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Alphabet Inc. (GOOG) closed the latest trading day at $188.19, indicating a +0.75% change from the previous session's end. This change outpaced the S&P 500's 0.28% gain on the day. At the same time, the Dow added 0.53%, and the tech-heavy Nasdaq gained 0.4%.

Shares of the company have appreciated by 4.71% over the course of the past month, outperforming the Computer and Technology sector's gain of 4.22% and the S&P 500's gain of 3.78%.

The investment community will be closely monitoring the performance of Alphabet Inc. in its forthcoming earnings report. The company is expected to report EPS of $1.85, up 28.47% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $70.55 billion, indicating a 13.67% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $7.61 per share and a revenue of $291.26 billion, demonstrating changes of +31.21% and +13.55%, respectively, from the preceding year.

It is also important to note the recent changes to analyst estimates for Alphabet Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.05% increase. Currently, Alphabet Inc. is carrying a Zacks Rank of #3 (Hold).

With respect to valuation, Alphabet Inc. is currently being traded at a Forward P/E ratio of 24.55. This represents a premium compared to its industry's average Forward P/E of 23.03.

Investors should also note that GOOG has a PEG ratio of 1.4 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Internet - Services industry stood at 1.95 at the close of the market yesterday.

The Internet - Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 102, this industry ranks in the top 41% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.