Alphabet (GOOGL) closed at $1,733.40 in the latest trading session, marking a +0.42% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.39%. Meanwhile, the Dow gained 0.12%, and the Nasdaq, a tech-heavy index, lost 0.1%.Heading into today, shares of the internet search leader had lost 1.84% over the past month, lagging the Computer and Technology sector's gain of 7.06% and the S&P 500's gain of 4.06% in that time.Investors will be hoping for strength from GOOGL as it approaches its next earnings release. On that day, GOOGL is projected to report earnings of $15.64 per share, which would represent year-over-year growth of 1.89%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $43.64 billion, up 16.15% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $52.01 per share and revenue of $146.35 billion, which would represent changes of +5.8% and +11.06%, respectively, from the prior year.Any recent changes to analyst estimates for GOOGL should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.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 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 remained stagnant. GOOGL is holding a Zacks Rank of #3 (Hold) right now.Investors should also note GOOGL's current valuation metrics, including its Forward P/E ratio of 33.19. Its industry sports an average Forward P/E of 30.63, so we one might conclude that GOOGL is trading at a premium comparatively.We can also see that GOOGL currently has a PEG ratio of 1.96. 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. GOOGL's industry had an average PEG ratio of 1.97 as of yesterday's close.The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 174, putting it in the bottom 32% 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.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 Report To read this article on Zacks.com click here.