Akamai Technologies, Inc. (NASDAQ:AKAM) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Akamai Technologies, Inc. (NASDAQ:AKAM) announced its quarterly earnings results on Tuesday. The technology infrastructure company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02, Bloomberg Earnings reports. The firm had revenue of $608.90 million for the quarter, compared to analysts’ expectations of $604.51 million. Akamai Technologies had a net margin of 13.53% and a return on equity of 11.31%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS. Akamai Technologies updated its Q3 guidance to $0.57-0.60 EPS.
Akamai Technologies (AKAM) traded up 1.74% during mid-day trading on Tuesday, hitting $53.28. 3,503,283 shares of the company were exchanged. The stock has a market cap of $9.21 billion, a price-to-earnings ratio of 29.11 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 firm has a 50 day moving average price of $50.08 and a 200 day moving average price of $58.07.
In other news, Director Paul Sagan sold 17,889 shares of Akamai Technologies stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $49.53, for a total value of $886,042.17. Following the transaction, the director now directly owns 64,147 shares of the company’s stock, valued at approximately $3,177,200.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO F Thomson Leighton acquired 19,817 shares of Akamai Technologies stock in a transaction dated Friday, July 14th. The stock was purchased at an average cost of $50.45 per share, for a total transaction of $999,767.65. Following the completion of the purchase, the chief executive officer now directly owns 205,861 shares in the company, valued at $10,385,687.45. The disclosure for this purchase can be found here. Insiders bought a total of 61,410 shares of company stock worth $2,999,444 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Several research analysts have recently weighed in on the stock. B. Riley reissued a “buy” rating and set a $71.00 price target on shares of Akamai Technologies in a research report on Friday, March 31st. Nomura assumed coverage on shares of Akamai Technologies in a research report on Thursday, May 25th. They set a “neutral” rating and a $50.00 price target on the stock. Robert W. Baird cut shares of Akamai Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $60.00 to $55.00 in a research report on Friday, May 5th. Guggenheim cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and lowered their price target for the company from $70.00 to $60.00 in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research cut shares of Akamai Technologies from a “hold” rating to a “strong sell” rating in a research report on Monday, May 8th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $64.57.
About Akamai Technologies
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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