$611.03 Million in Sales Expected for Akamai Technologies, Inc. (AKAM) This Quarter
Equities analysts expect Akamai Technologies, Inc. (NASDAQ:AKAM) to report sales of $611.03 million for the current quarter, Zacks reports. Thirteen analysts have made estimates for Akamai Technologies’ earnings, with the highest sales estimate coming in at $615.61 million and the lowest estimate coming in at $605.00 million. Akamai Technologies posted sales of $584.07 million in the same quarter last year, which suggests a positive year over year growth rate of 4.6%. The company is expected to issue its next earnings report on Tuesday, October 24th.
On average, analysts expect that Akamai Technologies will report full-year sales of $611.03 million for the current year, with estimates ranging from $2.46 billion to $2.48 billion. For the next financial year, analysts anticipate that the business will post sales of $2.68 billion per share, with estimates ranging from $2.64 billion to $2.73 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $608.90 million during the quarter, compared to analyst estimates of $604.51 million. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. Akamai Technologies’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS.
Several analysts have recently issued reports on the company. Vetr upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price objective on the stock in a research note on Wednesday, September 6th. B. Riley reiterated a “buy” rating and issued a $66.00 price objective on shares of Akamai Technologies in a research note on Tuesday, June 6th. Instinet assumed coverage on Akamai Technologies in a research note on Thursday, May 25th. They issued a “neutral” rating and a $47.62 price objective on the stock. BidaskClub cut Akamai Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 19th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $56.00 price objective (down from $58.00) on shares of Akamai Technologies in a research note on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $61.50.
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Akamai Technologies (NASDAQ:AKAM) opened at 46.68 on Thursday. The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 26.66 and a beta of 0.64. The stock has a 50 day moving average price of $46.62 and a 200 day moving average price of $52.93. Akamai Technologies has a 52-week low of $44.65 and a 52-week high of $71.64.
In related news, Director Frederic V. Salerno bought 5,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were acquired at an average price of $46.83 per share, for a total transaction of $234,150.00. Following the purchase, the director now owns 62,192 shares in the company, valued at approximately $2,912,451.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO F Thomson Leighton bought 19,817 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was 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 owns 205,861 shares in the company, valued at approximately $10,385,687.45. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 46,371 shares of company stock worth $2,245,016. Company insiders own 3.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perigon Wealth Management LLC raised its stake in Akamai Technologies by 9.5% during the second quarter. Perigon Wealth Management LLC now owns 17,896 shares of the technology infrastructure company’s stock worth $891,000 after acquiring an additional 1,550 shares during the period. Griffin Asset Management Inc. acquired a new stake in Akamai Technologies during the second quarter worth about $209,000. Sentry Investment Management LLC raised its stake in Akamai Technologies by 50.3% during the second quarter. Sentry Investment Management LLC now owns 13,629 shares of the technology infrastructure company’s stock worth $679,000 after acquiring an additional 4,564 shares during the period. Toronto Dominion Bank raised its stake in Akamai Technologies by 25.3% during the second quarter. Toronto Dominion Bank now owns 58,568 shares of the technology infrastructure company’s stock worth $2,917,000 after acquiring an additional 11,830 shares during the period. Finally, Advisory Services Network LLC raised its stake in Akamai Technologies by 9.0% during the second quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock worth $101,000 after acquiring an additional 168 shares during the period. Hedge funds and other institutional investors own 84.45% of the company’s stock.
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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