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

Alphabet (NASDAQ:GOOGL - Get Free Report) posted its earnings results on Tuesday. The information services provider reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.29, Yahoo Finance reports. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $88.27 billion for the quarter, compared to analyst estimates of $72.85 billion. During the same quarter last year, the company earned $1.55 earnings per share.

Alphabet Stock Up 2.8 %

Shares of GOOGL stock traded up $4.78 during midday trading on Wednesday, reaching $174.46. 68,770,745 shares of the stock were exchanged, compared to its average volume of 27,139,115. Alphabet has a 1 year low of $122.68 and a 1 year high of $191.75. The company's 50 day moving average is $162.00 and its two-hundred day moving average is $168.74. 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 $2.16 trillion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares of the company's stock, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Amie Thuener O'toole sold 682 shares of the company's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the transaction, the chief accounting officer now directly owns 31,334 shares of the company's stock, valued at approximately $5,264,112. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total value of $3,741,750.00. Following the completion of the transaction, the chief executive officer now directly owns 2,106,806 shares in the company, valued at $350,361,837.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 220,426 shares of company stock valued at $35,993,340 in the last ninety days. 11.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on GOOGL shares. Roth Mkm increased their price target on Alphabet from $206.00 to $212.00 and gave the company a "buy" rating in a research report on Wednesday. Sanford C. Bernstein increased their price target on Alphabet from $180.00 to $185.00 and gave the company a "market perform" rating in a research report on Wednesday. Piper Sandler reaffirmed an "overweight" rating and set a $210.00 price target (up from $200.00) on shares of Alphabet in a research report on Wednesday. DA Davidson started coverage on Alphabet in a research report on Tuesday, September 10th. They issued a "neutral" rating and a $170.00 target price for the company. Finally, Truist Financial raised their target price on Alphabet from $220.00 to $225.00 and gave the stock a "buy" rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating, thirty have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $205.51.

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.