Akamai Technologies, Inc. (NASDAQ:AKAM) – Analysts at KeyCorp cut their FY2019 earnings estimates for Akamai Technologies in a research report issued on Tuesday, May 14th. KeyCorp analyst B. Nispel now expects that the technology infrastructure company will post earnings per share of $3.44 for the year, down from their prior forecast of $3.45. KeyCorp currently has a “Overweight” rating and a $91.00 target price on the stock. KeyCorp also issued estimates for Akamai Technologies’ Q2 2020 earnings at $0.89 EPS, Q3 2020 earnings at $0.95 EPS and FY2020 earnings at $3.78 EPS.
Akamai Technologies (NASDAQ:AKAM) last issued its earnings results on Tuesday, April 30th. The technology infrastructure company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.09. The company had revenue of $706.51 million during the quarter, compared to analyst estimates of $698.33 million. Akamai Technologies had a return on equity of 15.29% and a net margin of 12.78%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS.
Shares of AKAM stock opened at $77.92 on Friday. The firm has a market capitalization of $12.57 billion, a P/E ratio of 28.23, a PEG ratio of 1.63 and a beta of 0.60. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 0.27. Akamai Technologies has a 1 year low of $57.18 and a 1 year high of $86.19.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund increased its stake in shares of Akamai Technologies by 5,021.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,029,933 shares of the technology infrastructure company’s stock valued at $33,000 after purchasing an additional 1,990,300 shares in the last quarter. Norges Bank purchased a new position in shares of Akamai Technologies in the 4th quarter valued at about $100,218,000. Millennium Management LLC increased its stake in shares of Akamai Technologies by 220.0% in the 4th quarter. Millennium Management LLC now owns 2,351,173 shares of the technology infrastructure company’s stock valued at $143,610,000 after purchasing an additional 1,616,320 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in shares of Akamai Technologies by 6,712.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,108,781 shares of the technology infrastructure company’s stock valued at $67,724,000 after purchasing an additional 1,092,506 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Akamai Technologies by 516.0% in the 1st quarter. Renaissance Technologies LLC now owns 750,300 shares of the technology infrastructure company’s stock valued at $53,804,000 after purchasing an additional 628,500 shares in the last quarter. Institutional investors and hedge funds own 88.56% of the company’s stock.
In other Akamai Technologies news, Director Monte E. Ford sold 24,721 shares of Akamai Technologies stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $72.41, for a total transaction of $1,790,047.61. Following the completion of the transaction, the director now owns 41,012 shares in the company, valued at approximately $2,969,678.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rick M. Mcconnell sold 22,775 shares of Akamai Technologies stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $70.88, for a total value of $1,614,292.00. Following the transaction, the insider now owns 26,533 shares of the company’s stock, valued at approximately $1,880,659.04. The disclosure for this sale can be found here. Insiders have sold a total of 95,194 shares of company stock valued at $6,935,108 in the last quarter. Company insiders own 2.40% of the company’s stock.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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