Alphabet (GOOGL) closed the most recent trading day at $1,736.25, moving -1.22% from the previous trading session. This change lagged the S&P 500's 0.13% gain on the day. Elsewhere, the Dow gained 0.24%, while the tech-heavy Nasdaq added 0.15%.Prior to today's trading, shares of the internet search leader had lost 2.09% over the past month. This has lagged the Computer and Technology sector's gain of 4.54% and the S&P 500's gain of 2.59% in that time.Investors will be hoping for strength from GOOGL as it approaches its next earnings release. In that report, analysts expect GOOGL to post earnings of $15.64 per share. This would mark 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.GOOGL's full-year Zacks Consensus Estimates are calling for earnings of $52.01 per share and revenue of $146.35 billion. These results would represent year-over-year changes of +5.8% and +11.06%, respectively.Any recent changes to analyst estimates for GOOGL should also be noted by investors. These revisions help to show the ever-changing nature of 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.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. The Zacks Consensus EPS estimate remained stagnant within the past month. GOOGL is currently a Zacks Rank #2 (Buy).Investors should also note GOOGL's current valuation metrics, including its Forward P/E ratio of 33.8. This valuation marks a premium compared to its industry's average Forward P/E of 29.48.Meanwhile, GOOGL's PEG ratio is currently 2. 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. The Internet - Services was holding an average PEG ratio of 2 at yesterday's closing price.The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 125, 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.