Akamai Technologies (AKAM) reported strong performance in the
second quarter of 2024, surpassing earnings and revenue estimates which lead to an 11% surge in its share price. The company benefited from boosted demand for its
security and cloud services. AKAM's
financial metrics demonstrated a winning formula, with analysts from firms including TD Cowen and Craig Hallum raising their price targets and upgrade to 'Buy' respectively. However, despite these gains, the stock underperformed against competitors on certain days. Complementing financial success, Akamai has formed key partnerships such as teaming up with
Datadog to strengthen cyber defenses. The completed acquisition of API Security Company
Noname shows an on-going expansion in Akamai's security capabilities. AKAM then released earnings guidance for Q3 and FY 2024. The company has witnessed some insider selling, with both CTO Robert Blumofe and CHRO Anthony Williams selling shares of AKAM. Despite its Q1 2024 earnings beating estimates, AKAM saw shares drop due to slowing traffic growth, weighing on future guidance.
Akamai Technologies AKAM News Analytics from Tue, 13 Feb 2024 08:00:00 GMT to Sun, 11 Aug 2024 08:36:22 GMT -
Rating 6
- Innovation 3
- Information 8
- Rumor 4
