Akamai Technologies (AKAM) Issues Q2 Earnings Guidance

Akamai Technologies (NASDAQ:AKAM) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.79.0.81 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.80. The company issued revenue guidance of $658-663 million, compared to the consensus revenue estimate of $665.86 million.Akamai Technologies also updated its FY18 guidance to $3.20-3.30 EPS.

Shares of Akamai Technologies opened at $72.46 on Thursday, MarketBeat Ratings reports. Akamai Technologies has a 1 year low of $44.65 and a 1 year high of $83.08. The company has a market cap of $12.92 billion, a PE ratio of 38.14, a P/E/G ratio of 2.15 and a beta of 0.64.

Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Monday, April 30th. The technology infrastructure company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.09. Akamai Technologies had a net margin of 7.46% and a return on equity of 10.04%. The company had revenue of $669.00 million for the quarter, compared to analyst estimates of $654.37 million. During the same period in the prior year, the business earned $0.69 earnings per share. Akamai Technologies’s quarterly revenue was up 11.5% on a year-over-year basis. research analysts anticipate that Akamai Technologies will post 2.45 EPS for the current fiscal year.

Akamai Technologies declared that its Board of Directors has initiated a share buyback program 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 repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

AKAM has been the topic of a number of research reports. TheStreet upgraded shares of Akamai Technologies from a c+ rating to a b- rating in a research report on Wednesday, May 9th. Deutsche Bank upped their target price on shares of Akamai Technologies from $80.00 to $85.00 and gave the stock a buy rating in a research report on Tuesday, March 6th. JPMorgan Chase & Co. upped their target price on shares of Akamai Technologies from $90.00 to $92.00 and gave the stock a buy rating in a research report on Tuesday, May 1st. Craig Hallum reiterated a buy rating and set a $91.00 target price (up from $84.00) on shares of Akamai Technologies in a research report on Tuesday, May 1st. Finally, ValuEngine upgraded shares of Akamai Technologies from a hold rating to a buy rating in a research report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $73.91.

In other Akamai Technologies news, insider Rick M. Mcconnell sold 12,618 shares of the company’s stock in a transaction that occurred on Wednesday, April 4th. The shares were sold at an average price of $69.76, for a total value of $880,231.68. Following the completion of the sale, the insider now owns 32,434 shares of the company’s stock, valued at $2,262,595.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Blumofe sold 8,379 shares of the company’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $70.81, for a total transaction of $593,316.99. The disclosure for this sale can be found here. Insiders sold 49,879 shares of company stock valued at $3,600,647 in the last ninety days. Insiders own 3.20% 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. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.

Earnings History and Estimates for Akamai Technologies (NASDAQ:AKAM)

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