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Akamai Technologies (AKAM) ended the recent trading session at $97.41, demonstrating a -0.47% swing from the preceding day's closing price. This change lagged the S&P 500's 0.29% loss on the day. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Prior to today's trading, shares of the cloud services provider had lost 3.77% over the past month. This has lagged the Computer and Technology sector's loss of 1.17% and the S&P 500's gain of 1.57% in that time.
Investors will be eagerly watching for the performance of Akamai Technologies in its upcoming earnings disclosure. The company's upcoming EPS is projected at $1.59, signifying a 2.45% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1 billion, up 3.62% from the prior-year quarter.
AKAM's full-year Zacks Consensus Estimates are calling for earnings of $6.43 per share and revenue of $4 billion. These results would represent year-over-year changes of +3.71% and +4.84%, respectively.
Investors might also notice recent changes to analyst estimates for Akamai Technologies. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.26% upward. Akamai Technologies currently has a Zacks Rank of #3 (Hold).
Investors should also note Akamai Technologies's current valuation metrics, including its Forward P/E ratio of 15.23. This expresses a discount compared to the average Forward P/E of 32.08 of its industry.
It is also worth noting that AKAM currently has a PEG ratio of 2.16. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Internet - Services industry was having an average PEG ratio of 2.2.
The Internet - Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 89, finds itself in the top 36% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Akamai Technologies (AKAM) closed the most recent trading day at $97.30, moving +0.66% from the previous trading session. This move lagged the S&P 500's daily gain of 0.75%. Elsewhere, the Dow saw an upswing of 0.58%, while the tech-heavy Nasdaq appreciated by 1%.
Shares of the cloud services provider have depreciated by 3.08% over the course of the past month, underperforming the Computer and Technology sector's gain of 2.48% and the S&P 500's gain of 4.03%.
The investment community will be closely monitoring the performance of Akamai Technologies in its forthcoming earnings report. The company is expected to report EPS of $1.59, down 2.45% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1 billion, up 3.62% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.43 per share and a revenue of $4 billion, representing changes of +3.71% and +4.84%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Akamai Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.26% higher within the past month. Akamai Technologies is currently sporting a Zacks Rank of #3 (Hold).
In the context of valuation, Akamai Technologies is at present trading with a Forward P/E ratio of 15.04. For comparison, its industry has an average Forward P/E of 30.5, which means Akamai Technologies is trading at a discount to the group.
It is also worth noting that AKAM currently has a PEG ratio of 2.13. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Internet - Services industry stood at 2.14 at the close of the market yesterday.
The Internet - Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 94, positioning it in the top 38% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
PR Newswire
SINGAPORE, Sept. 12, 2024
Study shows priority shifts in Asia's digital native businesses — accelerating tech adoption demands new ways to manage rising complexity and security risks
SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, today revealed in a new study that Asia's digital native businesses (DNBs) face growing security and technology complexity challenges as they accelerate cloud adoption, posing a risk to sustained business growth.
In the study, titled Asia's Digital Native Businesses Prioritise Security for Sustainable Growth, DNBs are defined by their aggressive technology adoption. These businesses move at the speed of tech to keep up with customer demands to work, live, and play online. Akamai's study reveals that 9 in 10 DNBs prioritize efficiency and productivity over the next 12 months and are investing in technologies such as cloud computing and application program interface (API)-enabled microservices. According to IDC, DNBs are expected to spend up to $128.9 billion on technology by 2026, with the highest spend growth rate in cloud-based technologies at 37.3%.
"Cutting-edge tech is at the core of DNA for digital native businesses — but this is both an opportunity and a challenge. Accelerated tech adoption is the potential Achilles' heel for DNBs, with IT complexity ramping up to expose critical cyber risks that threaten cloud implementations and potentially business performance," said Jay Jenkins, Chief Technology Officer for Akamai Cloud Computing. "For DNBs who are 'born in the cloud' to leverage their full potential, these businesses must find ways to maximize cloud performance and embrace a multicloud approach to avoid vendor lock-in, enhance flexibility, and maximize cloud service usage and costs."
Tech-first mindset hampers DNBs' cybersecurity posture
DNBs embrace cloud-native design principles and leverage technology as a key differentiator to stay ahead of the competition. With infrastructure built around microservices that operate independently and communicate through APIs, DNBs are able to scale and improve time to market. According to Akamai's new study, 74% of DNBs have either fully migrated to the cloud or are adopting cloud technologies.
Respondents in Australia and New Zealand are shifting their perspective on cloud technology from being seen as a disruptive force to becoming an essential business component, with 97% either adopting cloud solutions or exploring cloud adoption. Meanwhile, in India, DNBs are focused on growth and innovation, with the highest AI integration within cloud infrastructure at 98%. Nearly all DNBs in India are either already using cloud solutions or are exploring cloud adoption. Furthermore, as DNBs in India evolve, they are pursuing sustainable growth by emphasizing security, cost optimization, and thorough vendor evaluation. Given their rich history of technological innovation, India's digital natives prioritize vendor performance more than their regional counterparts, ranking second in ASEAN.
Asia's DNBs are quick to embrace cloud technologies; this can quickly become a complex matrix of software, systems, and services that exposes DNBs to greater cyber vulnerability. Managing security implications remains a consistent challenge for DNBs, regardless of where they are at in their cloud journey, with 75% of them viewing security as the biggest gap in cloud infrastructure performance and capabilities — above other issues like network latency, data storage, data retrieval, and compute resources. In fact, 44% of respondents stated that the biggest challenge in addressing the security gap stems from rising IT infrastructure complexity.
This rush to the cloud has resulted in critical challenges that threaten to derail the pursuit for performance, and DNBs can no longer ignore the increased cyberthreats that come with their pursuit for business growth.
Stepping up cloud optimization and API security
DNBs are inherently "born in the cloud," but securing life online remains a challenge for them as they struggle to leverage the full potential of emerging technology in cloud, data, and AI. They are prime targets for cyberattacks due to their extensive use of APIs and cloud-based infrastructures, exposing them to greater risk for phishing, account compromise, and ransomware, compared to traditional companies.
Akamai's research revealed that DNBs are prioritizing API security at the top of their action list to address cloud security issues, with 9 in 10 stating that API security is a critical or important product feature when evaluating a cloud or security provider. Eighty-seven percent of DNBs state that security features outweigh even performance, reputation, scalability, and cost, when choosing a cloud provider. To combat increasing cyberthreats, DNBs will need support from their technology partners to identify potential weak links that can be exploited by cyber adversaries.
"APIs are the connective tissue in modern cloud-native infrastructures. To ensure agile, flexible, and secure operations, a modern security framework must provide advanced API security measures, regular API security audits, and high visibility into API activity," said Jenkins.
Sectors most at risk include gaming, high technology, video media, and commerce. In the pursuit of innovation and speed to market, DNBs may launch applications and processes using APIs before security teams can properly evaluate them, resulting in increased exposure to potential cyberthreats. In ASEAN, phishing is a major concern for DNBs, leading them to prioritize investment in anti-phishing technologies more than their counterparts in the APJ region. Phishing tactics have evolved from email-based attacks to now include mobile devices and social media platforms. As a result, ASEAN invests more heavily in anti-phishing technologies compared to its counterparts in the APJ region.
As Asia's DNBs tackle these complexity and security challenges on their cloud adoption journey, such insights provide a view into the path ahead for businesses of all backgrounds and cloud maturity. Cloud technologies and API-enabled services are now critical enablers of modern digital business, which will require new tools, skills, and partners to pave the way for successful adoption and implementation.
Asia's Digital Native Businesses Prioritise Security for Sustainable Growth was commissioned by Akamai and conducted by Technology Advice. The study surveyed over 200 tech leaders across Australia, New Zealand, Southeast Asia, India, and Greater China to uncover the key business priorities and technology concerns of Asian DNBs.
About Akamai
Akamai powers and protects life online. Leading companies worldwide choose Akamai to build, deliver, and secure their digital experiences — helping billions of people live, work, and play every day. Akamai Connected Cloud, a massively distributed edge and cloud platform, puts apps and experiences closer to users and keeps threats farther away. Learn more about Akamai's cloud computing, security, and content delivery solutions at akamai.com and akamai.com/blog, or follow Akamai Technologies on X, formerly known as Twitter, and LinkedIn.
MEDIA CONTACT: akamai-apjhub@edelman.com
Logo - https://mma.prnewswire.com/media/384815/Akamai_v1_Logo.jpg
View original content:https://www.prnewswire.com/in/news-releases/new-akamai-study-reveals-87-of-dnbs-now-place-security-above-cost-and-scalability-in-cloud-provider-selection-302244977.htmlFor new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Akamai Technologies (AKAM)
Akamai Technologies, Inc. is a global provider of content delivery network (CDN) and cloud infrastructure services.
AKAM is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. AKAM has a Growth Style Score of B, forecasting year-over-year earnings growth of 3.7% for the current fiscal year.
Nine analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.16 to $6.43 per share. AKAM boasts an average earnings surprise of 4.7%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, AKAM should be on investors' short list.
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