Wall Street analysts predict that Akamai Technologies, Inc. (NASDAQ:AKAM) will announce $654.02 million in sales for the current quarter, Zacks reports. Eleven analysts have made estimates for Akamai Technologies’ earnings. The highest sales estimate is $664.87 million and the lowest is $649.40 million. Akamai Technologies reported sales of $609.24 million in the same quarter last year, which indicates a positive year over year growth rate of 7.4%. The business is scheduled to issue its next quarterly earnings report after the market closes on Monday, April 30th.
According to Zacks, analysts expect that Akamai Technologies will report full year sales of $2.70 billion for the current financial year, with estimates ranging from $2.67 billion to $2.78 billion. For the next year, analysts expect that the business will report sales of $2.94 billion per share, with estimates ranging from $2.88 billion to $3.13 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Tuesday, February 6th. The technology infrastructure company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The company had revenue of $663.50 million for the quarter, compared to analysts’ expectations of $649.08 million. Akamai Technologies had a net margin of 8.72% and a return on equity of 9.90%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share.
AKAM has been the topic of a number of research analyst reports. Morgan Stanley restated a “sell” rating and set a $52.00 price objective on shares of Akamai Technologies in a report on Wednesday, December 27th. BidaskClub upgraded shares of Akamai Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 30th. JPMorgan Chase restated a “neutral” rating and set a $75.00 price objective (up from $58.00) on shares of Akamai Technologies in a report on Wednesday, January 10th. Vetr lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating and set a $68.08 price objective on the stock. in a report on Monday, January 22nd. Finally, Credit Suisse Group restated an “outperform” rating and set a $88.00 price objective (up from $78.00) on shares of Akamai Technologies in a report on Friday, March 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $69.96.
Shares of NASDAQ:AKAM traded down $0.39 during midday trading on Friday, reaching $72.46. 672,565 shares of the company were exchanged, compared to its average volume of 1,758,240. Akamai Technologies has a fifty-two week low of $44.65 and a fifty-two week high of $78.28. The company has a quick ratio of 2.82, a current ratio of 2.82 and a debt-to-equity ratio of 0.20. The firm has a market cap of $12,321.69, a price-to-earnings ratio of 38.14, a PEG ratio of 2.55 and a beta of 0.67.
Akamai Technologies declared that its Board of Directors has approved a share repurchase plan on Thursday, March 8th that permits the company to repurchase $417.00 million in shares. This repurchase authorization permits the technology infrastructure company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Rick M. Mcconnell sold 7,382 shares of Akamai Technologies stock in a transaction dated Wednesday, April 18th. The shares were sold at an average price of $72.64, for a total value of $536,228.48. Following the completion of the transaction, the insider now owns 25,052 shares of the company’s stock, valued at approximately $1,819,777.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP James Gemmell sold 8,430 shares of Akamai Technologies stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $67.00, for a total transaction of $564,810.00. The disclosure for this sale can be found here. In the last three months, insiders sold 41,809 shares of company stock valued at $2,924,587. Insiders own 3.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in AKAM. Parametric Portfolio Associates LLC boosted its holdings in shares of Akamai Technologies by 2.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 312,087 shares of the technology infrastructure company’s stock worth $15,205,000 after buying an additional 7,327 shares during the period. Aries Wealth Management bought a new stake in shares of Akamai Technologies during the 4th quarter worth about $394,000. Atria Investments LLC bought a new stake in shares of Akamai Technologies during the 4th quarter worth about $284,000. California Public Employees Retirement System boosted its holdings in shares of Akamai Technologies by 10.2% during the 4th quarter. California Public Employees Retirement System now owns 459,688 shares of the technology infrastructure company’s stock worth $29,898,000 after buying an additional 42,635 shares during the period. Finally, Saturna Capital CORP bought a new stake in shares of Akamai Technologies during the 4th quarter worth about $255,000. 89.30% of the stock is owned by institutional investors.
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Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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