Akamai Technologies (AKAM) has been on a roller-coaster ride with several ups and downs. Despite an increase of 6% in short interest, many were left wondering if options traders knew something secret about the company's stock. The stock suffered a serious blow due to slowing traffic growth, which weighed on the guidance, sending its numbers spiraling down. This led to some investors like the Bank of Nova Scotia selling their shares. However, amidst market dips, Akamai saw some gains. Big players like Franklin Resources Inc. bought significant shares in the company, while others like Alpha DNA Investment Management positioned themselves within the company. Despite some projections hinting at Akamai outpacing its computer and technology peers, several reports show it has struggled to accelerate its returns.
Notably, the company announced its intent to acquire API Security Company Noname, hinting at potential strategic moves to bolster its portfolio but divulged weak guidance overshadowing its Q1 results and triggering a stock tumble. Despite this, some insiders confidently bought additional shares. The launch of cloud infrastructure and services powered by NVIDIA signals the company's innovative efforts. Moreover, glimpses of the quarterly earnings show some EPS beats and signs of healthy revenue growth.
Akamai Technologies AKAM News Analytics from Wed, 08 Nov 2023 08:00:00 GMT to Sun, 02 Jun 2024 14:54:39 GMT - Rating -3 - Innovation 2 - Information 5 - Rumor -1
