KeyCorp Weighs in on Akamai Technologies, Inc.’s FY2018 Earnings (AKAM)
Akamai Technologies, Inc. (NASDAQ:AKAM) – KeyCorp upped their FY2018 earnings estimates for Akamai Technologies in a research report issued to clients and investors on Wednesday. KeyCorp analyst B. Nispel now expects that the technology infrastructure company will post earnings of $1.88 per share for the year, up from their prior estimate of $1.86. KeyCorp currently has a “Underweight” rating and a $51.00 target price on the stock.
A number of other equities research analysts have also issued reports on AKAM. Deutsche Bank reissued a “buy” rating and issued a $75.00 price target on shares of Akamai Technologies in a report on Wednesday, January 3rd. Guggenheim raised shares of Akamai Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $53.00 to $54.00 in a research note on Monday, October 2nd. B. Riley reaffirmed a “buy” rating and set a $70.00 target price (up previously from $60.00) on shares of Akamai Technologies in a research note on Wednesday, October 25th. Zacks Investment Research lowered shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $75.00 target price (up previously from $58.00) on shares of Akamai Technologies in a research note on Wednesday, January 10th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.20.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The business had revenue of $621.00 million for the quarter, compared to analyst estimates of $610.66 million. Akamai Technologies had a net margin of 11.84% and a return on equity of 10.28%. The company’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 EPS.
A number of hedge funds and other institutional investors have recently modified their holdings of AKAM. Alyeska Investment Group L.P. purchased a new position in Akamai Technologies during the 3rd quarter valued at about $65,270,000. Janus Henderson Group PLC raised its holdings in Akamai Technologies by 5,158.8% in the second quarter. Janus Henderson Group PLC now owns 1,202,110 shares of the technology infrastructure company’s stock worth $59,877,000 after buying an additional 1,179,251 shares during the last quarter. Fairpointe Capital LLC raised its holdings in Akamai Technologies by 44.0% in the second quarter. Fairpointe Capital LLC now owns 3,212,227 shares of the technology infrastructure company’s stock worth $160,001,000 after buying an additional 981,069 shares during the last quarter. ETF Managers Group LLC purchased a new position in Akamai Technologies in the second quarter worth about $45,156,000. Finally, FIL Ltd raised its holdings in Akamai Technologies by 63.5% in the second quarter. FIL Ltd now owns 1,859,231 shares of the technology infrastructure company’s stock worth $92,609,000 after buying an additional 722,170 shares during the last quarter. 86.36% of the stock is owned by institutional investors.
In related news, insider William Wheaton sold 10,000 shares of Akamai Technologies stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $66.29, for a total transaction of $662,900.00. Following the completion of the transaction, the insider now directly owns 32,319 shares of the company’s stock, valued at approximately $2,142,426.51. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Rick M. Mcconnell sold 3,966 shares of Akamai Technologies stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $54.19, for a total transaction of $214,917.54. Following the transaction, the insider now directly owns 39,753 shares of the company’s stock, valued at $2,154,215.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,971 shares of company stock valued at $4,141,642. 3.20% of the stock is currently owned by corporate insiders.
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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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