These Analysts Increase Their Forecasts On Akamai Technologies After Strong Earnings

Akamai Technologies, Inc. (NASDAQ:AKAM) reported better-than-expected second-quarter financial results on Thursday.

Akamai Techs reported quarterly earnings of $1.58 per share which beat the analyst consensus estimate of $1.53 per share. The company reported quarterly sales of $979.580 million which beat the analyst consensus estimate of $977.242 million.

“Akamai delivered solid results in the second quarter highlighted by our strong bottom-line performance and continued strength in our security and cloud computing solutions, which now represent approximately two-thirds of total revenue,” said Dr. Tom Leighton, Akamai’s Chief Executive Officer. “We continue to execute on our strategy of investing in growth areas while remaining committed to driving profitability across the business and returning value to shareholders.”

Akamai Techs raised its FY24 adjusted EPS guidance from $6.20-6.40 to $6.34-$6.47. The company tightened its FY24 sales guidance from $3.95 billion-$4.02 billion to $3.97 billion -$4.01 billion.

Akamai shares gained 11.1% to trade at $101.70 on Friday.

These analysts made changes to their price targets on Akamai following earnings announcement.

• TD Cowen analyst Michael Elias maintained Akamai Techs with a Buy and raised the price target from $129 to $131.
• Craig-Hallum analyst Jeff Van Rhee upgraded the stock from Hold to Buy and raised the price target from $110 to $125.

Considering buying AKAM stock? Here’s what analysts think:

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