Akamai Technologies (NASDAQ:AKAM) Updates Q2 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. TD Cowen reduced their price objective on shares of Akamai Technologies from $130.00 to $129.00 and set a buy rating on the stock in a research note on Friday. HSBC lowered shares of Akamai Technologies from a hold rating to a reduce rating and cut their price target for the company from $109.00 to $96.00 in a research note on Thursday, February 15th. Citigroup cut their price target on shares of Akamai Technologies from $140.00 to $117.00 and set a neutral rating on the stock in a research note on Thursday, April 25th. Royal Bank of Canada cut their price target on shares of Akamai Technologies from $115.00 to $92.00 and set a sector perform rating on the stock in a research note on Friday. Finally, Robert W. Baird cut their price target on shares of Akamai Technologies from $135.00 to $120.00 and set an outperform rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $114.00.

Akamai Technologies Price Performance

Shares of AKAM opened at $91.19 on Friday. The company has a market cap of $13.82 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 2.85 and a beta of 0.72. Akamai Technologies has a 1-year low of $84.19 and a 1-year high of $129.17. The company’s fifty day simple moving average is $105.30 and its 200 day simple moving average is $111.81. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.77.

Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Thursday, May 9th. The technology infrastructure company reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.03). The firm had revenue of $986.97 million for 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%. Akamai Technologies’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, research analysts forecast that Akamai Technologies will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 21,046 shares in the company, valued at $2,278,439.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Akamai Technologies news, EVP Anthony P. Williams sold 4,500 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $108.73, for a total value of $489,285.00. Following the transaction, the executive vice president now directly owns 14,938 shares in the company, valued at $1,624,208.74. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction 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 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. Over the last three months, insiders have sold 30,753 shares of company stock worth $3,368,303. 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.