Akamai Technologies, Inc. (NASDAQ:AKAM) – Equities research analysts at DA Davidson boosted their FY2018 earnings per share estimates for Akamai Technologies in a research report issued to clients and investors on Tuesday, October 30th. DA Davidson analyst M. Kelleher now expects that the technology infrastructure company will post earnings of $2.65 per share for the year, up from their prior forecast of $2.48. DA Davidson currently has a “Buy” rating and a $93.00 price target on the stock. DA Davidson also issued estimates for Akamai Technologies’ Q2 2019 earnings at $0.70 EPS, Q3 2019 earnings at $0.72 EPS, Q4 2019 earnings at $0.81 EPS, FY2019 earnings at $2.95 EPS, Q1 2020 earnings at $0.85 EPS, Q2 2020 earnings at $0.84 EPS, Q3 2020 earnings at $0.81 EPS and FY2020 earnings at $3.44 EPS.
Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. Akamai Technologies had a net margin of 8.39% and a return on equity of 12.06%. The business had revenue of $669.63 million for the quarter, compared to analyst estimates of $664.17 million. During the same period in the previous year, the business posted $0.62 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year.
A number of other brokerages have also issued reports on AKAM. SunTrust Banks upgraded shares of Akamai Technologies from a “hold” rating to a “buy” rating and boosted their price target for the stock from $78.00 to $82.00 in a research note on Tuesday. Credit Suisse Group reiterated a “neutral” rating and set a $84.00 price target (down from $88.00) on shares of Akamai Technologies in a research note on Monday, August 13th. TheStreet lowered shares of Akamai Technologies from a “b-” rating to a “c+” rating in a research note on Friday, August 10th. Piper Jaffray Companies set a $94.00 price target on shares of Akamai Technologies and gave the stock a “buy” rating in a research note on Tuesday. Finally, Robert W. Baird reiterated a “hold” rating and set a $77.00 price target on shares of Akamai Technologies in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Akamai Technologies has a consensus rating of “Buy” and an average price target of $80.29.
Shares of Akamai Technologies stock opened at $71.76 on Friday. Akamai Technologies has a 52-week low of $52.02 and a 52-week high of $83.08. The company has a current ratio of 2.03, a quick ratio of 2.19 and a debt-to-equity ratio of 0.27. The stock has a market cap of $12.30 billion, a PE ratio of 37.77, a PEG ratio of 2.01 and a beta of 0.47.
Hedge funds and other institutional investors have recently made changes to their positions in the business. J.P. Marvel Investment Advisors LLC lifted its holdings in shares of Akamai Technologies by 13.9% in the second 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 purchasing an additional 9,895 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Akamai Technologies in the second quarter valued at about $142,000. Castleark Management LLC lifted its holdings in shares of Akamai Technologies by 6.8% in the second quarter. Castleark Management LLC now owns 80,895 shares of the technology infrastructure company’s stock valued at $5,924,000 after purchasing an additional 5,175 shares in the last quarter. Aristeia Capital LLC purchased a new stake in shares of Akamai Technologies in the second quarter valued at about $7,712,000. Finally, Swiss National Bank lifted its holdings in shares of Akamai Technologies by 3.1% in the second quarter. Swiss National Bank now owns 559,619 shares of the technology infrastructure company’s stock valued at $40,981,000 after purchasing an additional 17,000 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.
In other Akamai Technologies news, SVP Aaron Ahola sold 1,123 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $73.63, for a total value of $82,686.49. Following the sale, the senior vice president now owns 4,035 shares of the company’s stock, valued at $297,097.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Sagan sold 39,092 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total transaction of $2,939,327.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,215 shares of company stock worth $3,315,374. 3.20% of the stock is owned by insiders.
Akamai Technologies announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 29th that allows the company to repurchase $1.10 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to buy up to 10.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are 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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