Akamai Technologies (NASDAQ:AKAM) Releases FY23 Earnings Guidance

Posted by Defense World Staff on Aug 10th, 2023

Akamai Technologies (NASDAQ:AKAM – Get Free Report) updated its FY23 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $5.87-$5.95 for the period, compared to the consensus estimate of $5.75. The company issued revenue guidance of $3.765-$3.795 billion, compared to the consensus revenue estimate of $3.76 billion. Akamai Technologies also updated its Q3 guidance to $1.48-$1.52 EPS.

Analysts Set New Price Targets

Several analysts recently weighed in on AKAM shares. DA Davidson lifted their price target on shares of Akamai Technologies from $100.00 to $118.00 in a report on Wednesday. William Blair started coverage on shares of Akamai Technologies in a report on Wednesday, April 19th. They issued an outperform rating on the stock. Piper Sandler lifted their price target on shares of Akamai Technologies from $93.00 to $113.00 in a report on Wednesday. Robert W. Baird boosted their target price on shares of Akamai Technologies from $89.00 to $94.00 in a report on Friday, May 12th. Finally, Royal Bank of Canada boosted their target price on shares of Akamai Technologies from $85.00 to $97.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $104.81.

Get Our Latest Report on Akamai Technologies

Akamai Technologies Trading Up 8.5 %

Shares of NASDAQ:AKAM opened at $102.99 on Thursday. Akamai Technologies has a 52-week low of $70.65 and a 52-week high of $107.47. The stock has a market capitalization of $15.68 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.64 and a beta of 0.78. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.03 and a current ratio of 2.03. The stock’s 50-day simple moving average is $91.92 and its two-hundred day simple moving average is $84.77.

Akamai Technologies (NASDAQ:AKAM – Get Free Report) last announced its earnings results on Tuesday, May 9th. The technology infrastructure company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.08. Akamai Technologies had a net margin of 12.50% and a return on equity of 14.63%. The company had revenue of $916.00 million during the quarter, compared to analyst estimates of $912.13 million. During the same period in the previous year, the business posted $1.12 earnings per share. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. Analysts expect that Akamai Technologies will post 4.51 EPS for the current year.

Insider Buying and Selling

In other news, CEO F Thomson Leighton bought 293 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were bought at an average price of $85.33 per share, for a total transaction of $25,001.69. Following the purchase, the chief executive officer now owns 85,362 shares in the company, valued at $7,283,939.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Mani Sundaram sold 1,843 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $95.40, for a total value of $175,822.20. Following the completion of the transaction, the executive vice president now directly owns 19,765 shares of the company’s stock, valued at $1,885,581. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO F Thomson Leighton acquired 293 shares of the company’s stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $85.33 per share, with a total value of $25,001.69. Following the completion of the purchase, the chief executive officer now directly owns 85,362 shares of the company’s stock, valued at $7,283,939.46. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 3,626 shares of company stock valued at $325,455 and have sold 28,591 shares valued at $2,644,309. 1.80% of the stock is owned by insiders.

Institutional Trading of Akamai Technologies

A number of large investors have recently made changes to their positions in the stock. Ancora Advisors LLC boosted its position in Akamai Technologies by 103.3% in the first quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock valued at $25,000 after buying an additional 127 shares during the last quarter. Belpointe Asset Management LLC raised its stake in shares of Akamai Technologies by 50.1% during the 1st quarter. Belpointe Asset Management LLC now owns 509 shares of the technology infrastructure company’s stock worth $40,000 after buying an additional 170 shares during the period. Dark Forest Capital Management LP raised its stake in Akamai Technologies by 524.7% in the 1st quarter. Dark Forest Capital Management LP now owns 556 shares of the technology infrastructure company’s stock valued at $44,000 after purchasing an additional 467 shares during the last quarter. Covestor Ltd raised its stake in Akamai Technologies by 50.1% in the 1st quarter. Covestor Ltd now owns 635 shares of the technology infrastructure company’s stock valued at $76,000 after purchasing an additional 212 shares during the last quarter. Finally, Compass Wealth Management LLC acquired a new position in Akamai Technologies in the 4th quarter valued at $72,000. 90.08% of the stock is owned by hedge funds and other institutional investors.

Akamai Technologies Company Profile

(Get Free Report)

Akamai Technologies, Inc provides cloud services for securing, delivering, and computing content, applications, and software over the internet 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.