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Akamai Technologies (AKAM) closed the latest trading day at $95.14, indicating a +1.11% change from the previous session's end. The stock exceeded the S&P 500, which registered a gain of 0.55% for the day. Elsewhere, the Dow saw an upswing of 0.62%, while the tech-heavy Nasdaq appreciated by 0.63%.

Shares of the cloud services provider have appreciated by 6.51% over the course of the past month, outperforming the Computer and Technology sector's gain of 5.73% and the S&P 500's gain of 4.28%.

Investors will be eagerly watching for the performance of Akamai Technologies in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 8, 2024. The company's earnings per share (EPS) are projected to be $1.54, reflecting a 3.36% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $976.3 million, indicating a 4.34% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $6.30 per share and revenue of $3.99 billion, which would represent changes of +1.61% and +4.65%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Akamai Technologies. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.07% lower. Akamai Technologies is currently sporting a Zacks Rank of #5 (Strong Sell).

In terms of valuation, Akamai Technologies is currently trading at a Forward P/E ratio of 14.93. Its industry sports an average Forward P/E of 23.06, so one might conclude that Akamai Technologies is trading at a discount comparatively.

We can additionally observe that AKAM currently boasts a PEG ratio of 3.13. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Internet - Services industry stood at 1.91 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 103, positioning it in the top 41% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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