Alphabet Inc. (GOOG) closed at $2,304.27 in the latest trading session, marking a +1.16% move from the prior day. This move outpaced the S&P 500's daily gain of 0.36%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.1%.

Coming into today, shares of the company had lost 2.85% in the past month. In that same time, the Computer and Technology sector lost 6.98%, while the S&P 500 lost 6.59%.

Wall Street will be looking for positivity from Alphabet Inc. as it approaches its next earnings report date. On that day, Alphabet Inc. is projected to report earnings of $26.24 per share, which would represent a year-over-year decline of 3.74%. Meanwhile, our latest consensus estimate is calling for revenue of $58.01 billion, up 13.85% from the prior-year quarter.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $110.62 per share and revenue of $243.89 billion. These totals would mark changes of -1.41% and +15%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Alphabet Inc.Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.11% lower. Alphabet Inc. currently has a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Alphabet Inc. has a Forward P/E ratio of 20.59 right now. For comparison, its industry has an average Forward P/E of 20.54, which means Alphabet Inc. is trading at a premium to the group.

Also, we should mention that GOOG has a PEG ratio of 1.11. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Internet - Services stocks are, on average, holding a PEG ratio of 1.74 based on yesterday's closing prices.

The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 203, putting it in the bottom 20% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

You can find more information on all of these metrics, and much more, on Zacks.com.

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