Akamai Technologies, Inc. (AKAM) Announces Earnings Results
Akamai Technologies, Inc. (NASDAQ:AKAM) posted its quarterly earnings results on Monday. The technology infrastructure company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.03, Bloomberg Earnings reports. The company had revenue of $621.00 million during the quarter, compared to the consensus estimate of $610.66 million. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 EPS.
Shares of Akamai Technologies (AKAM) traded up 0.87% during trading on Tuesday, hitting $51.91. The company had a trading volume of 4,786,329 shares. The stock has a market capitalization of $8.90 billion, a P/E ratio of 29.65 and a beta of 0.65. The firm’s 50 day moving average is $48.89 and its 200-day moving average is $50.12. Akamai Technologies has a 52 week low of $44.65 and a 52 week high of $71.64.
In related news, insider Rick M. Mcconnell sold 7,579 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total transaction of $386,529.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederic V. Salerno purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average cost of $46.83 per share, with a total value of $234,150.00. Following the completion of the purchase, the director now owns 62,192 shares of the company’s stock, valued at approximately $2,912,451.36. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 46,224 shares of company stock valued at $2,245,074. 3.20% of the stock is owned by corporate insiders.
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AKAM has been the subject of several research reports. Vetr upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price target for the company in a research note on Wednesday, September 6th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $46.00 price target (down previously from $52.00) on shares of Akamai Technologies in a research note on Friday, June 30th. Instinet reiterated a “neutral” rating and set a $47.00 price target (down previously from $48.00) on shares of Akamai Technologies in a research note on Tuesday, September 5th. Wells Fargo & Company set a $57.00 price target on Akamai Technologies and gave the stock a “hold” rating in a research note on Tuesday, October 10th. Finally, Zacks Investment Research downgraded Akamai Technologies from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $59.64.
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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