DA Davidson Has Negative Outlook of AKAM FY2024 Earnings

Akamai Technologies, Inc. (NASDAQ:AKAM) – Investment analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for shares of Akamai Technologies in a report issued on Thursday, December 19th. DA Davidson analyst R. Kessinger now expects that the technology infrastructure company will post earnings of $4.26 per share for the year, down from their prior estimate of $4.31. The consensus estimate for Akamai Technologies’ current full-year earnings is $4.29 per share. DA Davidson also issued estimates for Akamai Technologies’ Q4 2024 earnings at $0.99 EPS.

Other research analysts also recently issued reports about the stock. Tigress Financial restated a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. HSBC raised shares of Akamai Technologies from a “hold” rating to a “buy” rating and set a $121.00 target price on the stock in a report on Monday, November 11th. Robert W. Baird decreased their target price on Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Hsbc Global Res upgraded Akamai Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Scotiabank reduced their price objective on Akamai Technologies from $115.00 to $112.00 and set a “sector outperform” rating for the company in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $116.85.

Akamai Technologies Stock Performance

Akamai Technologies stock opened at $94.58 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.33. Akamai Technologies has a 12 month low of $84.70 and a 12 month high of $129.17. The company has a fifty day moving average price of $97.68 and a two-hundred day moving average price of $96.62. The company has a market cap of $14.21 billion, a PE ratio of 27.98, a P/E/G ratio of 3.83 and a beta of 0.65.

Institutional Investors Weigh In On Akamai Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its stake in shares of Akamai Technologies by 85.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after purchasing an additional 114 shares during the last quarter. Innealta Capital LLC bought a new stake in Akamai Technologies during the second quarter worth approximately $28,000. Family Firm Inc. acquired a new position in Akamai Technologies in the second quarter worth approximately $35,000. Eastern Bank acquired a new position in Akamai Technologies in the third quarter worth approximately $71,000. Finally, Covestor Ltd increased its holdings in shares of Akamai Technologies by 67.7% in the third quarter. Covestor Ltd now owns 887 shares of the technology infrastructure company’s stock valued at $90,000 after buying an additional 358 shares in the last quarter. 94.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total transaction of $93,380.00. Following the transaction, the director now directly owns 15,719 shares in the company, valued at approximately $1,467,840.22. This trade represents a 5.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Edward J. Mcgowan sold 10,782 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $98.71, for a total value of $1,064,291.22. Following the completion of the sale, the chief financial officer now directly owns 12,716 shares in the company, valued at $1,255,196.36. This represents a 45.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,282 shares of company stock worth $1,733,716. 2.00% of the stock is owned by corporate insiders.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.