Akamai Technologies, Inc. (NASDAQ:AKAM) Expected to Report Quarterly Sales of $898.83 Million
Wall Street brokers expect Akamai Technologies, Inc. (NASDAQ:AKAM) to post revenue of $898.83 million for the current fiscal quarter, reports Zacks Investment Research. Seven analysts provided earnings estimates for Akamai Technologies, with estimates ranging from $894.51 million to $902.90 million. Akamai Technologies reported sales of $846.29 million in the same quarter last year, indicating a positive year-over-year growth rate of 6.2%. The company is expected to release its next earnings report after the market closes on Tuesday, February 15.
On average, analysts expect Akamai Technologies to report annual revenue of $3.46 billion in the current fiscal year, with estimates ranging from $3.45 billion to $3.46 billion. . For next year, analysts expect the company to report sales of $3.75 billion, with estimates ranging from $3.71 billion to $3.77 billion. Zacks sales averages are an average based on a survey of research companies that track Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last reported earnings on Tuesday, November 2. The technology infrastructure company reported EPS of $1.45 for the quarter, beating analyst consensus estimates of $1.39 by $0.06. The company posted revenue of $860.33 million in the quarter, compared to $852.50 million expected by analysts. Akamai Technologies achieved a net margin of 17.77% and a return on equity of 16.98%. In the same quarter a year earlier, the company had earned earnings per share of $1.11.
AKAM has been the subject of a number of recent analyst reports. Piper Sandler downgraded Akamai Technologies shares from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $133.00 to $127.00 in a Wednesday research report 5 January. DA Davidson reissued a “buy” rating on Akamai Technologies shares in a research report on Monday, January 3. Needham & Company LLC reissued a “hold” rating on Akamai Technologies shares in a Wednesday, November 3, research report. JPMorgan Chase & Co. downgraded shares of Akamai Technologies from a “neutral” rating to an “underweight” rating and set a target price of $120.00 for the company. in a research report on Tuesday, December 14. Finally, Morgan Stanley raised its price target on Akamai Technologies shares from $119.00 to $130.00 and gave the stock an “equal weight” rating in a Wednesday, November 3 research report. . One analyst rated the stock with a sell rating, six assigned a hold rating and seven assigned the company a buy rating. According to data from MarketBeat.com, Akamai Technologies currently has a consensus rating of “Hold” and an average target price of $129.00.
Separately, Executive Vice President Aaron Ahola sold 1,500 shares of the company in a transaction that took place on Friday, January 14. The stock was sold at an average price of $112.52, for a total value of $168,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, CTO Robert Blumofe sold 6,000 shares of the company in a trade that took place on Friday, October 29. The shares were sold at an average price of $104.15, for a total value of $624,900.00. The disclosure of this sale can be found here. During the last quarter, insiders sold 17,325 shares of the company valued at $1,894,557. Company insiders hold 2.40% of the company’s shares.
Institutional investors and hedge funds have recently been buying and selling shares of the company. Huntington National Bank increased its stake in Akamai Technologies by 294.1% in the third quarter. Huntington National Bank now owns 268 shares of the technology infrastructure company worth $27,000 after buying an additional 200 shares during the period. Newbridge Financial Services Group Inc. increased its stake in Akamai Technologies by 866.7% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 232 shares of the technology infrastructure company worth $27,000 after acquiring 208 additional shares in the last quarter. FinTrust Capital Advisors LLC increased its equity stake in Akamai Technologies by 896.3% during the second quarter. FinTrust Capital Advisors LLC now owns 269 shares of the technology infrastructure company valued at $31,000 after buying 242 additional shares in the last quarter. JJJ Advisors Inc. increased its equity stake in Akamai Technologies by 35.0% during the third quarter. JJJ Advisors Inc. now owns 567 shares of the technology infrastructure company valued at $59,000 after buying 147 additional shares in the last quarter. Finally, PrairieView Partners LLC bought a new position in Akamai Technologies in the fourth quarter worth approximately $67,000. 88.60% of the shares are currently held by hedge funds and other institutional investors.
Akamai Technologies stock opened Monday at $112.61. The company has a 50-day moving average of $113.52 and a 200-day moving average of $112.15. Akamai Technologies has a 1-year low of $92.64 and a 1-year high of $124.91. The company has a debt ratio of 0.43, a current ratio of 3.78 and a quick ratio of 3.78. The company has a market capitalization of $18.30 billion, a P/E ratio of 30.94, a P/E/G ratio of 1.93 and a beta of 0.54.
Akamai Technologies said its board authorized a stock repurchase plan on Tuesday, Nov. 2 that allows the company to repurchase $1.80 billion in stock. This repurchase authorization authorizes the technology infrastructure company to repurchase up to 10% of its shares through purchases on the open market. Stock buyback plans are often a sign that a company’s management believes its stock is undervalued.
Akamai Technologies Company Profile
Akamai Technologies, Inc. engages in providing cloud services for delivering, optimizing, and securing content and business applications over the Internet. Its products include Security, Web Performance, Media Delivery and Network Operator. The company was founded by Frank T. Leighton, Jonathan Seelig, Randall S.
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