Alphabet Inc. (GOOG) closed the most recent trading day at $2,771.48, moving +1.15% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq lost 0.02%.Coming into today, shares of the company had lost 7.85% in the past month. In that same time, the Computer and Technology sector lost 5.82%, while the S&P 500 lost 0.13%.Investors will be hoping for strength from Alphabet Inc. as it approaches its next earnings release. In that report, analysts expect Alphabet Inc. to post earnings of $26.71 per share. This would mark year-over-year growth of 19.78%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $59.3 billion, up 27.71% from the year-ago period.Investors should also note any recent changes to analyst estimates for Alphabet Inc.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.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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Alphabet Inc. currently has a Zacks Rank of #3 (Hold).Investors should also note Alphabet Inc.'s current valuation metrics, including its Forward P/E ratio of 24.15. For comparison, its industry has an average Forward P/E of 24.15, which means Alphabet Inc. is trading at a no noticeable deviation to the group.Investors should also note that GOOG has a PEG ratio of 0.94 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. GOOG's industry had an average PEG ratio of 3.08 as of yesterday's close.The Internet - Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 211, which puts it in the bottom 18% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow GOOG in the coming trading sessions, be sure to utilize Zacks.com. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>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): Free Stock Analysis Report To read this article on Zacks.com click here.