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

Akamai Technologies (NASDAQ:AKAM) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 6.310-6.380 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

AKAM has been the topic of several recent analyst reports. TD Cowen boosted their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Tigress Financial reissued a “strong-buy” rating and set a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price for the company in a research note on Wednesday, July 24th. Finally, Craig Hallum upgraded Akamai Technologies from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $125.00 in a research note on Friday, August 9th. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $116.47.

Akamai Technologies Stock Performance

Shares of AKAM stock traded down $0.31 on Thursday, hitting $104.40. The company’s stock had a trading volume of 2,604,011 shares, compared to its average volume of 1,605,859. Akamai Technologies has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The company has a market capitalization of $15.82 billion, a PE ratio of 25.92, a PEG ratio of 3.22 and a beta of 0.68. The stock’s 50 day moving average is $101.07 and its 200-day moving average is $97.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.32.

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

Insider Activity

In other news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Friday, September 13th. The stock was sold at an average price of $97.30, for a total value of $389,200.00. Following the transaction, the executive vice president now owns 30,703 shares in the company, valued at approximately $2,987,401.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO Robert Blumofe sold 2,500 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the transaction, the chief technology officer now owns 22,010 shares in the company, valued at $2,216,186.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,500 shares of company stock worth $741,655. 1.80% of the stock is currently owned by corporate 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.