Akamai Technologies Inc Stock Price, News & Analysis

Akamai Technologies, Inc. (NASDAQ: AKAM) announced significant leadership changes effective December 13, 2021, with Mani Sundaram promoted to EVP & General Manager of the Security Technology Group, while Kate Prouty steps up as CIO. Sundaram, a 15-year Akamai veteran, has successfully led the development of managed security services, contributing to over $1.3 billion in annual revenue for the security segment. Rick McConnell, the current GM for STG, is leaving to become CEO of another public company, marking a pivotal transition for Akamai's strategic growth in security.

Akamai Technologies (NASDAQ: AKAM) and Queue-it have announced a global commercial partnership to enhance online traffic management for enterprises. This collaboration offers an easily deployable solution to control website traffic surges, improving visitor experiences and reliability via Akamai's Intelligent Edge Platform. First initiated in March 2021, their partnership demonstrated success during COVID-19 vaccine registrations. This expansion now allows various organizations to integrate Queue-it's virtual waiting room capabilities without modifying their codebase, ensuring fair access during high-demand periods.

Akamai Technologies (NASDAQ: AKAM) launched its App & API Protector, a next-generation web application and API protection (WAAP) solution aimed at enhancing security for modern applications. The new product features automatic API discovery, adaptive detection capabilities, continuous self-tuning, built-in bot mitigation, and automatic updates. Akamai's solution is designed to simplify security while protecting against an evolving threat landscape, with Gartner recognizing the company as a leader in the web application and API protection sector. The innovation aims to help organizations safeguard their digital experiences efficiently.

Akamai Technologies reported third-quarter 2021 revenue of $860 million, marking a 9% increase year-over-year. The security segment contributed $335 million, growing 26%, while edge technology revenue remained flat at $526 million. GAAP net income reached $179 million, up 13% from 2020, with GAAP EPS at $1.08, a 14% increase. The company announced a new $1.8 billion share repurchase program set for January 2022, aiming to offset dilution and return capital to shareholders. Cash flow from operations was $390 million, or 45% of revenue.

Akamai Technologies has released a new report detailing the growing vulnerabilities in application programming interfaces (APIs), as they are projected to become the most frequent online attack vector by 2022. The report, 'API: The Attack Surface That Connects Us All,' outlines the security challenges organizations face, highlighting over 11 billion attempted attacks from January 2020 to June 2021. SQL Injection remains the most common attack, followed by Local File Inclusion and Cross-Site Scripting. Akamai emphasizes the need for enhanced API security measures to protect digital experiences.

The Akamai Foundation has announced its 2021 global STEM education grant recipients, aiming to enhance diversity and equity in technology. With a focus on K-12 mathematics education, the initiative addresses digital access disparities exacerbated by the pandemic. New requirements for grant partners include commitments to digital equity. In addition to STEM support, the Foundation also pursues disaster resilience and humanitarian aid, highlighting its global community impact. For 2022, grant submissions will open in Q1, with more details available on their website.

Akamai Technologies has finalized its acquisition of Guardicore for approximately $600 million. This strategic move, announced on September 29, aims to enhance Akamai's Zero Trust solutions, particularly in mitigating ransomware threats. By integrating Guardicore's micro-segmentation technology, Akamai strengthens its portfolio, providing improved security for enterprises against breaches. This acquisition is expected to bolster Akamai’s reputation as a leader in digital experience protection.

Akamai Technologies (NASDAQ: AKAM) will hold a conference call for investors on November 2, 2021, to discuss its third quarter 2021 financial results and provide forward-looking financial guidance. The call will be broadcast live on Akamai's Investor Relations page. Dial-in information includes (844) 578-9671 for U.S. calls and (508) 637-5655 for international calls, using Conference ID 1956828.

Akamai Technologies (NASDAQ: AKAM) announced it received the highest scores in three of four use cases in the 2021 Gartner Critical Capabilities report for Cloud Web Application and API Protection. Akamai's solutions were recognized in API Security and DevOps, High Security, and Web-Scale Business Applications. This recognition highlights Akamai's ability to protect web applications against attacks and enhance enterprise security. The report evaluated offerings from 11 companies, emphasizing the need for automated API discovery and anomaly detection capabilities.