Akamai Technologies (NASDAQ:AKAM) updated its FY18 earnings guidance on Monday. The company provided earnings per share guidance of $3.53-3.59 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.35. The company issued revenue guidance of $2.690-2.710 billion, compared to the consensus revenue estimate of $2.70 billion.Akamai Technologies also updated its Q4 guidance to $0.97-1.03 EPS.
A number of research firms have commented on AKAM. Credit Suisse Group reissued a neutral rating and issued a $84.00 price target (down previously from $88.00) on shares of Akamai Technologies in a research note on Monday, August 13th. ValuEngine raised shares of Akamai Technologies from a hold rating to a buy rating in a research note on Wednesday. TheStreet cut shares of Akamai Technologies from a b- rating to a c+ rating in a research note on Friday, August 10th. DA Davidson raised shares of Akamai Technologies from a neutral rating to a buy rating and upped their price objective for the company from $82.00 to $93.00 in a research note on Monday, September 10th. Finally, BidaskClub cut shares of Akamai Technologies from a buy rating to a hold rating in a research note on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $80.29.
Shares of Akamai Technologies stock traded up $0.54 during trading on Wednesday, hitting $73.09. The company’s stock had a trading volume of 1,721,874 shares, compared to its average volume of 2,094,833. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.19 and a quick ratio of 2.19. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 38.47, a PEG ratio of 1.72 and a beta of 0.47. Akamai Technologies has a 52 week low of $51.79 and a 52 week high of $83.08.
Akamai Technologies announced that its Board of Directors has approved a stock buyback plan on Monday, October 29th that permits the company to buyback $1.10 billion in outstanding shares. This buyback authorization permits the technology infrastructure company to purchase up to 10.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In related news, EVP Robert Blumofe sold 4,000 shares of the stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $71.20, for a total transaction of $284,800.00. Following the sale, the executive vice president now directly owns 19,951 shares of the company’s stock, valued at approximately $1,420,511.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Aaron Ahola sold 1,123 shares of the stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $73.63, for a total transaction of $82,686.49. Following the sale, the senior vice president now directly owns 4,035 shares in the company, valued at $297,097.05. The disclosure for this sale can be found here. Insiders have sold a total of 44,215 shares of company stock worth $3,306,814 over the last three months. 3.20% of the stock is currently owned by insiders.
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.
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