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

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

A number of equities research analysts have issued reports on the company. Craig Hallum raised 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 report on Friday, August 9th. Hsbc Global Res upgraded shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. Piper Sandler lowered their target price 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. Finally, TD Cowen increased their price objective on Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $116.29.

Akamai Technologies Trading Down 14.4 %

AKAM stock traded down $15.03 during midday trading on Friday, reaching $89.37. 9,015,282 shares of the company’s stock traded hands, compared to its average volume of 1,449,704. Akamai Technologies has a fifty-two week low of $87.59 and a fifty-two week high of $129.17. The business has a 50-day moving average price of $100.87 and a two-hundred day moving average price of $97.19. The company has a market capitalization of $13.54 billion, a P/E ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

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

Insider Transactions at Akamai Technologies

In related news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies 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 sale, the director now owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred 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 owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the sale, the executive vice president now directly owns 30,703 shares in the company, valued at $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. 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.

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.