Akamai Technologies (NASDAQ:AKAM) Releases FY 2024 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 6.200-6.400 for the period, compared to the consensus estimate of 6.730. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $4.1 billion. Akamai Technologies also updated its FY24 guidance to $6.20-6.40 EPS.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AKAM. Royal Bank of Canada reaffirmed a sector perform rating and set a $115.00 price objective on shares of Akamai Technologies in a report on Wednesday, February 14th. HSBC lowered shares of Akamai Technologies from a hold rating to a reduce rating and dropped their price objective for the stock from $109.00 to $96.00 in a report on Thursday, February 15th. Robert W. Baird raised shares of Akamai Technologies from a neutral rating to an outperform rating and raised their price objective for the stock from $128.00 to $135.00 in a report on Thursday, March 7th. KeyCorp raised their price objective on shares of Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Akamai Technologies from $78.00 to $81.00 and gave the stock an underweight rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $121.60.

Akamai Technologies Trading Up 0.3 %

Shares of AKAM stock traded up $0.34 on Thursday, reaching $102.46. 3,626,649 shares of the stock were exchanged, compared to its average volume of 1,610,275. The stock has a market cap of $15.53 billion, a PE ratio of 28.93, a P/E/G ratio of 2.81 and a beta of 0.72. Akamai Technologies has a one year low of $83.12 and a one year high of $129.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a 50 day moving average price of $105.85 and a 200 day moving average price of $111.96.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Thursday, May 9th. The technology infrastructure company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.03. The business had revenue of $986.97 million during the quarter, compared to the consensus estimate of $989.03 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 earnings per share. Equities research analysts forecast that Akamai Technologies will post 4.84 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In related news, COO Adam Karon sold 14,349 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $109.78, for a total value of $1,575,233.22. Following the completion of the sale, the chief operating officer now owns 6,697 shares in the company, valued at $735,196.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Akamai Technologies news, EVP Anthony P. Williams sold 3,510 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $112.55, for a total value of $395,050.50. Following the completion of the sale, the executive vice president now directly owns 4,299 shares in the company, valued at $483,852.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Adam Karon sold 14,349 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $109.78, for a total value of $1,575,233.22. Following the completion of the sale, the chief operating officer now owns 6,697 shares of the company’s stock, valued at $735,196.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,753 shares of company stock worth $3,368,303. 2.00% of the stock is owned by insiders.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.