Akamai Technologies (NASDAQ:AKAM) Issues Earnings Results

Akamai Technologies (NASDAQ:AKAM) announced its quarterly earnings results on Friday. The technology infrastructure company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.03, Briefing.com reports. The business had revenue of $986.97 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS.

Akamai Technologies Price Performance

Akamai Technologies stock opened at $91.19 on Friday. Akamai Technologies has a 52 week low of $84.19 and a 52 week high of $129.17. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.16 and a current ratio of 2.16. The stock has a market capitalization of $13.82 billion, a P/E ratio of 22.68, a price-to-earnings-growth ratio of 2.89 and a beta of 0.72. The stock has a fifty day moving average of $105.30 and a 200-day moving average of $111.81.

Insider Transactions at Akamai Technologies

In other news, EVP Anthony P. Williams sold 3,510 shares of the business’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 directly owns 4,299 shares in the company, valued at $483,852.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Akamai Technologies news, EVP Anthony P. Williams sold 3,510 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $112.55, for a total transaction of $395,050.50. Following the completion of the transaction, the executive vice president now owns 4,299 shares in the company, valued at approximately $483,852.45. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 sale, the chief operating officer now directly 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 ninety days, insiders sold 30,753 shares of company stock worth $3,368,303. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Akamai Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Planned Solutions Inc. purchased a new position in shares of Akamai Technologies in the 4th quarter worth about $37,000. Headinvest LLC bought a new position in Akamai Technologies in the 3rd quarter worth approximately $40,000. Turtle Creek Wealth Advisors LLC bought a new position in Akamai Technologies in the 4th quarter worth about $43,000. Bruce G. Allen Investments LLC purchased a new position in Akamai Technologies during the 4th quarter valued at about $44,000. Finally, Covestor Ltd increased its holdings in Akamai Technologies by 224.6% during the 1st quarter. Covestor Ltd now owns 448 shares of the technology infrastructure company’s stock worth $48,000 after acquiring an additional 310 shares during the period. 94.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. KeyCorp lowered their price target on Akamai Technologies from $138.00 to $119.00 and set an “overweight” rating on the stock in a report on Friday. Robert W. Baird cut their target price on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday. Royal Bank of Canada reduced their price objective on Akamai Technologies from $115.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Friday. Craig Hallum reduced their price objective on Akamai Technologies from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday. Finally, Piper Sandler reduced their price target on Akamai Technologies from $136.00 to $114.00 and set an “overweight” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.