Alphabet (GOOGL) closed the most recent trading day at $1,722.88, moving -0.99% from the previous trading session. This change lagged the S&P 500's 0.57% gain on the day. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.Heading into today, shares of the internet search leader had lost 3.94% over the past month, lagging the Computer and Technology sector's gain of 1.94% and the S&P 500's gain of 0.83% in that time.GOOGL will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $15.63, up 1.82% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $44.05 billion, up 17.22% 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. 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.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. The Zacks Consensus EPS estimate has moved 0.16% higher within the past month. GOOGL is holding a Zacks Rank of #2 (Buy) right now.Looking at its valuation, GOOGL is holding a Forward P/E ratio of 27.88. For comparison, its industry has an average Forward P/E of 29.58, which means GOOGL is trading at a discount to the group.Investors should also note that GOOGL has a PEG ratio of 1.65 right now. 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 1.65 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 102, putting it in the top 40% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual 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. Zacks Investment Research