$58.24 Billion in Sales Expected for Alphabet Inc. (NASDAQ:GOOGL) This Quarter

Wall Street analysts expect that Alphabet Inc. (NASDAQ:GOOGLGet Rating) will post sales of $58.24 billion for the current quarter, according to Zacks Investment Research. Ten analysts have issued estimates for Alphabet’s earnings, with the highest sales estimate coming in at $59.99 billion and the lowest estimate coming in at $57.33 billion. Alphabet posted sales of $50.95 billion during the same quarter last year, which indicates a positive year over year growth rate of 14.3%. The firm is expected to issue 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 year, with estimates ranging from $242.03 billion to $252.54 billion. For the next fiscal year, analysts anticipate that the company will post sales of $283.90 billion, with estimates ranging from $270.60 billion to $298.06 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Alphabet.

Alphabet (NASDAQ:GOOGLGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share for the quarter, missing the 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 previous year, the business posted $26.29 EPS.

GOOGL has been the topic of several recent research reports. Royal Bank of Canada increased their price target on Alphabet from $3,400.00 to $3,500.00 and gave the company an “outperform” rating in a report on Wednesday, February 2nd. BMO Capital Markets cut their price objective on Alphabet from $3,300.00 to $3,000.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 27th. Wedbush cut their price objective on Alphabet from $3,800.00 to $3,113.00 in a research report on Wednesday, April 27th. Sanford C. Bernstein upped their price objective on Alphabet from $3,250.00 to $3,500.00 and gave the company an “outperform” rating in a research report on Wednesday, February 2nd. Finally, Susquehanna Bancshares upped their price objective on Alphabet from $3,600.00 to $3,750.00 and gave the company a “positive” rating in a research report on Wednesday, February 2nd. Three equities research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $3,329.84.

In related news, major shareholder 2016 Gp L.L.C. Gv sold 544,249 shares of Alphabet stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $11.16, for a total transaction of $6,073,818.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 42 shares of Alphabet stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $2,335.30, for a total value of $98,082.60. Following the transaction, the chief accounting officer now owns 1,170 shares of the company’s stock, valued at $2,732,301. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 550,261 shares of company stock valued at $21,637,779. Company insiders own 13.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in GOOGL. Norges Bank purchased a new position in Alphabet during the fourth quarter valued at approximately $14,477,662,000. Aaron Wealth Advisors LLC grew its holdings in Alphabet by 699,790.2% in the first quarter. Aaron Wealth Advisors LLC now owns 4,703,262 shares of the information services provider’s stock valued at $1,691,000 after purchasing an additional 4,702,590 shares during the period. Verity Asset Management Inc. grew its holdings in Alphabet by 536,206.4% in the first quarter. Verity Asset Management Inc. now owns 589,937 shares of the information services provider’s stock valued at $39,000 after purchasing an additional 589,827 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Alphabet in the fourth quarter valued at approximately $1,680,864,000. Finally, Fortis Advisors LLC grew its holdings in Alphabet by 149,779.0% in the third quarter. Fortis Advisors LLC now owns 535,068 shares of the information services provider’s stock valued at $1,508,000 after purchasing an additional 534,711 shares during the period. Institutional investors own 41.70% of the company’s stock.

NASDAQ:GOOGL opened at $2,119.40 on Wednesday. The stock’s fifty day moving average is $2,517.64 and its 200 day moving average is $2,697.68. Alphabet has a fifty-two week low of $2,037.69 and a fifty-two week high of $3,030.93. The firm has a market capitalization of $1.40 trillion, a PE ratio of 19.17, a PEG ratio of 1.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.85 and a current ratio of 2.87.

Alphabet shares are going to split 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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