Akamai Technologies, Inc. (AKAM) Releases Q3 Earnings Guidance
Akamai Technologies, Inc. (NASDAQ:AKAM) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.55-0.58 for the period, compared to the Thomson Reuters consensus estimate of $0.55, AnalystRatingsNetwork.com reports. The company issued revenue guidance of $484-496 million, compared to the consensus revenue estimate of $484.77 million.
Akamai Technologies, Inc. (NASDAQ:AKAM) traded up 2.93% on Wednesday, hitting $60.73. 5,169,534 shares of the company’s stock traded hands. Akamai Technologies, Inc. has a one year low of $43.74 and a one year high of $63.15. The stock has a 50-day moving average of $60.13 and a 200-day moving average of $56.51. The company has a market cap of $10.810 billion and a P/E ratio of 36.42.
Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Wednesday, July 30th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. The company had revenue of $476.00 million for the quarter, compared to the consensus estimate of $472.90 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. On average, analysts predict that Akamai Technologies, Inc. will post $2.29 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Macquarie upgraded shares of Akamai Technologies from a neutral rating to an outperform rating in a research note on Thursday, July 24th. They now have a $70.00 price target on the stock, up previously from $59.00. On a related note, analysts at Zacks reiterated a neutral rating on shares of Akamai Technologies in a research note on Wednesday, July 9th. They now have a $63.00 price target on the stock. Finally, analysts at B. Riley reiterated a buy rating on shares of Akamai Technologies in a research note on Wednesday, May 14th. They now have a $68.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Akamai Technologies presently has a consensus rating of Buy and an average price target of $64.57.
Akamai Technologies, Inc (NASDAQ:AKAM) provides content delivery and cloud infrastructure services for the delivery of content and applications over the Internet.
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