FY2024 Earnings Forecast for AKAM Issued By Zacks Research

Akamai Technologies, Inc. (NASDAQ:AKAM) – Equities research analysts at Zacks Research dropped their FY2024 earnings per share (EPS) estimates for shares of Akamai Technologies in a research note issued on Monday, January 13th. Zacks Research analyst A. Chatterjee now anticipates that the technology infrastructure company will post earnings per share of $4.29 for the year, down from their previous estimate 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.

A number of other research analysts also recently commented on the company. Robert W. Baird reduced their price target on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Monday, November 11th. HSBC raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a report on Monday, November 11th. UBS Group started coverage on Akamai Technologies in a report on Monday, December 16th. They issued a “neutral” rating and a $110.00 price target on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $110.00 target price on shares of Akamai Technologies in a research note on Tuesday, December 17th. Finally, Hsbc Global Res upgraded Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.85.

Akamai Technologies Stock Performance

NASDAQ AKAM opened at $90.52 on Wednesday. The stock has a market cap of $13.60 billion, a price-to-earnings ratio of 26.78, a price-to-earnings-growth ratio of 3.83 and a beta of 0.64. The business has a fifty day moving average of $94.55 and a 200-day moving average of $97.36. Akamai Technologies has a fifty-two week low of $84.70 and a fifty-two week high of $129.17. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.50.

Hedge Funds Weigh In On Akamai Technologies

Several institutional investors have recently bought and sold shares of AKAM. HB Wealth Management LLC raised its stake in shares of Akamai Technologies by 5.5% in the fourth quarter. HB Wealth Management LLC now owns 3,102 shares of the technology infrastructure company’s stock valued at $297,000 after acquiring an additional 161 shares during the period. Avanza Fonder AB purchased a new position in Akamai Technologies in the 4th quarter worth about $1,069,000. Gateway Investment Advisers LLC increased its stake in Akamai Technologies by 1.2% in the 4th quarter. Gateway Investment Advisers LLC now owns 21,951 shares of the technology infrastructure company’s stock worth $2,100,000 after buying an additional 250 shares during the period. Park Avenue Securities LLC increased its stake in Akamai Technologies by 28.0% in the 4th quarter. Park Avenue Securities LLC now owns 7,438 shares of the technology infrastructure company’s stock worth $711,000 after buying an additional 1,629 shares during the period. Finally, Czech National Bank increased its stake in Akamai Technologies by 5.5% in the 4th quarter. Czech National Bank now owns 32,573 shares of the technology infrastructure company’s stock worth $3,116,000 after buying an additional 1,706 shares during the period. Institutional investors own 94.28% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Paul C. Joseph sold 4,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $88.63, for a total transaction of $354,520.00. Following the completion of the transaction, the executive vice president now owns 26,703 shares in the company, valued at approximately $2,366,686.89. This represents a 13.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Robert Blumofe sold 2,500 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $88.61, for a total transaction of $221,525.00. Following the transaction, the chief technology officer now owns 19,510 shares of the company’s stock, valued at approximately $1,728,781.10. This represents a 11.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,282 shares of company stock valued at $2,099,996. Insiders own 1.80% of the company’s stock.

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.