The most recent trading session ended with Akamai Technologies (AKAM) standing at $106.67, reflecting a +1.85% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.4% for the day. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, added 0.63%.

The cloud services provider's shares have seen an increase of 5.32% over the last month, surpassing the Computer and Technology sector's gain of 4.88% and the S&P 500's gain of 3.76%.

Analysts and investors alike will be keeping a close eye on the performance of Akamai Technologies in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2024. The company is predicted to post an EPS of $1.59, indicating a 2.45% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1 billion, up 3.62% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $6.43 per share and revenue of $4 billion, indicating changes of +3.71% and +4.84%, respectively, compared to the previous year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Akamai Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Akamai Technologies possesses a Zacks Rank of #2 (Buy).

Digging into valuation, Akamai Technologies currently has a Forward P/E ratio of 16.3. Its industry sports an average Forward P/E of 37.64, so one might conclude that Akamai Technologies is trading at a discount comparatively.

Investors should also note that AKAM has a PEG ratio of 2.31 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Internet - Services was holding an average PEG ratio of 2.31 at yesterday's closing price.