Akamai Technologies, Inc. (NASDAQ:AKAM) – Stock analysts at Piper Jaffray Companies decreased their FY2019 earnings estimates for shares of Akamai Technologies in a research report issued to clients and investors on Monday, December 2nd. Piper Jaffray Companies analyst J. Fish now forecasts that the technology infrastructure company will post earnings of $3.44 per share for the year, down from their prior estimate of $3.45. Piper Jaffray Companies has a “Overweight” rating and a $103.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Akamai Technologies’ Q4 2019 earnings at $0.90 EPS, Q3 2020 earnings at $1.00 EPS, Q4 2020 earnings at $1.06 EPS and FY2020 earnings at $3.85 EPS.
Several other research analysts also recently weighed in on the company. FBN Securities increased their price target on Akamai Technologies from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Royal Bank of Canada boosted their price objective on Akamai Technologies from $83.00 to $91.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 29th. BidaskClub raised shares of Akamai Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th. ValuEngine lowered shares of Akamai Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Credit Suisse Group increased their target price on shares of Akamai Technologies from $81.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $92.19.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Monday, October 28th. The technology infrastructure company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.00 by $0.10. Akamai Technologies had a return on equity of 16.76% and a net margin of 15.98%. The business had revenue of $709.91 million for the quarter, compared to the consensus estimate of $701.25 million. During the same quarter in the prior year, the business earned $0.94 earnings per share. Akamai Technologies’s revenue for the quarter was up 6.0% on a year-over-year basis.
In other news, CFO Ewout L. Steenbergen sold 1,760 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $251.19, for a total value of $442,094.40. Also, EVP Robert Blumofe sold 9,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $86.87, for a total transaction of $781,830.00. Following the completion of the sale, the executive vice president now directly owns 11,874 shares in the company, valued at $1,031,494.38. The disclosure for this sale can be found here. Insiders have sold a total of 49,004 shares of company stock valued at $4,567,719 in the last ninety days. Insiders own 2.40% of the company’s stock.
Large investors have recently modified their holdings of the stock. Squar Milner Financial Services LLC purchased a new position in shares of Akamai Technologies during the 2nd quarter valued at $26,000. Hartford Investment Management Co. boosted its stake in Akamai Technologies by 1.2% during the second quarter. Hartford Investment Management Co. now owns 18,185 shares of the technology infrastructure company’s stock valued at $1,457,000 after buying an additional 223 shares during the period. BTIM Corp. boosted its stake in Akamai Technologies by 5.4% during the second quarter. BTIM Corp. now owns 204,146 shares of the technology infrastructure company’s stock valued at $16,360,000 after buying an additional 10,374 shares during the period. Mcmillion Capital Management Inc. purchased a new position in Akamai Technologies during the second quarter worth about $31,000. Finally, Atlas Capital Advisors LLC purchased a new position in Akamai Technologies during the second quarter worth about $155,000. 88.89% of the stock is owned by institutional investors.
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. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.
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