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Alphabet (NASDAQ:GOOGL) Posts Earnings Results, Misses Estimates By $0.09 EPS

Financial News Live · Feb 4, 2023 09:02

Alphabet (NASDAQ:GOOGL – Get Rating) released its earnings results on Thursday. The information services provider reported $1.05 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.09), RTT News reports. Alphabet had a return on equity of 23.58% and a net margin of 21.20%. The firm had revenue of $76.05 billion for the quarter, compared to analysts' expectations of $63.15 billion. During the same quarter in the previous year, the company posted $1.53 earnings per share.

Alphabet Trading Down 2.7 %

NASDAQ GOOGL opened at $104.78 on Friday. Alphabet has a 12 month low of $83.34 and a 12 month high of $144.88. The company has a market cap of $1.36 trillion, a PE ratio of 23.02, a PEG ratio of 1.79 and a beta of 1.08. The stock has a 50 day moving average of $93.34 and a 200-day moving average of $100.63. The company has a current ratio of 2.52, a quick ratio of 2.47 and a debt-to-equity ratio of 0.06.

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Insider Buying and Selling at Alphabet

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 182,312 shares of the company's stock in a transaction on Wednesday, November 9th. The stock was purchased at an average cost of $34.60 per share, with a total value of $6,307,995.20. Following the acquisition, the insider now directly owns 1,294,527 shares of the company's stock, valued at $44,790,634.20. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Ann Mather sold 360 shares of the firm's stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $98.48, for a total transaction of $35,452.80. Following the completion of the sale, the director now owns 11,300 shares of the company's stock, valued at approximately $1,112,824. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder 2021 Gp L.L.C. Gv purchased 182,312 shares of Alphabet stock in a transaction on Wednesday, November 9th. The stock was bought at an average price of $34.60 per share, with a total value of $6,307,995.20. Following the completion of the acquisition, the insider now directly owns 1,294,527 shares of the company's stock, valued at approximately $44,790,634.20. The disclosure for this purchase can be found here. Insiders sold 36,943 shares of company stock valued at $3,454,353 in the last quarter. 11.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alphabet

Hedge funds and other institutional investors have recently modified their holdings of the company. Bornite Capital Management LP bought a new position in shares of Alphabet in the first quarter worth $16,688,000. Markel Corp raised its position in Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider's stock valued at $43,110,000 after purchasing an additional 2,250 shares during the last quarter. United Bank lifted its stake in Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider's stock worth $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Alphabet by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider's stock valued at $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management grew its holdings in shares of Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider's stock worth $25,806,000 after acquiring an additional 1,570 shares during the period. Institutional investors own 34.06% of the company's stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of recent research reports. Mizuho cut their target price on shares of Alphabet from $140.00 to $135.00 and set a "buy" rating on the stock in a report on Wednesday, November 30th. KeyCorp reduced their price objective on Alphabet from $118.00 to $117.00 and set an "overweight" rating for the company in a research note on Monday, January 30th. Evercore ISI dropped their target price on Alphabet from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Wednesday, December 21st. Morgan Stanley raised their price objective on shares of Alphabet from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Bank of America boosted their target price on shares of Alphabet from $116.00 to $119.00 and gave the stock a "buy" rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $132.50.

About Alphabet

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Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.