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Akamai Technologies, Inc. (NASDAQ: AKAM ) shares were higher on Monday as the company received a boost from an analyst.
Akamai shares gained about 14.5% on Monday, sending the stock beyond the average price target to roughly $66.18 per share. The stock experienced the largest surge in the S&P 500 Index on Monday, marking its ninth consecutive month of gains.
The company offers a cloud computing platform for companies that include banks, insurers and asset managers, which consists of a network platform that helps companies improve their ability "to deliver, accelerate, optimise and secure global traffic and business applications over the internet", according to a note from Credit Suisse on Friday.
Akamai last posted its quarterly earnings report almost two months ago, unveiling adjusted earnings of 62 cents per share, which marked a year-over-year decline of 9%. The figure did top Wall Street's consensus estimate of 59 cents per share.
Revenue was a better segment for the company as sales gained 6% year-over-year to $621 million. The figure beat analysts' expectations of $610.7 million for its third quarter.
Akamai added that its web division revenue popped 14% year-over-year to $328 million, while its media revenue declined 1% compared to the year-ago mark to $273 million.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
