Alphabet Inc. (GOOG) closed the most recent trading day at $2,869.30, moving +1.09% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.23%.Prior to today's trading, shares of the company had gained 2.54% over the past month. This has lagged the Computer and Technology sector's gain of 2.74% and outpaced the S&P 500's gain of 0.65% in that time.Wall Street will be looking for positivity from GOOG as it approaches its next earnings report date. The company is expected to report EPS of $23.12, up 40.98% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $51.41 billion, up 35.25% from the year-ago period.GOOG's full-year Zacks Consensus Estimates are calling for earnings of $101.86 per share and revenue of $205.21 billion. These results would represent year-over-year changes of +73.79% and +37.04%, respectively.Investors should also note any recent changes to analyst estimates for GOOG. 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.Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.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. Within the past 30 days, our consensus EPS projection remained stagnant. GOOG is holding a Zacks Rank of #3 (Hold) right now.In terms of valuation, GOOG is currently trading at a Forward P/E ratio of 27.87. For comparison, its industry has an average Forward P/E of 30.45, which means GOOG is trading at a discount to the group.Also, we should mention that GOOG has a PEG ratio of 1.85. 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. GOOG's industry had an average PEG ratio of 3.71 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 120, putting it in the top 48% 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. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>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. (GOOG): Get Free Report To read this article on Zacks.com click here.