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

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

Akamai Technologies Stock Performance

AKAM stock traded down $15.03 on Friday, hitting $89.37. The company’s stock had a trading volume of 9,015,282 shares, compared to its average volume of 1,449,704. Akamai Technologies has a 1 year low of $87.59 and a 1 year high of $129.17. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. The stock has a market cap of $13.54 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 3.36 and a beta of 0.68. The firm has a 50 day moving average of $100.87 and a two-hundred day moving average of $97.19.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results 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 company had revenue of $979.60 million for the quarter, compared to the consensus estimate of $977.67 million. During the same period last year, the business posted $1.01 EPS. The company’s revenue was up 4.7% on a year-over-year basis. Equities analysts predict that Akamai Technologies will post 4.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

AKAM has been the subject of several recent analyst reports. Hsbc Global Res upgraded shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. TD Cowen boosted their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Guggenheim raised Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Monday, July 29th. Finally, Tigress Financial restated a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $116.29.

Insider Transactions at Akamai Technologies

In other news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total value 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the transaction, the chief technology officer now owns 22,010 shares in the company, valued at $2,216,186.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,500 shares of company stock worth $741,655 over the last quarter. 1.80% of the stock is currently 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.