Akamai Technologies (NASDAQ:AKAM) Issues Q4 2024 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.490-1.560 for the period, compared to the consensus EPS estimate of 1.620. The company issued revenue guidance of $995.0 million-$1.0 billion, compared to the consensus revenue estimate of $1.0 billion. Akamai Technologies also updated its FY 2024 guidance to 6.310-6.380 EPS.

Akamai Technologies Stock Down 14.4 %

NASDAQ AKAM traded down $15.03 on Friday, reaching $89.37. The company had a trading volume of 9,015,282 shares, compared to its average volume of 1,449,704. The company’s fifty day moving average is $100.87 and its 200-day moving average is $97.19. Akamai Technologies has a 1-year low of $87.59 and a 1-year high of $129.17. The firm has a market capitalization of $13.54 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68. 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 released its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.53 by $0.05. The firm had revenue of $979.60 million for 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 business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. On average, research analysts forecast that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

AKAM has been the subject of several analyst reports. TD Cowen raised 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. Tigress Financial reiterated a “strong-buy” rating and set a $140.00 price objective on shares of Akamai Technologies in a research note on Thursday, August 29th. DA Davidson reissued a “buy” rating and issued a $115.00 target price on shares of Akamai Technologies in a research note on Friday, August 9th. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a research report on Monday, July 29th. Finally, 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 report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $116.29.

Insider Activity at Akamai Technologies

In related news, Director William Raymond Wagner sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was 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 in the company, valued at approximately $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Robert Blumofe sold 2,500 shares of the 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 completion of the transaction, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the completion of the sale, the director now owns 16,719 shares in the company, valued at $1,684,104.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is owned by company insiders.

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.