DA Davidson Cuts Earnings Estimates for Akamai Technologies

Akamai Technologies, Inc. (NASDAQ:AKAM - Free Report) - DA Davidson dropped their FY2024 earnings per share (EPS) estimates for shares of Akamai Technologies in a note issued to investors on Thursday, December 19th. DA Davidson analyst R. Kessinger now expects that the technology infrastructure company will post earnings per share of $4.26 for the year, down from their prior forecast 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.

Several other research firms also recently weighed in on AKAM. Tigress Financial restated a "strong-buy" rating and set a $140.00 price target on shares of Akamai Technologies in a research report on Thursday, August 29th. Scotiabank reduced their target price on Akamai Technologies from $115.00 to $112.00 and set a "sector outperform" rating for the company in a report on Friday, November 8th. Robert W. Baird lowered their price target on Akamai Technologies from $120.00 to $115.00 and set an "outperform" rating on the stock in a research note on Monday, November 11th. Oppenheimer raised 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. Finally, 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 research note on Monday, November 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Akamai Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $116.85.

Akamai Technologies Price Performance

NASDAQ:AKAM traded up $1.31 during trading hours on Friday, reaching $95.89. 3,022,643 shares of the company were exchanged, compared to its average volume of 1,681,125. The stock's 50-day moving average is $97.68 and its 200-day moving average is $96.62. Akamai Technologies has a twelve month low of $84.70 and a twelve month high of $129.17. The firm has a market cap of $14.41 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 3.83 and a beta of 0.65. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Insider Buying and Selling

In related news, CTO Robert Blumofe sold 2,500 shares of the business's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $88.61, for a total value of $221,525.00. Following the sale, the chief technology officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $93.38, for a total value 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. The trade was a 5.98 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,282 shares of company stock valued at $1,733,716. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Akamai Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its stake in Akamai Technologies by 6.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,661 shares of the technology infrastructure company's stock worth $510,000 after buying an additional 328 shares during the period. Family Firm Inc. purchased a new stake in shares of Akamai Technologies during the second quarter worth $35,000. State of Michigan Retirement System raised its stake in shares of Akamai Technologies by 9.7% in the second quarter. State of Michigan Retirement System now owns 45,289 shares of the technology infrastructure company's stock valued at $4,080,000 after acquiring an additional 4,000 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Akamai Technologies by 318.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 89,262 shares of the technology infrastructure company's stock valued at $8,041,000 after acquiring an additional 67,947 shares in the last quarter. Finally, AlphaStar Capital Management LLC boosted its holdings in Akamai Technologies by 24.6% in the second quarter. AlphaStar Capital Management LLC now owns 11,008 shares of the technology infrastructure company's stock valued at $992,000 after purchasing an additional 2,174 shares during the period. 94.28% of the stock is currently owned by hedge funds and other institutional investors.

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.