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Contrary to widespread investor skepticism around the sustainability of Akamai Technologies, Inc. (NASDAQ:AKAM)'s growth and margin expansion, KeyBanc Capital Markets said its May data tracker indicates solid growth and potential upside to 2019 consensus estimates.
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The Analyst
Brandon Nispel maintained an Overweight rating on Akamai Technologies with an unchanged $91 price target.
The Thesis
Global visitors per minute rose 30.5-percent year-on-year in May, Nispel said in a Tuesday note. Although this is a deceleration from April’s 37-percent growth, it compares favorably with last year’s 28-percent jump in May, he said. (See the analyst's track record here.)
The sequential deceleration from April may have been due to tough comps from last year — and the May data continues to indicate a high level of growth, Nispel said.
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Akamai's upcoming catalysts include the annual Edge World conference June 10-13, where Akamai will be hosting analysts and investors for the first time, the analyst said, and Akamai is a platinum-level sponsor of Amazon.com, Inc. (NASDAQ:AMZN) AWS' re:Inforce security conference.
Just as Akamai’s enterprise security products are being integrated within the Microsoft Corporation (NASDAQ:MSFT) Azure marketplace, a partnership between AWS and Akamai is possible as well, according to KeyBanc.
Price Action
Akamai shares were up 1.74 percent at $77.24 at the time of publication Wednesday.
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Photo courtesy of Akamai.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.