Akamai Technologies (NASDAQ:AKAM) Issues Q3 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $1.56-1.62 for the period, compared to the consensus EPS estimate of $1.54. The company issued revenue guidance of $988 million -$1.008 billion, compared to the consensus revenue estimate of $996.73 million. Akamai Technologies also updated its FY 2024 guidance to 6.340-6.470 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Raymond James lowered their target price on shares of Akamai Technologies from $138.00 to $115.00 and set an outperform rating for the company in a research note on Friday, May 10th. Morgan Stanley decreased their price objective on shares of Akamai Technologies from $117.00 to $106.00 and set an equal weight rating for the company in a research note on Friday, May 10th. Piper Sandler decreased their price objective on shares of Akamai Technologies from $114.00 to $112.00 and set an overweight rating for the company in a research note on Monday, July 15th. Scotiabank lifted their price objective on shares of Akamai Technologies from $110.00 to $115.00 and gave the company a sector outperform rating in a research note on Friday. Finally, Susquehanna decreased their price objective on shares of Akamai Technologies from $150.00 to $135.00 and set a positive rating for the company in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $116.00.

Akamai Technologies Price Performance

Shares of NASDAQ AKAM opened at $101.51 on Friday. The firm has a market cap of $15.46 billion, a PE ratio of 25.25, a PEG ratio of 4.57 and a beta of 0.67. The firm has a fifty day moving average of $92.46 and a 200 day 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. Akamai Technologies has a one year low of $87.59 and a one year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.53 by $0.05. The business had revenue of $979.60 million during the quarter, compared to analysts’ expectations of $977.67 million. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. As a group, research analysts predict that Akamai Technologies will post 4.38 EPS for the current fiscal year.

Akamai Technologies declared that its board has authorized a share buyback 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 reacquire up to 13.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total transaction of $467,900.00. Following the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 14th. The stock was 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 in the company, valued at $929,998.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total value of $93,540.00. Following the completion of the sale, the director now owns 14,519 shares in the company, valued at approximately $1,358,107.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,000 shares of company stock valued at $826,460. 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.