Alphabet (NASDAQ:GOOGL) Trading 2.3% Higher on Strong Earnings

Shares of Alphabet Inc. (NASDAQ:GOOGL - Get Free Report) rose 2.3% on Friday following a stronger than expected earnings report. The company traded as high as $166.10 and last traded at $163.02. Approximately 24,854,276 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 28,433,132 shares. The stock had previously closed at $159.28.

The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 28.60% and a return on equity of 32.49%. During the same quarter in the prior year, the company earned $1.89 EPS.

Alphabet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 9th will be paid a dividend of $0.21 per share. This is a positive change from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, June 9th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.52%. Alphabet's payout ratio is presently 9.36%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GOOGL. Mizuho lowered their price objective on Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Citizens Jmp downgraded Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 2nd. Bank of America boosted their price objective on Alphabet from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Friday. Stifel Nicolaus dropped their price target on Alphabet from $225.00 to $192.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Susquehanna reduced their target price on shares of Alphabet from $225.00 to $220.00 and set a "positive" rating on the stock in a report on Friday. Ten analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $198.89.

Insider Activity

In related news, CAO Amie Thuener O'toole sold 1,340 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $202.08, for a total value of $270,787.20. Following the transaction, the chief accounting officer now directly owns 17,848 shares of the company's stock, valued at approximately $3,606,723.84. The trade was a 6.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the business's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $165.53, for a total transaction of $33,106.00. Following the sale, the director now directly owns 7,813 shares in the company, valued at $1,293,285.89. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,163 shares of company stock worth $25,361,647. Company insiders own 11.55% of the company's stock.

Institutional Investors Weigh In On Alphabet

A number of hedge funds and other institutional investors have recently modified their holdings of GOOGL. von Borstel & Associates Inc. bought a new stake in shares of Alphabet in the first quarter worth approximately $28,000. Compass Planning Associates Inc purchased a new stake in shares of Alphabet during the 4th quarter valued at about $30,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider's stock worth $37,000 after purchasing an additional 166 shares during the period. Fiduciary Advisors Inc. purchased a new position in shares of Alphabet in the fourth quarter worth approximately $39,000. Finally, Elite Financial Inc. bought a new stake in Alphabet during the first quarter valued at approximately $42,000. Institutional investors own 40.03% of the company's stock.

Alphabet Trading Down 0.3 %

The stock has a fifty day moving average of $161.69 and a 200 day moving average of $175.60. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market capitalization of $1.95 trillion, a P/E ratio of 19.90, a PEG ratio of 1.34 and a beta of 1.03.

Alphabet Company Profile

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.