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

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

Alphabet Price Performance

NASDAQ GOOGL traded up $8.22 on Wednesday, reaching $177.90. 43,211,785 shares of the stock traded hands, compared to its average volume of 27,018,779. Alphabet has a 12 month low of $122.68 and a 12 month high of $191.75. The company 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 firm’s fifty day simple moving average is $162.00 and its 200 day simple moving average is $168.74. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Royal Bank of Canada raised their price objective on Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup upped their price target on Alphabet from $190.00 to $212.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. The Goldman Sachs Group dropped their price objective on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Evercore ISI raised their price target on shares of Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Jefferies Financial Group boosted their price objective on shares of Alphabet from $215.00 to $220.00 in a report on Tuesday, July 9th. Seven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $204.18.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the sale, the chief executive officer now directly owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction on 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 completion of the transaction, the senior vice president now owns 312,210 shares of the company’s stock, valued at $50,765,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,426 shares of company stock valued at $35,993,340. Corporate insiders own 11.55% of the company’s stock.

About Alphabet

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.