Akamai Technologies (NASDAQ:AKAM) declared that its Board of Directors has authorized a share buyback plan, which authorizes the company to repurchase $1.10 billion in outstanding shares on Monday, October 29th. This repurchase authorization authorizes the technology infrastructure company to buy up to 10.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
NASDAQ:AKAM opened at $72.25 on Thursday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.25. The firm has a market cap of $10.50 billion, a P/E ratio of 38.03, a price-to-earnings-growth ratio of 1.72 and a beta of 0.47. Akamai Technologies has a twelve month low of $51.79 and a twelve month high of $83.08.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Monday, October 29th. The technology infrastructure company reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.11. Akamai Technologies had a net margin of 8.39% and a return on equity of 11.86%. The firm had revenue of $669.63 million for the quarter, compared to the consensus estimate of $664.17 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. Sell-side analysts forecast that Akamai Technologies will post 2.47 EPS for the current year.
In related news, Director Paul Sagan sold 39,092 shares of Akamai Technologies stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total transaction of $2,939,327.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Aaron Ahola sold 1,123 shares of Akamai Technologies stock in a transaction on Thursday, September 6th. The stock was 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 approximately $297,097.05. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.
About Akamai Technologies
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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