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

by · The Markets Daily

Akamai Technologies (NASDAQ:AKAM – Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 6.310-6.380 for the period, compared to the consensus earnings per share 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

A number of research firms have weighed in on AKAM. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a report on Wednesday, July 24th. TD Cowen increased their price objective on Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Scotiabank boosted their target price on shares of Akamai Technologies from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Friday, August 9th. DA Davidson reiterated a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a research report on Friday, August 9th. Finally, Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target for the company in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.47.

Read Our Latest Analysis on AKAM

Akamai Technologies Trading Down 0.3 %

Shares of AKAM traded down $0.31 during trading hours on Thursday, reaching $104.40. The stock had a trading volume of 2,604,011 shares, compared to its average volume of 1,605,859. The firm has a 50-day moving average of $101.07 and a 200 day moving average of $97.26. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. The company has a market cap of $15.82 billion, a P/E ratio of 25.92, a P/E/G ratio of 3.22 and a beta of 0.68. Akamai Technologies has a 52 week low of $87.59 and a 52 week high of $129.17.

Akamai Technologies (NASDAQ:AKAM – Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.05. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The business had revenue of $979.60 million for the quarter, compared to analysts’ expectations of $977.67 million. During the same quarter in the previous year, the business posted $1.01 EPS. Akamai Technologies’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, sell-side analysts expect that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on 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 transaction, the chief technology officer now directly owns 22,010 shares of the company’s stock, valued at approximately $2,216,186.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Akamai Technologies news, CTO Robert Blumofe sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the sale, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paul C. Joseph sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, 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. In the last three months, insiders have sold 7,500 shares of company stock worth $741,655. Company insiders own 1.80% of the company’s stock.

About Akamai Technologies

(Get Free Report)

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.

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