Zacks: Analysts Expect Akamai Technologies, Inc. (AKAM) Will Post Quarterly Sales of $610.33 Million
Equities analysts forecast that Akamai Technologies, Inc. (NASDAQ:AKAM) will post sales of $610.33 million for the current fiscal quarter, Zacks Investment Research reports. Twelve analysts have issued estimates for Akamai Technologies’ earnings, with estimates ranging from $605.00 million to $615.61 million. Akamai Technologies reported sales of $584.07 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.5%. The company is scheduled to announce its next earnings report after the market closes on Tuesday, October 24th.
On average, analysts expect that Akamai Technologies will report full-year sales of $610.33 million for the current financial year, with estimates ranging from $2.46 billion to $2.48 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.68 billion per share, with estimates ranging from $2.63 billion to $2.73 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Akamai Technologies.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. The business had revenue of $608.90 million for the quarter, compared to analysts’ expectations of $604.51 million. During the same period in the previous year, the company posted $0.64 EPS. Akamai Technologies’s revenue was up 6.4% on a year-over-year basis.
A number of research analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $54.00 price target (down previously from $58.00) on shares of Akamai Technologies in a research note on Wednesday, July 26th. Oppenheimer Holdings, Inc. reduced their price target on shares of Akamai Technologies from $70.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, July 26th. Stifel Nicolaus reissued a “hold” rating and set a $56.00 price objective (down previously from $58.00) on shares of Akamai Technologies in a research report on Wednesday, July 26th. Piper Jaffray Companies reissued a “buy” rating and set a $57.00 price objective on shares of Akamai Technologies in a research report on Wednesday, July 26th. Finally, Cowen and Company restated a “hold” rating and set a $61.00 price objective on shares of Akamai Technologies in a report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $61.50.
Shares of Akamai Technologies (AKAM) opened at 48.72 on Monday. Akamai Technologies has a one year low of $44.65 and a one year high of $71.64. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 27.82 and a beta of 0.64. The company’s 50 day moving average price is $46.54 and its 200 day moving average price is $52.35.
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In related news, Director Frederic V. Salerno acquired 5,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The shares were purchased at an average cost of $46.83 per share, for a total transaction of $234,150.00. Following the completion of the acquisition, the director now directly owns 62,192 shares in the company, valued at $2,912,451.36. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO F Thomson Leighton acquired 21,554 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was bought at an average price of $46.91 per share, for a total transaction of $1,011,098.14. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 46,371 shares of company stock worth $2,245,016. 3.20% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of AKAM. Perigon Wealth Management LLC boosted its holdings in shares of Akamai Technologies by 9.5% during the 2nd quarter. Perigon Wealth Management LLC now owns 17,896 shares of the technology infrastructure company’s stock worth $891,000 after buying an additional 1,550 shares during the period. Griffin Asset Management Inc. acquired a new position in Akamai Technologies in the 2nd quarter valued at about $209,000. Sentry Investment Management LLC grew its stake in Akamai Technologies by 50.3% in the 2nd quarter. Sentry Investment Management LLC now owns 13,629 shares of the technology infrastructure company’s stock valued at $679,000 after buying an additional 4,564 shares during the last quarter. Toronto Dominion Bank grew its stake in Akamai Technologies by 25.3% in the 2nd quarter. Toronto Dominion Bank now owns 58,568 shares of the technology infrastructure company’s stock valued at $2,917,000 after buying an additional 11,830 shares during the last quarter. Finally, Advisory Services Network LLC grew its stake in Akamai Technologies by 9.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock valued at $101,000 after buying an additional 168 shares during the last quarter. Institutional investors own 84.49% of the company’s stock.
Akamai Technologies Company Profile
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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