Akamai Technologies (NASDAQ:AKAM) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Akamai Technologies (NASDAQ:AKAM) posted its earnings results on Thursday. The technology infrastructure company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.05, Briefing.com reports. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $979.60 million during the quarter, compared to analysts’ expectations of $977.67 million. During the same quarter in the prior year, the company posted $1.01 earnings per share. Akamai Technologies’s revenue for the quarter was up 4.7% compared to the same quarter last year.

Akamai Technologies Stock Performance

Akamai Technologies stock traded up $9.94 during midday trading on Friday, hitting $101.51. 6,536,607 shares of the company were exchanged, compared to its average volume of 1,703,274. Akamai Technologies has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The firm has a market capitalization of $15.46 billion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 4.57 and a beta of 0.67. The business has a fifty day simple moving average of $92.46 and a two-hundred day simple moving average of $102.04. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.25 and a current ratio of 3.25.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. KeyCorp lowered their price objective on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Citigroup lowered their price target on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. TD Cowen upped their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a report on Friday. StockNews.com lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Robert W. Baird dropped their target price on shares of Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Akamai Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $116.00.

Akamai Technologies announced that its board has approved a stock repurchase program on Thursday, May 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology infrastructure company to purchase up to 13.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Akamai Technologies

In related news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the transaction, the executive vice president now owns 9,938 shares in the company, valued at approximately $929,998.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the sale, the executive vice president now owns 9,938 shares of the company’s stock, valued at approximately $929,998.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $88.34, for a total transaction of $265,020.00. Following the transaction, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,000 shares of company stock valued at $826,460. 1.80% of the stock is owned by company insiders.

About Akamai Technologies

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.