Akamai Technologies Inc. (NASDAQ:AKAM) – Credit Agricole SA lowered their Q2 2017 earnings estimates for Akamai Technologies in a report issued on Tuesday. Credit Agricole SA analyst E. Maguire now forecasts that the brokerage will post earnings of $0.60 per share for the quarter, down from their previous estimate of $0.62.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, July 26th. The technology infrastructure company reported $0.64 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.64. The company had revenue of $572 million for the quarter, compared to the consensus estimate of $574.86 million. Akamai Technologies had a return on equity of 11.82% and a net margin of 14.31%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS.
A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Akamai Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday. Wells Fargo & Co. upgraded shares of Akamai Technologies from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $59.20 to $51.41 in a research report on Friday, August 12th. Mizuho reiterated a “buy” rating and issued a $65.00 price target on shares of Akamai Technologies in a research report on Monday, October 3rd. Pacific Crest reiterated a “hold” rating on shares of Akamai Technologies in a research report on Tuesday, August 2nd. Finally, KeyCorp cut shares of Akamai Technologies to an “overweight” rating in a research note on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $61.50.
Akamai Technologies (NASDAQ:AKAM) traded up 0.16% on Thursday, hitting $54.95. The stock had a trading volume of 1,162,359 shares. The company’s 50 day moving average is $53.41 and its 200-day moving average is $53.25. Akamai Technologies has a 1-year low of $39.43 and a 1-year high of $76.39. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 30.16 and a beta of 1.49.
In other news, insider Rick M. Mcconnell sold 3,550 shares of the company’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $58.00, for a total transaction of $205,900.00. Following the transaction, the insider now owns 48,926 shares in the company, valued at $2,837,708. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO F Thomson Leighton acquired 17,456 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were bought at an average price of $57.28 per share, for a total transaction of $999,879.68. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in AKAM. Massachusetts Financial Services Co. MA bought a new position in shares of Akamai Technologies during the second quarter valued at $73,367,000. Capital World Investors raised its position in shares of Akamai Technologies by 8.1% in the second quarter. Capital World Investors now owns 15,028,695 shares of the technology infrastructure company’s stock valued at $840,555,000 after buying an additional 1,126,696 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Akamai Technologies by 19.7% in the second quarter. William Blair Investment Management LLC now owns 4,428,561 shares of the technology infrastructure company’s stock valued at $247,689,000 after buying an additional 728,294 shares in the last quarter. PGGM Investments bought a new position in shares of Akamai Technologies during the second quarter valued at $30,442,000. Finally, Obermeyer Wood Investment Counsel Lllp bought a new position in shares of Akamai Technologies during the second quarter valued at $26,058,000. Hedge funds and other institutional investors own 89.88% of the company’s stock.
About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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