Akamai Technologies (NASDAQ:AKAM) Issues Q2 2024 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.510-1.560 for the period, compared to the consensus EPS estimate of 1.630. The company issued revenue guidance of $967.0 million-$986.0 million, compared to the consensus revenue estimate of $1.0 billion. Akamai Technologies also updated its FY 2024 guidance to 6.200-6.400 EPS.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. HSBC downgraded shares of Akamai Technologies from a hold rating to a reduce rating and reduced their target price for the stock from $109.00 to $96.00 in a report on Thursday, February 15th. StockNews.com upgraded shares of Akamai Technologies from a hold rating to a buy rating in a report on Thursday, January 25th. KeyCorp upped their price target on shares of Akamai Technologies from $134.00 to $138.00 and gave the company an overweight rating in a report on Friday, January 19th. Robert W. Baird upgraded shares of Akamai Technologies from a neutral rating to an outperform rating and upped their price target for the company from $128.00 to $135.00 in a report on Thursday, March 7th. Finally, Citigroup cut their price target on shares of Akamai Technologies from $140.00 to $117.00 and set a neutral rating on the stock in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, ten 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 stock has a consensus rating of Moderate Buy and a consensus price target of $121.60.

Akamai Technologies Stock Performance

Shares of NASDAQ:AKAM traded up $0.34 during midday trading on Thursday, reaching $102.46. The company’s stock had a trading volume of 3,626,649 shares, compared to its average volume of 1,610,275. The firm has a market capitalization of $15.53 billion, a PE ratio of 28.93, a P/E/G ratio of 2.81 and a beta of 0.72. Akamai Technologies has a twelve month low of $83.12 and a twelve month high of $129.17. The stock has a fifty day moving average of $105.85 and a 200 day moving average of $111.96. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.77.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Thursday, May 9th. The technology infrastructure company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.61 by $0.03. The company had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. On average, equities analysts expect that Akamai Technologies will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Akamai Technologies news, COO Adam Karon sold 14,349 shares of Akamai Technologies stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the transaction, the chief operating officer now directly owns 6,697 shares of the company’s stock, valued at $735,196.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Adam Karon sold 14,349 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $109.78, for a total value of $1,575,233.22. Following the sale, the chief operating officer now directly owns 6,697 shares of the company’s stock, valued at approximately $735,196.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Anthony P. Williams sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $108.73, for a total transaction of $489,285.00. Following the completion of the sale, the executive vice president now directly owns 14,938 shares in the company, valued at $1,624,208.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,753 shares of company stock worth $3,368,303. 2.00% of the stock is owned by 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.