Akamai Technologies (NASDAQ:AKAM) Releases 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 Trading Down 14.4 %

Shares of Akamai Technologies stock traded down $15.03 on Friday, hitting $89.37. The stock had a trading volume of 9,015,282 shares, compared to its average volume of 1,449,704. The stock’s 50-day simple moving average is $100.87 and its two-hundred day simple moving average is $97.19. The stock has a market cap of $13.54 billion, a price-to-earnings 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 data on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The business had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. During the same period last year, the business posted $1.01 earnings per share. Akamai Technologies’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts predict that Akamai Technologies will post 4.42 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AKAM shares. Scotiabank cut their price target on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a report on Friday. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $125.00 in a report on Friday, August 9th. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Akamai Technologies in a research note on Thursday, August 15th. DA Davidson reiterated a “buy” rating and issued a $115.00 price objective on shares of Akamai Technologies in a research note on Friday, August 9th. Finally, HSBC upgraded Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective for the company in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, seven have given 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.29.

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 dated Friday, September 13th. The stock was 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 owns 30,703 shares in the company, valued at $2,987,401.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Akamai Technologies news, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 16,719 shares of the company’s stock, valued at $1,684,104.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 shares were sold at an average price of $97.30, for a total value of $389,200.00. Following the completion of the sale, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at $2,987,401.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,500 shares of company stock worth $741,655. Insiders own 1.80% of the company’s stock.

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.