In the latest trading session, Alphabet (GOOGL) closed at $1,853.20, marking a +1.88% move from the previous day. This change outpaced the S&P 500's 0.98% gain on the day. At the same time, the Dow added 0.99%, and the tech-heavy Nasdaq gained 0.5%.GOOGL will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2021. In that report, analysts expect GOOGL to post earnings of $15.90 per share. This would mark year-over-year growth of 3.58%. Meanwhile, our latest consensus estimate is calling for revenue of $44.09 billion, up 17.34% from the prior-year quarter.Any recent changes to analyst estimates for GOOGL should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.53% higher. GOOGL is currently sporting a Zacks Rank of #2 (Buy).Looking at its valuation, GOOGL is holding a Forward P/E ratio of 30.46. This valuation marks a discount compared to its industry's average Forward P/E of 38.07.Investors should also note that GOOGL has a PEG ratio of 1.8 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Internet - Services stocks are, on average, holding a PEG ratio of 2.74 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 127, putting it in the top 50% 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.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.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.