Alphabet (GOOGL) Ascends While Market Falls: Some Facts to Note

In the latest market close, Alphabet (GOOGL) reached $164.09, with a +0.41% movement compared to the previous day. The stock exceeded the S&P 500, which registered a loss of 0.18% for the day. Meanwhile, the Dow lost 0.8%, and the Nasdaq, a tech-heavy index, added 0.27%.The internet search leader's stock has dropped by 0.1% in the past month, falling short of the Computer and Technology sector's gain of 6.6% and the S&P 500's gain of 4.46%.The investment community will be paying close attention to the earnings performance of Alphabet in its upcoming release. The company is slated to reveal its earnings on October 29, 2024. The company is expected to report EPS of $1.83, up 18.06% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $72.78 billion, up 13.63% from the year-ago period.For the full year, the Zacks Consensus Estimates project earnings of $7.64 per share and a revenue of $292.31 billion, demonstrating changes of +31.72% and +13.96%, respectively, from the preceding year.Investors should also pay attention to any latest changes in analyst estimates for Alphabet. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 0.08% rise in the Zacks Consensus EPS estimate. Alphabet currently has a Zacks Rank of #3 (Hold).With respect to valuation, Alphabet is currently being traded at a Forward P/E ratio of 21.39. This indicates a discount in contrast to its industry's Forward P/E of 37.96.It's also important to note that GOOGL currently trades at a PEG ratio of 1.26. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Internet - Services industry had an average PEG ratio of 2.35 as trading concluded yesterday.The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 72, putting it in the top 29% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow GOOGL in the coming trading sessions, be sure to utilize Zacks.com.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alphabet Inc. (GOOGL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks