Akamai Technologies (NASDAQ:AKAM) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Akamai Technologies (NASDAQ:AKAM) posted its quarterly earnings results on Friday. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.03, Briefing.com reports. 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 15.22% and a net margin of 16.12%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share.

Akamai Technologies Stock Down 11.0 %

AKAM traded down $11.27 during trading hours on Friday, hitting $91.19. 9,731,082 shares of the company’s stock were exchanged, compared to its average volume of 1,350,414. 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 has a 12-month low of $84.19 and a 12-month high of $129.17. The firm has a market cap of $13.82 billion, a P/E ratio of 22.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.72. The firm has a 50 day moving average of $105.30 and a 200 day moving average of $111.86.

Analyst Upgrades and Downgrades

AKAM has been the subject of a number of analyst reports. StockNews.com lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a report on Friday. TD Cowen cut their price target on shares of Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a report on Friday. JPMorgan Chase & Co. lifted their price target on shares of Akamai Technologies from $78.00 to $81.00 and gave the company an “underweight” rating in a research report on Wednesday, February 14th. Craig Hallum lowered their price objective on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday. Finally, Citigroup reduced their target price on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a research report on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Insider Buying and Selling at Akamai Technologies

In other Akamai Technologies news, EVP Anthony P. Williams sold 3,510 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $112.55, for a total transaction of $395,050.50. Following the sale, the executive vice president now owns 4,299 shares in the company, valued at approximately $483,852.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Adam Karon sold 8,394 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Anthony P. Williams sold 3,510 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 4,299 shares in the company, valued at approximately $483,852.45. The disclosure for this sale can be found here. Insiders sold 30,753 shares of company stock valued at $3,368,303 in the last 90 days. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AKAM. Vanguard Group Inc. boosted its holdings in Akamai Technologies by 0.7% in the first quarter. Vanguard Group Inc. now owns 17,763,963 shares of the technology infrastructure company’s stock valued at $1,932,009,000 after purchasing an additional 124,359 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Akamai Technologies by 1.1% in the 1st quarter. Nordea Investment Management AB now owns 2,935,648 shares of the technology infrastructure company’s stock valued at $319,751,000 after buying an additional 32,000 shares in the last quarter. Norges Bank purchased a new position in shares of Akamai Technologies in the 4th quarter valued at $325,242,000. Jericho Capital Asset Management L.P. acquired a new stake in Akamai Technologies during the 3rd quarter worth $218,201,000. Finally, Northern Trust Corp raised its stake in Akamai Technologies by 3.0% during the 3rd quarter. Northern Trust Corp now owns 1,922,166 shares of the technology infrastructure company’s stock worth $204,788,000 after acquiring an additional 56,782 shares in the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

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.