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 6.310-6.380 for the period, compared to the consensus estimate of 6.430. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $4.0 billion. Akamai Technologies also updated its Q4 guidance to $1.49-1.56 EPS.

Akamai Technologies Price Performance

Akamai Technologies stock traded down $15.03 on Friday, reaching $89.37. The company’s stock had a trading volume of 9,015,282 shares, compared to its average volume of 1,449,704. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market cap of $13.54 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. The business’s fifty day moving average price is $100.87 and its 200 day moving average price is $97.19. Akamai Technologies has a twelve month low of $87.59 and a twelve month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. The company had revenue of $979.60 million for the quarter, compared to analyst estimates of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Equities analysts expect that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Scotiabank lowered their price target on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a report on Friday. Guggenheim upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Monday, July 29th. Needham & Company LLC reissued a “hold” rating on shares of Akamai Technologies in a report on Friday, August 9th. Piper Sandler cut their target price on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Hsbc Global Res raised Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, Akamai Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $116.29.

Insider Transactions at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $100.69, for a total transaction of $251,725.00. Following the transaction, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the sale, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total transaction of $100,730.00. Following the completion of the sale, the director now directly owns 16,719 shares in the company, valued at approximately $1,684,104.87. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,500 shares of company stock valued at $741,655. Corporate insiders own 1.80% of the company’s stock.

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.