Akamai Technologies, Inc. (NASDAQ:AKAM – Free Report) – Investment analysts at Zacks Research increased their Q3 2023 earnings estimates for shares of Akamai Technologies in a note issued to investors on Tuesday, August 22nd. Zacks Research analyst A. Chatterjee now forecasts that the technology infrastructure company will post earnings per share of $1.20 for the quarter, up from their previous estimate of $1.10. The consensus estimate for Akamai Technologies’ current full-year earnings is $4.43 per share. Zacks Research also issued estimates for Akamai Technologies’ Q4 2023 earnings at $1.24 EPS, FY2023 earnings at $4.53 EPS, Q2 2024 earnings at $1.18 EPS, Q4 2024 earnings at $1.20 EPS, FY2024 earnings at $4.80 EPS, Q1 2025 earnings at $1.32 EPS, Q2 2025 earnings at $1.25 EPS and FY2025 earnings at $5.24 EPS.
Other analysts also recently issued research reports about the stock. DA Davidson boosted their price objective on shares of Akamai Technologies from $100.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Morgan Stanley boosted their price objective on shares of Akamai Technologies from $94.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, August 9th. Raymond James boosted their price objective on shares of Akamai Technologies from $94.00 to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, August 9th. Royal Bank of Canada boosted their price objective on shares of Akamai Technologies from $85.00 to $97.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 9th. Finally, TheStreet raised shares of Akamai Technologies from a “c” rating to a “b-” rating in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $107.00.
Akamai Technologies Stock Up 1.2 %
Shares of NASDAQ AKAM opened at $102.82 on Friday. The stock has a market capitalization of $15.60 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 2.89 and a beta of 0.78. Akamai Technologies has a 52 week low of $70.65 and a 52 week high of $107.47. The firm has a 50-day moving average price of $94.48 and a 200 day moving average price of $86.07. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.53.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Akamai Technologies by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 17,880,191 shares of the technology infrastructure company’s stock valued at $2,134,716,000 after acquiring an additional 254,437 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Akamai Technologies by 21.8% during the first quarter. First Trust Advisors LP now owns 4,194,752 shares of the technology infrastructure company’s stock worth $328,449,000 after purchasing an additional 749,933 shares during the period. Geode Capital Management LLC raised its holdings in shares of Akamai Technologies by 0.9% during the second quarter. Geode Capital Management LLC now owns 3,582,467 shares of the technology infrastructure company’s stock worth $321,324,000 after purchasing an additional 32,547 shares during the period. Legal & General Group Plc raised its holdings in shares of Akamai Technologies by 5.7% during the fourth quarter. Legal & General Group Plc now owns 2,723,940 shares of the technology infrastructure company’s stock worth $229,628,000 after purchasing an additional 147,339 shares during the period. Finally, Champlain Investment Partners LLC raised its holdings in shares of Akamai Technologies by 6.5% during the first quarter. Champlain Investment Partners LLC now owns 2,472,498 shares of the technology infrastructure company’s stock worth $193,597,000 after purchasing an additional 151,100 shares during the period. 90.08% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO F Thomson Leighton bought 275 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average cost of $91.06 per share, for a total transaction of $25,041.50. Following the completion of the purchase, the chief executive officer now owns 88,216 shares of the company’s stock, valued at $8,032,948.96. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Akamai Technologies news, EVP Aaron Ahola sold 1,200 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $101.08, for a total transaction of $121,296.00. Following the transaction, the executive vice president now directly owns 15,084 shares in the company, valued at approximately $1,524,690.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO F Thomson Leighton acquired 275 shares of Akamai Technologies stock in a transaction on Tuesday, May 30th. The shares were bought at an average price of $91.06 per share, for a total transaction of $25,041.50. Following the completion of the purchase, the chief executive officer now directly owns 88,216 shares in the company, valued at $8,032,948.96. The disclosure for this purchase can be found here. Over the last three months, insiders bought 1,906 shares of company stock worth $175,253 and sold 35,847 shares worth $3,464,699. Insiders own 1.80% of the company’s stock.
About Akamai Technologies
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.
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