Wall Street analysts expect Akamai Technologies, Inc. (NASDAQ:AKAM) to post $702.95 million in sales for the current fiscal quarter, according to Zacks. Eleven analysts have made estimates for Akamai Technologies’ earnings. The highest sales estimate is $708.52 million and the lowest is $699.22 million. Akamai Technologies posted sales of $663.45 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6%. The business is expected to report its next quarterly earnings results on Tuesday, February 5th.
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 $2.70 billion to $2.71 billion. For the next year, analysts anticipate that the company will post sales of $2.91 billion, with estimates ranging from $2.87 billion to $2.95 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that that provide coverage for Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.11. Akamai Technologies had a return on equity of 12.06% and a net margin of 8.39%. The business had revenue of $669.63 million during the quarter, compared to the consensus estimate of $664.17 million. During the same period in the previous year, the business earned $0.62 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis.
Several analysts have recently weighed in on the company. TheStreet raised Akamai Technologies from a “c+” rating to a “b-” rating in a report on Friday, November 16th. Zacks Investment Research reissued a “strong-buy” rating and issued a $83.00 target price on shares of Akamai Technologies in a report on Monday, November 12th. BidaskClub downgraded Akamai Technologies from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. ValuEngine downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. Finally, Piper Jaffray Companies set a $94.00 target price on Akamai Technologies and gave the company a “buy” rating in a report on Tuesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $80.44.
Akamai Technologies stock opened at $69.02 on Friday. Akamai Technologies has a fifty-two week low of $55.51 and a fifty-two week high of $83.08. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $11.19 billion, a PE ratio of 36.33, a PEG ratio of 1.76 and a beta of 0.56.
Akamai Technologies announced that its board has approved a stock buyback plan on Monday, October 29th that authorizes the company to buyback $1.10 billion in shares. This buyback authorization authorizes the technology infrastructure company to purchase up to 10.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other Akamai Technologies news, Director Paul Sagan sold 55,500 shares of the company’s stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $70.46, for a total transaction of $3,910,530.00. Following the completion of the sale, the director now directly owns 59,678 shares of the company’s stock, valued at approximately $4,204,911.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William Wheaton sold 3,922 shares of the company’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $71.73, for a total value of $281,325.06. Following the sale, the insider now directly owns 26,820 shares of the company’s stock, valued at $1,923,798.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 63,422 shares of company stock valued at $4,485,215. 3.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Exane Derivatives purchased a new position in shares of Akamai Technologies during the 3rd quarter worth approximately $101,000. Flagship Harbor Advisors LLC purchased a new position in shares of Akamai Technologies during the 2nd quarter worth approximately $102,000. Captrust Financial Advisors raised its stake in shares of Akamai Technologies by 394.2% during the 3rd quarter. Captrust Financial Advisors now owns 1,448 shares of the technology infrastructure company’s stock worth $106,000 after buying an additional 1,155 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Akamai Technologies during the 3rd quarter worth approximately $113,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Akamai Technologies by 291.6% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,762 shares of the technology infrastructure company’s stock worth $128,000 after buying an additional 1,312 shares in the last quarter. 89.47% of the stock is owned by institutional investors and hedge funds.
About Akamai Technologies
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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