Alphabet (NASDAQ:GOOG) Shares Up 1.1% on Better-Than-Expected Earnings

Alphabet Inc. (NASDAQ:GOOGGet Free Report) traded up 1.1% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $170.27 and last traded at $170.14. 4,951,771 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 19,385,303 shares. The stock had previously closed at $168.34.

The information services provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.83 by $0.29. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $88.27 billion during the quarter, compared to analyst estimates of $86.39 billion. During the same period in the prior year, the company earned $1.55 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.46%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

Wall Street Analysts Forecast Growth

Several research firms have commented on GOOG. Wolfe Research raised shares of 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. Citigroup increased their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays boosted their price objective on Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, TD Cowen raised their target price on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.56.

View Our Latest Research Report on Alphabet

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares in the company, valued at $354,310,204.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Alphabet 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 completion of the sale, the chief executive officer now owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 220,426 shares of company stock valued at $35,993,340 in the last three months. Corporate insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Abich Financial Wealth Management LLC boosted its holdings in Alphabet by 9,200.0% during the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after purchasing an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Alphabet during the second quarter worth approximately $37,000. HWG Holdings LP bought a new position in Alphabet during the 2nd quarter worth $40,000. Slocum Gordon & Co LLP bought a new position in Alphabet during the second quarter worth about $44,000. Finally, Hoese & Co LLP raised its position in shares of Alphabet by 62.5% in the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after buying an additional 100 shares in the last quarter. Institutional investors own 27.26% of the company’s stock.

Alphabet Price Performance

The stock has a market capitalization of $2.13 trillion, a price-to-earnings ratio of 26.79, a PEG ratio of 1.27 and a beta of 1.04. The company has a fifty day simple moving average of $163.56 and a two-hundred day simple moving average of $170.30. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

About Alphabet

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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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