Alphabet Inc. (GOOG Stock) is down by 1.39%, probably due to a delay in releasing its first 100% customized chip for Pixel smartphones. The chip is internally named Redondo and was scheduled to be released in 2024, but shall now be out in 2025. Moreover, Google Workspace recently earned the approval stamp from the Dutch Government.
Alphabet Inc. (GOOG Stock)- Financial Analysis
The Dutch Ministry of Education clarified to the Dutch Parliament that Google has delivered on its commitment towards data protection impact assessment (DPIA). The Dutch government and representatives of the education sector conducted the test.
This development says the Netherlands’ educational institutions and public sector entities can confidently use Google Workspace for Education and Google Workspace. The tech giant has been working closely with the Dutch authorities to support DPIA in its applications under the General Data Protection Regulation (GDPR).
NASDAQ: GOOG share price is down by 1.39% in 24 hours, and 4.48% in a month. It rallied 14.33% in three months, 38.43% in 6-months and 34.62% YTD. The price actions are cooling down for some time, gearing up for another momentum.
At press time, GOOG stock is trading at $120.93 with a fall of 1.39%; previous close and open were at $122.63 and $120.64, respectively. The 52-week range is from $83.45 to $129.55, meaning the current price could surpass this high soon. With an average volume of 28.81 Million shares, the market cap is reported to be $1.53 Trillion.
The trailing twelve-month (ttm) price-to-earnings (P/E) ratio is 26.87, indicative of the price being slightly overvalued. The earnings per share (EPS) in a similar time frame is $4.50. Analysts have placed a 2.94 rating for moderate buy and have estimated a price target at $132.80 with an upside of 9.8%.
The last earnings were reported on April 25, 2023, where the reported revenue of $69.787 Billion surpassed the expected value of $68.887 Billion by 1.31%. The (ttm) revenue comes at $284.61 Billion. At the same time, the revenue per share is $21.97, and the year-over-year (YoY) quarterly revenue growth shows a hike of 2.60%
The operating expenses jumped by 18.79% to $21.76 Billion, and (ttm) operating margin gained $25.35%. The net income has dropped by 8.43% to $15.05 Billion, net profit margin has suffered by 10.76% to 21.57, and the profit margin swelled by 20.58%. Gross profit (ttm) is reported to be at $156.63 Billion.
Alphabet Inc. (GOOG Stock)- Candle Exploration
In May 2023, the GOOG share price broke out from the previous range and showed a sharp northbound move. It tried to surpass the R1 at $131.91 but failed to consolidate in the expected range for some time. The price action should not cross the trendline, but if it does, the price might not go below the lower limit of the range.
The slightly upward trajectory of the EMA provides positivity, and the RSI value of 49.05 indicates strength. If the price breaks R1 at $131.91 and can sustain there, a new high for 2023 can be seen.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets & stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/07/alphabet-inc-goog-stock-trying-to-surpass-52-week-high/