Akamai Technologies (NASDAQ:AKAM) Releases Q2 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $1.51-1.56 for the period, compared to the consensus EPS estimate of $1.63. The company issued revenue guidance of $967-986 million, compared to the consensus revenue estimate of $1.00 billion. Akamai Technologies also updated its FY 2024 guidance to 6.200-6.400 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. KeyCorp increased their price objective 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 raised their target price for the stock from $128.00 to $135.00 in a report on Thursday, March 7th. JPMorgan Chase & Co. increased their price objective on shares of Akamai Technologies from $78.00 to $81.00 and gave the stock an underweight rating in a research report on Wednesday, February 14th. StockNews.com upgraded Akamai Technologies from a hold rating to a buy rating in a report on Thursday, January 25th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $115.00 price objective on shares of Akamai Technologies in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $121.60.

Akamai Technologies Stock Up 0.3 %

AKAM traded up $0.34 during trading on Thursday, hitting $102.46. The stock had a trading volume of 3,312,393 shares, compared to its average volume of 1,607,297. The stock has a 50 day simple moving average of $105.85 and a two-hundred day simple moving average of $111.96. The company has a market capitalization of $15.53 billion, a PE ratio of 28.93, a PEG ratio of 2.81 and a beta of 0.72. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.16 and a current ratio of 2.16. Akamai Technologies has a twelve month low of $83.12 and a twelve month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.10. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. The business had revenue of $995.00 million for the quarter, compared to analyst estimates of $999.09 million. During the same quarter in the prior year, the business posted $1.01 EPS. Akamai Technologies’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, research analysts predict that Akamai Technologies will post 4.84 earnings per share for the current year.

Insider Buying and Selling at Akamai Technologies

In other news, EVP Anthony P. Williams sold 4,500 shares of Akamai Technologies 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 transaction, the executive vice president now directly owns 14,938 shares of the company’s stock, valued at approximately $1,624,208.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Anthony P. Williams sold 4,500 shares of Akamai Technologies stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $108.73, for a total value of $489,285.00. Following the sale, the executive vice president now directly owns 14,938 shares of the company’s stock, valued at $1,624,208.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $108.26, for a total transaction of $908,734.44. Following the sale, the chief operating officer now directly owns 21,046 shares of the company’s stock, valued at approximately $2,278,439.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,753 shares of company stock valued at $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.