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

Akamai Technologies (NASDAQ:AKAM) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 6.200-6.400 for the period, compared to the consensus EPS estimate of 6.730. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $4.1 billion. Akamai Technologies also updated its FY24 guidance to $6.20-6.40 EPS.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Royal Bank of Canada restated a sector perform rating and issued a $115.00 price target on shares of Akamai Technologies in a research report on Wednesday, February 14th. StockNews.com upgraded Akamai Technologies from a hold rating to a buy rating in a research report on Thursday, January 25th. KeyCorp increased their target price on Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a research report on Friday, January 19th. HSBC cut Akamai Technologies from a hold rating to a reduce rating and cut their target price for the stock from $109.00 to $96.00 in a research report on Thursday, February 15th. Finally, JPMorgan Chase & Co. increased their price target on Akamai Technologies from $78.00 to $81.00 and gave the company an underweight rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $121.60.

Akamai Technologies Trading Up 0.3 %

Shares of NASDAQ:AKAM traded up $0.34 during trading on Thursday, hitting $102.46. The company had a trading volume of 3,626,649 shares, compared to its average volume of 1,610,275. The stock has a market cap of $15.53 billion, a price-to-earnings ratio of 29.03, a price-to-earnings-growth ratio of 2.81 and a beta of 0.72. Akamai Technologies has a one year low of $83.12 and a one year high of $129.17. The company has a fifty day simple moving average of $105.68 and a two-hundred day simple moving average of $111.90. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.16 and a quick ratio of 2.16.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Thursday, May 9th. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.03. The business had revenue of $986.97 million during the quarter, compared to analyst estimates of $989.03 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. As a group, equities analysts forecast that Akamai Technologies will post 4.84 earnings per share for the current year.

Insider Buying and Selling

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