Akamai Technologies (NASDAQ:AKAM) Issues FY24 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $6.20-6.40 for the period, compared to the consensus EPS estimate of $6.73. The company issued revenue guidance of $3.95-4.02 billion, compared to the consensus revenue estimate of $4.08 billion. Akamai Technologies also updated its FY 2024 guidance to 6.200-6.400 EPS.

Wall Street Analyst Weigh In

AKAM has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a sector perform rating and set a $115.00 price objective on shares of Akamai Technologies in a report on Wednesday, February 14th. JPMorgan Chase & Co. increased their price target on shares of Akamai Technologies from $78.00 to $81.00 and gave the stock an underweight rating in a research note on Wednesday, February 14th. KeyCorp boosted their target price on Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a report on Friday, January 19th. HSBC downgraded Akamai Technologies from a hold rating to a reduce rating and lowered their price target for the company from $109.00 to $96.00 in a report on Thursday, February 15th. Finally, StockNews.com raised Akamai Technologies from a hold rating to a buy rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $121.60.

Akamai Technologies Stock Performance

AKAM traded up $0.34 during trading hours on Thursday, hitting $102.46. The company’s stock had a trading volume of 3,626,649 shares, compared to its average volume of 1,610,275. The company has a 50-day simple moving average of $105.68 and a 200 day simple moving average of $111.90. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $15.53 billion, a PE ratio of 29.03, a PEG ratio of 2.81 and a beta of 0.72. Akamai Technologies has a fifty-two week low of $83.12 and a fifty-two week high of $129.17.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Thursday, May 9th. The technology infrastructure company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.61 by $0.03. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The firm had revenue of $986.97 million for the quarter, compared to analysts’ expectations of $989.03 million. During the same quarter in the previous year, the company earned $1.01 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that Akamai Technologies will post 4.84 EPS for the current year.

Insider Activity

In related news, EVP Anthony P. Williams sold 4,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were 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 $1,624,208.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Anthony P. Williams sold 3,510 shares of Akamai Technologies stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $112.55, for a total value of $395,050.50. Following the transaction, the executive vice president now directly owns 4,299 shares of the company’s stock, valued at $483,852.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Anthony P. Williams sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were 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 owns 14,938 shares of the company’s stock, valued at approximately $1,624,208.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,753 shares of company stock worth $3,368,303. Corporate insiders own 2.00% of the company’s stock.

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.