Akamai Technologies (NASDAQ:AKAM) Issues FY24 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $6.20-6.40 for the period, compared to the consensus 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.

Analysts Set New Price Targets

AKAM has been the topic of a number of recent research reports. Piper Sandler raised their target price on shares of Akamai Technologies from $130.00 to $136.00 and gave the stock an overweight rating in a report on Wednesday, February 14th. Citigroup reduced their price objective on Akamai Technologies from $140.00 to $117.00 and set a neutral rating for the company in a research report on Thursday, April 25th. Robert W. Baird raised Akamai Technologies from a neutral rating to an outperform rating and increased their target price for the stock from $128.00 to $135.00 in a research report on Thursday, March 7th. KeyCorp boosted their price target on shares of Akamai Technologies from $134.00 to $138.00 and gave the company an overweight rating in a report on Friday, January 19th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $115.00 price objective on shares of Akamai Technologies in a report on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $121.60.

Akamai Technologies Stock Up 0.3 %

Shares of NASDAQ:AKAM traded up $0.34 during midday trading on Thursday, hitting $102.46. 3,312,393 shares of the stock were exchanged, compared to its average volume of 1,607,297. The business’s fifty day simple moving average is $105.85 and its two-hundred day simple moving average is $111.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.16 and a current ratio of 2.16. Akamai Technologies has a 52-week low of $83.12 and a 52-week high of $129.17. The company has a market capitalization of $15.53 billion, a PE ratio of 28.93, a P/E/G ratio of 2.81 and a beta of 0.72.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings data on Tuesday, February 13th. The technology infrastructure company reported $1.69 EPS 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 the consensus estimate of $999.09 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.01 earnings per share. As a group, research analysts predict that Akamai Technologies will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Adam Karon sold 8,394 shares of Akamai Technologies 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 transaction, the chief operating officer now owns 21,046 shares of the company’s stock, valued at $2,278,439.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Adam Karon sold 8,394 shares of the business’s stock in a transaction dated 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 transaction, 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 available through the SEC website. Also, EVP Anthony P. Williams sold 4,500 shares of the company’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 value of $489,285.00. Following the transaction, the executive vice president now owns 14,938 shares of the company’s stock, valued at $1,624,208.74. The disclosure for this sale can be found here. Insiders sold 30,753 shares of company stock valued at $3,368,303 over the last quarter. 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.