Keep an eye on rebounding shares of Akamai Technologies (AKAM).
After gapping from about $102.50 to a low of $75.60, AKAM is just starting to pivot higher. Last trading at $87.52, we’d like to see the stock refill its bearish gap at around $97.50 initially.
Helping, co-founder and CEO Tom Leighton just bought 37,670 shares at an average price of $79.58 each for $3 million on February 27. Leighton noted:
“Akamai is in the midst of a multiyear transformation, and I am very excited about our future. I see tremendous greenfield for our security products, particularly our fastest-growing API security and Zero Trust security solutions. And customer traction with our Cloud Infrastructure Services is just starting to take off. As we discussed on our recent earnings call, we are forecasting 40%-45% growth in this segment this year, and rapid expansion of our compute services through the end of the decade,” as quoted by Barron’s.
“We have a differentiated cloud offering that enterprises want, and our addressable market is more than $100 billion. My belief in Akamai and our opportunity for revenue growth is strong.”
Sincerely,
Ian Cooper
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