Zacks: Analysts Anticipate Akamai Technologies, Inc. (AKAM) Will Post Quarterly Sales of $605.96 Million
Brokerages predict that Akamai Technologies, Inc. (NASDAQ:AKAM) will post sales of $605.96 million for the current quarter, Zacks reports. Thirteen analysts have provided estimates for Akamai Technologies’ earnings, with the highest sales estimate coming in at $628.00 million and the lowest estimate coming in at $599.79 million. Akamai Technologies posted sales of $572.14 million during the same quarter last year, which suggests a positive year over year growth rate of 5.9%. The business is scheduled to issue its next quarterly earnings results after the market closes on Tuesday, July 25th.
According to Zacks, analysts expect that Akamai Technologies will report full-year sales of $605.96 million for the current year, with estimates ranging from $2.42 billion to $2.52 billion. For the next year, analysts forecast that the firm will post sales of $2.74 billion per share, with estimates ranging from $2.63 billion to $2.95 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Tuesday, May 2nd. The technology infrastructure company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. Akamai Technologies had a net margin of 13.53% and a return on equity of 11.31%. The business had revenue of $609.24 million for the quarter, compared to analyst estimates of $604.94 million.
A number of analysts recently issued reports on AKAM shares. Morgan Stanley downgraded shares of Akamai Technologies from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $68.00 to $54.00 in a report on Thursday, April 27th. Drexel Hamilton assumed coverage on shares of Akamai Technologies in a research report on Tuesday, March 21st. They issued a “buy” rating and a $90.00 price objective for the company. Goldman Sachs Group, Inc. (The) restated a “sell” rating and issued a $46.00 price objective (down from $52.00) on shares of Akamai Technologies in a research report on Friday, June 30th. Guggenheim lowered shares of Akamai Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the company from $70.00 to $60.00 in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded shares of Akamai Technologies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 11th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $64.74.
Shares of Akamai Technologies (NASDAQ:AKAM) traded up 1.11% on Wednesday, reaching $52.10. 1,193,893 shares of the company were exchanged. The firm has a market capitalization of $9.01 billion, a PE ratio of 28.47 and a beta of 0.67. Akamai Technologies has a 12-month low of $46.81 and a 12-month high of $71.64. The company’s 50 day moving average is $49.58 and its 200 day moving average is $58.47.
In other Akamai Technologies news, Director Paul Sagan sold 17,889 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $49.53, for a total transaction of $886,042.17. Following the transaction, the director now owns 64,147 shares in the company, valued at approximately $3,177,200.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO F Thomson Leighton bought 19,817 shares of the stock in a transaction on Friday, July 14th. The shares were bought at an average price of $50.45 per share, for a total transaction of $999,767.65. Following the purchase, the chief executive officer now directly owns 205,861 shares in the company, valued at approximately $10,385,687.45. The disclosure for this purchase can be found here. Insiders have acquired a total of 61,410 shares of company stock worth $2,999,444 in the last 90 days. Company insiders own 3.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in AKAM. Cleararc Capital Inc. raised its stake in Akamai Technologies by 0.9% in the first quarter. Cleararc Capital Inc. now owns 4,248 shares of the technology infrastructure company’s stock valued at $254,000 after buying an additional 37 shares during the last quarter. Advantus Capital Management Inc raised its stake in Akamai Technologies by 0.4% in the first quarter. Advantus Capital Management Inc now owns 17,334 shares of the technology infrastructure company’s stock valued at $1,035,000 after buying an additional 75 shares during the last quarter. Trust Co raised its stake in Akamai Technologies by 2.1% in the first quarter. Trust Co now owns 4,447 shares of the technology infrastructure company’s stock valued at $266,000 after buying an additional 90 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in Akamai Technologies by 2.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 4,622 shares of the technology infrastructure company’s stock valued at $258,000 after buying an additional 99 shares during the last quarter. Finally, Utah Retirement Systems raised its stake in Akamai Technologies by 0.3% in the first quarter. Utah Retirement Systems now owns 31,496 shares of the technology infrastructure company’s stock valued at $1,880,000 after buying an additional 100 shares during the last quarter. 87.16% of the stock is owned by hedge funds and other institutional investors.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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