Akamai Technologies, Inc. (NASDAQ:AKAM) – KeyCorp upped their Q2 2018 earnings per share (EPS) estimates for shares of Akamai Technologies in a report released on Wednesday. KeyCorp analyst B. Nispel now anticipates that the technology infrastructure company will post earnings per share of $0.56 for the quarter, up from their previous forecast of $0.53. KeyCorp has a “Sector Weight” rating and a $57.00 price objective on the stock.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, February 6th. The technology infrastructure company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Akamai Technologies had a return on equity of 9.90% and a net margin of 8.72%. The business had revenue of $663.50 million during the quarter, compared to analyst estimates of $649.08 million. During the same quarter in the previous year, the company posted $0.72 earnings per share. Akamai Technologies’s revenue for the quarter was up 7.7% on a year-over-year basis.
A number of other equities analysts have also weighed in on the company. B. Riley upped their price objective on Akamai Technologies from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 18th. Zacks Investment Research raised Akamai Technologies from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Tuesday, January 2nd. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, December 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $75.00 price objective (up previously from $58.00) on shares of Akamai Technologies in a research note on Wednesday, January 10th. Finally, Credit Suisse Group raised Akamai Technologies from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Monday, December 18th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $69.84.
Akamai Technologies (AKAM) opened at $74.02 on Friday. The firm has a market capitalization of $12,703.06, a PE ratio of 59.22, a PEG ratio of 2.63 and a beta of 0.68. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.82 and a quick ratio of 2.82. Akamai Technologies has a one year low of $44.65 and a one year high of $78.28.
Akamai Technologies announced that its Board of Directors has initiated a share repurchase plan on Thursday, March 8th that authorizes the company to buyback $417.00 million in outstanding shares. This buyback authorization authorizes the technology infrastructure company to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, insider William Wheaton sold 10,000 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was 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 $2,142,426.51. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP James Gemmell sold 8,430 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $67.00, for a total value of $564,810.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,430 shares of company stock valued at $1,577,710. 3.20% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Legal & General Group Plc raised its position in Akamai Technologies by 3.9% during the third quarter. Legal & General Group Plc now owns 844,744 shares of the technology infrastructure company’s stock valued at $41,155,000 after purchasing an additional 31,911 shares during the period. Parametric Portfolio Associates LLC raised its position in Akamai Technologies by 2.4% during the third quarter. Parametric Portfolio Associates LLC now owns 312,087 shares of the technology infrastructure company’s stock valued at $15,205,000 after purchasing an additional 7,327 shares during the period. Schwab Charles Investment Management Inc. raised its position in Akamai Technologies by 23.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 809,014 shares of the technology infrastructure company’s stock valued at $39,416,000 after purchasing an additional 151,399 shares during the period. Aries Wealth Management purchased a new stake in Akamai Technologies during the fourth quarter valued at approximately $394,000. Finally, Atria Investments LLC purchased a new stake in Akamai Technologies during the fourth quarter valued at approximately $284,000. Institutional investors and hedge funds own 89.20% of the company’s stock.
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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