Alphabet (NASDAQ:GOOG) Releases Quarterly Earnings Results, Beats Expectations By $0.29 EPS

by · The Markets Daily

Alphabet (NASDAQ:GOOG – Get Free Report) issued its quarterly earnings data on Tuesday. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29, Briefing.com reports. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same period in the prior year, the company posted $1.55 earnings per share. Alphabet’s revenue for the quarter was up 15.1% on a year-over-year basis.

Alphabet Price Performance

NASDAQ GOOG traded up $9.60 on Wednesday, reaching $180.74. The company’s stock had a trading volume of 32,409,344 shares, compared to its average volume of 19,561,438. Alphabet has a 52 week low of $123.93 and a 52 week high of $193.31. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.23 trillion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04. The business has a 50-day moving average price of $163.39 and a 200 day moving average price of $170.26.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. UBS Group upped their target price on Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research report on Wednesday. Jefferies Financial Group lifted their price target on shares of Alphabet from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their target price on shares of Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $200.56.

Check Out Our Latest Research Report on GOOG

Insider Buying and Selling at Alphabet

In related news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total value of $5,570,188.20. Following the sale, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total value of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares in the company, valued at $50,765,346. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Kent Walker sold 21,467 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.35, for a total transaction of $3,442,233.45. Following the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 220,426 shares of company stock valued at $35,993,340. 12.99% of the stock is currently owned by corporate insiders.

About Alphabet

(Get Free Report)

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.

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