Akamai Technologies (NASDAQ:AKAM) Updates 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.

Analysts Set New Price Targets

A number of brokerages have commented on AKAM. Piper Sandler decreased their price objective on Akamai Technologies from $114.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. HSBC raised shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a research note on Wednesday, July 24th. DA Davidson restated a “buy” rating and set a $115.00 target price on shares of Akamai Technologies in a research note on Friday, August 9th. Scotiabank decreased their price target on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating on the stock in a research note on Friday. Finally, Tigress Financial restated a “strong-buy” rating and set a $140.00 price objective on shares of Akamai Technologies in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.29.

Akamai Technologies Trading Down 14.4 %

Shares of AKAM stock traded down $15.03 during trading hours on Friday, hitting $89.37. 9,015,282 shares of the company’s stock traded hands, compared to its average volume of 1,449,704. The stock has a market cap of $13.54 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68. The stock’s 50 day simple moving average is $100.87 and its 200 day simple moving average is $97.19. 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 12 month low of $87.59 and a 12 month high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results 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. The firm had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. Akamai Technologies had a return on equity of 14.78% and a net margin of 16.01%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.01 EPS. On average, sell-side analysts anticipate that Akamai Technologies will post 4.42 EPS for the current year.

Insider Buying and Selling

In other news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through 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 value of $100,730.00. Following the transaction, the director now directly owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 sale, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,500 shares of company stock valued at $741,655 over the last ninety days. 1.80% of the stock is owned by company 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.