Akamai Technologies (NASDAQ:AKAM) Releases Q2 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.51-1.56 for the period, compared to the consensus 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AKAM shares. HSBC downgraded shares of Akamai Technologies from a hold rating to a reduce rating and decreased their target price for the company from $109.00 to $96.00 in a research report on Thursday, February 15th. StockNews.com upgraded Akamai Technologies from a hold rating to a buy rating in a research note on Thursday, January 25th. Citigroup cut their price objective on Akamai Technologies from $140.00 to $117.00 and set a neutral rating for the company in a report on Thursday, April 25th. KeyCorp boosted their target price on shares of Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a report on Friday, January 19th. Finally, Robert W. Baird raised shares of Akamai Technologies from a neutral rating to an outperform rating and lifted their price objective for the company from $128.00 to $135.00 in a research report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $121.60.

Akamai Technologies Price Performance

Shares of AKAM stock traded up $0.34 on Thursday, reaching $102.46. The company had a trading volume of 3,312,393 shares, compared to its average volume of 1,607,297. The stock has a market capitalization of $15.53 billion, a PE ratio of 28.93, a price-to-earnings-growth ratio of 2.81 and a beta of 0.72. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.77. The business’s 50-day moving average is $105.85 and its 200 day moving average is $111.96. Akamai Technologies has a one year low of $83.12 and a one year high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.10. The firm had revenue of $995.00 million for the quarter, compared to analysts’ expectations of $999.09 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Equities research analysts forecast that Akamai Technologies will post 4.84 EPS for the current fiscal year.

Insider Activity at Akamai Technologies

In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $108.26, for a total value of $908,734.44. Following the completion of the transaction, the chief operating officer now directly owns 21,046 shares in the company, valued at approximately $2,278,439.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $108.26, for a total transaction of $908,734.44. Following the completion of the sale, the chief operating officer now owns 21,046 shares of the company’s stock, valued at approximately $2,278,439.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Anthony P. Williams sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was 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 owns 14,938 shares in the company, valued at approximately $1,624,208.74. The disclosure for this sale can be found here. Insiders sold a total of 30,753 shares of company stock worth $3,368,303 in the last quarter. 2.00% of the stock is owned by insiders.

Akamai Technologies Company Profile

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.