Akamai Technologies, Inc. (NASDAQ:AKAM) – Investment analysts at Oppenheimer raised their Q4 2018 earnings per share estimates for shares of Akamai Technologies in a research report issued to clients and investors on Monday, October 29th. Oppenheimer analyst T. Horan now anticipates that the technology infrastructure company will post earnings per share of $0.75 for the quarter, up from their previous forecast of $0.74. Oppenheimer also issued estimates for Akamai Technologies’ FY2020 earnings at $3.38 EPS.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. The company had revenue of $669.63 million during the quarter, compared to the consensus estimate of $664.17 million. Akamai Technologies had a return on equity of 12.06% and a net margin of 8.39%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 EPS.
Other analysts also recently issued research reports about the company. Credit Suisse Group reiterated a “neutral” rating and set a $84.00 price target (down previously from $88.00) on shares of Akamai Technologies in a research note on Monday, August 13th. TheStreet downgraded Akamai Technologies from a “b-” rating to a “c+” rating in a research note on Friday, August 10th. ValuEngine downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. DA Davidson upgraded Akamai Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $82.00 to $93.00 in a research note on Monday, September 10th. Finally, BidaskClub downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $80.29.
AKAM opened at $72.29 on Thursday. The stock has a market cap of $12.30 billion, a PE ratio of 31.00, a P/E/G ratio of 2.01 and a beta of 0.47. Akamai Technologies has a 52-week low of $51.79 and a 52-week high of $83.08. The company has a quick ratio of 2.19, a current ratio of 2.03 and a debt-to-equity ratio of 0.27.
Institutional investors have recently bought and sold shares of the business. J.P. Marvel Investment Advisors LLC raised its holdings in Akamai Technologies by 13.9% in the 2nd quarter. J.P. Marvel Investment Advisors LLC now owns 81,335 shares of the technology infrastructure company’s stock valued at $5,956,000 after acquiring an additional 9,895 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in Akamai Technologies in the 2nd quarter valued at approximately $142,000. Castleark Management LLC raised its holdings in Akamai Technologies by 6.8% in the 2nd quarter. Castleark Management LLC now owns 80,895 shares of the technology infrastructure company’s stock valued at $5,924,000 after acquiring an additional 5,175 shares in the last quarter. Aristeia Capital LLC acquired a new position in Akamai Technologies in the 2nd quarter valued at approximately $7,712,000. Finally, Swiss National Bank raised its holdings in Akamai Technologies by 3.1% in the 2nd quarter. Swiss National Bank now owns 559,619 shares of the technology infrastructure company’s stock valued at $40,981,000 after acquiring an additional 17,000 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.
In other Akamai Technologies news, SVP Aaron Ahola sold 1,123 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $73.63, for a total value of $82,686.49. Following the completion of the transaction, the senior vice president now owns 4,035 shares of the company’s stock, valued at approximately $297,097.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul Sagan sold 39,092 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total value of $2,939,327.48. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.
Akamai Technologies declared that its board has approved a stock repurchase plan on Monday, October 29th that permits the company to repurchase $1.10 billion in shares. This repurchase authorization permits the technology infrastructure company to buy up to 10.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Akamai Technologies Company Profile
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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