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

Akamai Technologies (NASDAQ:AKAM) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 6.200-6.400 for the period, compared to the consensus 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

Several research firms have weighed in on AKAM. StockNews.com upgraded shares of Akamai Technologies from a hold rating to a buy rating in a report on Thursday, January 25th. Citigroup decreased their target price on shares of Akamai Technologies from $140.00 to $117.00 and set a neutral rating on the stock in a research report on Thursday, April 25th. HSBC cut shares of Akamai Technologies from a hold rating to a reduce rating and reduced their price target for the company from $109.00 to $96.00 in a research report on Thursday, February 15th. KeyCorp boosted their target price on shares of Akamai Technologies from $134.00 to $138.00 and gave the stock an overweight rating in a research report on Friday, January 19th. Finally, JPMorgan Chase & Co. lifted 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. Two analysts have rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $121.60.

Akamai Technologies Stock Performance

Shares of Akamai Technologies stock traded up $0.34 during trading on Thursday, hitting $102.46. 3,626,649 shares of the stock were exchanged, compared to its average volume of 1,610,275. The stock’s fifty day moving average is $105.85 and its 200 day moving average is $111.96. The stock has a market cap of $15.53 billion, a PE ratio of 28.93, a P/E/G ratio of 2.81 and a beta of 0.72. 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 12 month low of $83.12 and a 12 month high of $129.17.

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

Insider Buying and Selling

In other Akamai Technologies news, COO Adam Karon sold 14,349 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $109.78, for a total value of $1,575,233.22. Following the completion of the sale, the chief operating officer now directly owns 6,697 shares of the company’s stock, valued at approximately $735,196.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Akamai Technologies news, EVP Anthony P. Williams sold 4,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $108.73, for a total transaction of $489,285.00. Following the sale, the executive vice president now owns 14,938 shares in the company, valued at approximately $1,624,208.74. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Adam Karon sold 14,349 shares of the business’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $109.78, for a total value of $1,575,233.22. Following the sale, the chief operating officer now owns 6,697 shares in the company, valued at approximately $735,196.66. 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 90 days. 2.00% of the stock is currently owned by company insiders.

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.