DA Davidson Has Bearish Forecast for AKAM FY2024 Earnings

Akamai Technologies, Inc. (NASDAQ:AKAM) – Equities researchers at DA Davidson cut their FY2024 EPS estimates for shares of Akamai Technologies in a report released on Thursday, December 19th. DA Davidson analyst R. Kessinger now forecasts that the technology infrastructure company will post earnings per share of $4.26 for the year, down from their previous 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.

A number of other brokerages have also recently commented on AKAM. Hsbc Global Res upgraded Akamai Technologies from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Oppenheimer raised shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and set a $120.00 price objective for the company in a research note on Monday, December 2nd. Robert W. Baird cut their target price on shares of Akamai Technologies from $120.00 to $115.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. UBS Group began coverage on shares of Akamai Technologies in a report on Monday, December 16th. They set a “neutral” rating and a $110.00 target price on the stock. Finally, Evercore ISI restated an “outperform” rating and issued a $110.00 price target on shares of Akamai Technologies in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.85.

Akamai Technologies Trading Up 1.4 %

Shares of NASDAQ AKAM opened at $95.89 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.41 billion, a PE ratio of 28.37, a PEG ratio of 3.83 and a beta of 0.65. Akamai Technologies has a twelve month low of $84.70 and a twelve month high of $129.17. The stock has a fifty day simple moving average of $97.51 and a 200-day simple moving average of $96.65.

Institutional Investors Weigh In On Akamai Technologies

Several large investors have recently modified their holdings of the company. Banque Cantonale Vaudoise raised its position in Akamai Technologies by 86.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 44,390 shares of the technology infrastructure company’s stock valued at $4,481,000 after purchasing an additional 20,633 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Akamai Technologies by 3.5% in the third quarter. Principal Financial Group Inc. now owns 200,458 shares of the technology infrastructure company’s stock valued at $20,236,000 after buying an additional 6,785 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Akamai Technologies by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 892,356 shares of the technology infrastructure company’s stock worth $90,083,000 after buying an additional 11,272 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Akamai Technologies by 32.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 188,388 shares of the technology infrastructure company’s stock worth $19,018,000 after buying an additional 46,335 shares during the last quarter. Finally, Sompo Asset Management Co. Ltd. increased its position in Akamai Technologies by 148.4% in the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 19,900 shares of the technology infrastructure company’s stock valued at $2,009,000 after acquiring an additional 11,890 shares during the period. 94.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Akamai Technologies

In related news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction on Friday, November 15th. The shares were sold at an average price of $88.63, for a total transaction of $354,520.00. Following the sale, the executive vice president now directly owns 26,703 shares in the company, valued at $2,366,686.89. This trade represents a 13.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Robert Blumofe sold 2,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the transaction, the chief technology officer now directly owns 19,510 shares in the company, valued at approximately $1,728,781.10. The trade was a 11.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,282 shares of company stock worth $1,733,716 over the last three months. Insiders own 1.80% of the company’s stock.

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.