Akamai Technologies (NASDAQ:AKAM) Updates Q4 2024 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.490-1.560 for the period, compared to the consensus earnings per share estimate of 1.620. The company issued revenue guidance of $995.0 million-$1.0 billion, compared to the consensus revenue estimate of $1.0 billion. Akamai Technologies also updated its FY 2024 guidance to 6.310-6.380 EPS.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Akamai Technologies in a research report on Friday, August 9th. HSBC upgraded shares of Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 price objective on the stock in a research report on Wednesday, July 24th. TD Cowen upped their price objective on shares of Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and issued a $115.00 target price on shares of Akamai Technologies in a report on Friday, August 9th. Finally, Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and set a $128.00 price target for the company in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $116.47.

Akamai Technologies Price Performance

Akamai Technologies stock traded down $0.31 during trading hours on Thursday, hitting $104.40. The stock had a trading volume of 2,604,011 shares, compared to its average volume of 1,605,859. Akamai Technologies has a 1-year low of $87.59 and a 1-year high of $129.17. The stock has a market capitalization of $15.82 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 3.22 and a beta of 0.68. The stock’s fifty day moving average is $101.07 and its two-hundred day moving average is $97.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.32 and a quick ratio of 1.32.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The firm had revenue of $979.60 million during the quarter, compared to the consensus estimate of $977.67 million. During the same period last year, the firm posted $1.01 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, analysts predict that Akamai Technologies will post 4.42 earnings per share for the current fiscal year.

Insider Transactions at Akamai Technologies

In other news, CTO Robert Blumofe sold 2,500 shares of Akamai Technologies stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $100.69, for a total transaction of $251,725.00. Following the completion of the sale, the chief technology officer now directly owns 22,010 shares in the company, valued at $2,216,186.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the sale, the executive vice president now owns 30,703 shares of the company’s stock, valued at approximately $2,987,401.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $100.69, for a total value of $251,725.00. Following the completion of the transaction, the chief technology officer now owns 22,010 shares in the company, valued at approximately $2,216,186.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,500 shares of company stock valued at $741,655 in the last ninety days. Corporate insiders own 1.80% 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.