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Alphabet Inc. (GOOG) Stock Drops Despite Market Gains: Important Facts to Note
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Alphabet Inc. (GOOG - Free Report) closed at $147.71 in the latest trading session, marking a -0.18% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.22% for the day. Meanwhile, the Dow gained 0.36%, and the Nasdaq, a tech-heavy index, added 0.32%.
The company's stock has climbed by 3.68% in the past month, exceeding the Computer and Technology sector's gain of 3.64% and the S&P 500's gain of 1.61%.
The investment community will be closely monitoring the performance of Alphabet Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on January 30, 2024. The company's upcoming EPS is projected at $1.60, signifying a 52.38% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $70.71 billion, indicating a 12.03% growth compared to the corresponding quarter of the prior year.
Investors might also notice recent changes to analyst estimates for Alphabet Inc. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.26% upward. Alphabet Inc. currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Alphabet Inc. has a Forward P/E ratio of 22.21 right now. This indicates a discount in contrast to its industry's Forward P/E of 25.98.
Meanwhile, GOOG's PEG ratio is currently 1.32. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Internet - Services industry was having an average PEG ratio of 1.93.
The Internet - Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 75, placing it within the top 30% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Alphabet Inc. (GOOG) Stock Drops Despite Market Gains: Important Facts to Note
Alphabet Inc. (GOOG - Free Report) closed at $147.71 in the latest trading session, marking a -0.18% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.22% for the day. Meanwhile, the Dow gained 0.36%, and the Nasdaq, a tech-heavy index, added 0.32%.
The company's stock has climbed by 3.68% in the past month, exceeding the Computer and Technology sector's gain of 3.64% and the S&P 500's gain of 1.61%.
The investment community will be closely monitoring the performance of Alphabet Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on January 30, 2024. The company's upcoming EPS is projected at $1.60, signifying a 52.38% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $70.71 billion, indicating a 12.03% growth compared to the corresponding quarter of the prior year.
Investors might also notice recent changes to analyst estimates for Alphabet Inc. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.26% upward. Alphabet Inc. currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Alphabet Inc. has a Forward P/E ratio of 22.21 right now. This indicates a discount in contrast to its industry's Forward P/E of 25.98.
Meanwhile, GOOG's PEG ratio is currently 1.32. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Internet - Services industry was having an average PEG ratio of 1.93.
The Internet - Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 75, placing it within the top 30% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.