FY2024 Earnings Forecast for AKAM Issued By Zacks Research

Akamai Technologies, Inc. (NASDAQ:AKAM) – Equities researchers at Zacks Research cut their FY2024 earnings per share (EPS) estimates for Akamai Technologies in a report released on Monday, January 13th. Zacks Research analyst A. Chatterjee now forecasts that the technology infrastructure company will post earnings of $4.29 per share for the year, down from their prior forecast of $4.30. The consensus estimate for Akamai Technologies’ current full-year earnings is $4.29 per share. Zacks Research also issued estimates for Akamai Technologies’ Q4 2024 earnings at $1.03 EPS.

AKAM has been the subject of several other reports. Scotiabank lowered their price target on shares of Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a report on Friday, November 8th. UBS Group assumed coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 price target for the company. HSBC upgraded Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Monday, November 11th. Robert W. Baird decreased their price objective on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. Finally, Evercore ISI restated an “outperform” rating and issued a $110.00 price objective on shares of Akamai Technologies in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $116.85.

Akamai Technologies Stock Down 0.1 %

NASDAQ AKAM opened at $90.52 on Wednesday. The business has a fifty day moving average price of $94.55 and a two-hundred day moving average price of $97.36. The stock has a market capitalization of $13.60 billion, a PE ratio of 26.78, a PEG ratio of 3.83 and a beta of 0.64. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33. Akamai Technologies has a fifty-two week low of $84.70 and a fifty-two week high of $129.17.

Institutional Trading of Akamai Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Private Advisor Group LLC boosted its stake in Akamai Technologies by 3.7% during the second quarter. Private Advisor Group LLC now owns 6,000 shares of the technology infrastructure company’s stock worth $540,000 after acquiring an additional 216 shares in the last quarter. Dai ichi Life Insurance Company Ltd grew its position in shares of Akamai Technologies by 4.9% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 13,329 shares of the technology infrastructure company’s stock worth $1,201,000 after buying an additional 627 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Akamai Technologies by 2.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 558,291 shares of the technology infrastructure company’s stock valued at $50,291,000 after acquiring an additional 14,353 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Akamai Technologies by 25.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,732,750 shares of the technology infrastructure company’s stock worth $156,088,000 after purchasing an additional 347,626 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Akamai Technologies by 33.3% during the second quarter. Renaissance Technologies LLC now owns 651,400 shares of the technology infrastructure company’s stock valued at $58,678,000 after buying an additional 162,700 shares during the last quarter. Institutional investors own 94.28% of the company’s stock.

Insider Activity

In related news, CTO Robert Blumofe sold 2,500 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $88.61, for a total value of $221,525.00. Following the completion of the transaction, the chief technology officer now owns 19,510 shares of the company’s stock, valued at $1,728,781.10. This represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $93.38, for a total transaction of $93,380.00. Following the completion of the transaction, the director now directly owns 15,719 shares in the company, valued at approximately $1,467,840.22. The trade was a 5.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,282 shares of company stock worth $2,099,996. Company 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.