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

Akamai Technologies (NASDAQ:AKAM) updated its FY 2024 earnings guidance on Thursday. 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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AKAM. Hsbc Global Res upgraded Akamai Technologies from a “moderate sell” rating to a “hold” rating in a report on Wednesday, July 24th. Craig Hallum raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $125.00 in a research note on Friday, August 9th. TD Cowen raised their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Scotiabank dropped their target price on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research report on Friday. Finally, Guggenheim upgraded 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $116.29.

Akamai Technologies Stock Down 14.4 %

AKAM traded down $15.03 during trading on Friday, hitting $89.37. The company had a trading volume of 9,015,282 shares, compared to its average volume of 1,449,704. The firm’s 50-day moving average price is $100.87 and its 200 day moving average price is $97.19. The company has a market capitalization of $13.54 billion, a PE ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. 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 quarterly 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 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 company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, equities analysts expect that Akamai Technologies will post 4.42 earnings per share for the current year.

Insider Buying and Selling at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction dated 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 transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,500 shares of company stock worth $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.