in a research note on Wednesday, April 27th. Piper Sandler cut their target price on shares of Alphabet from $3,475.00 to $2,900.00 and set an “overweight” rating for the company in a research note on Wednesday, April 27th. Bank of America boosted their price objective on shares of Alphabet from $3,470.00 to $3,510.00 and gave the stock a “buy” rating in a research report on Wednesday, February 2nd. Wedbush dropped their price objective on shares of Alphabet from $3,800.00 to $3,113.00 in a research report on Wednesday, April 27th. Finally, Barclays dropped their price objective on shares of Alphabet from $3,300.00 to $3,200.00 and set an “overweight” rating for the company in a research report on Wednesday, April 27th. Four investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $3,314.08.

In other Alphabet news, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of Alphabet stock in a transaction on Monday, April 11th. The shares were sold at an average price of $11.16, for a total value of $6,073,818.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brin Sergey sold 2,710 shares of Alphabet stock in a transaction dated Wednesday, April 13th. The shares were sold at an average price of $2,600.32, for a total transaction of $7,046,867.20. Following the transaction, the director now owns 18,571,041 shares of the company’s stock, valued at $48,290,649,333.12. The disclosure for this sale can be found here. Insiders have sold 549,698 shares of company stock valued at $20,324,689 in the last three months. 11.70% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Brooks Moore & Associates Inc. raised its position in shares of Alphabet by 3.1% in the first quarter. Brooks Moore & Associates Inc. now owns 1,340 shares of the information services provider’s stock valued at $3,727,000 after purchasing an additional 40 shares during the period. Hohimer Wealth Management LLC increased its holdings in Alphabet by 5.5% during the 1st quarter. Hohimer Wealth Management LLC now owns 2,500 shares of the information services provider’s stock worth $6,953,000 after acquiring an additional 130 shares during the period. Carter Financial Group INC. bought a new stake in Alphabet during the 1st quarter worth approximately $381,000. First National Trust Co grew its stake in Alphabet by 8.2% in the 1st quarter. First National Trust Co now owns 13,035 shares of the information services provider’s stock worth $36,255,000 after buying an additional 992 shares in the last quarter. Finally, Edge Capital Group LLC grew its stake in Alphabet by 0.6% in the 1st quarter. Edge Capital Group LLC now owns 1,884 shares of the information services provider’s stock worth $5,240,000 after buying an additional 12 shares in the last quarter. 41.70% of the stock is currently owned by institutional investors and hedge funds.

GOOGL stock opened at $2,346.68 on Wednesday. Alphabet has a twelve month low of $2,193.62 and a twelve month high of $3,030.93. The company has a market cap of $1.55 trillion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 1.03 and a beta of 1.13. The business’s 50-day simple moving average is $2,625.96 and its 200 day simple moving average is $2,761.08. The company has a quick ratio of 2.85, a current ratio of 2.87 and a debt-to-equity ratio of 0.06.

Alphabet’s stock is going to split before the market opens on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly created shares will be payable to shareholders after the market closes on Friday, July 15th.

Alphabet Company Profile (Get Rating)

Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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