Akamai Technologies (NASDAQ:AKAM) Price Target Cut to $117.00

Akamai Technologies (NASDAQ:AKAM) had its price target cut by Citigroup from $140.00 to $117.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the technology infrastructure company’s stock. Citigroup’s price target indicates a potential upside of 14.94% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. StockNews.com raised Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, January 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $115.00 target price on shares of Akamai Technologies in a research report on Wednesday, February 14th. KeyCorp raised their price target on Akamai Technologies from $134.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. Robert W. Baird upgraded Akamai Technologies from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $128.00 to $135.00 in a research note on Thursday, March 7th. Finally, HSBC downgraded Akamai Technologies from a “hold” rating to a “reduce” rating and reduced their target price for the stock from $109.00 to $96.00 in a research note on Thursday, February 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $121.60.

Akamai Technologies Trading Down 0.4 %

NASDAQ:AKAM traded down $0.40 during mid-day trading on Thursday, hitting $101.79. The company had a trading volume of 1,139,181 shares, compared to its average volume of 1,623,721. Akamai Technologies has a fifty-two week low of $76.85 and a fifty-two week high of $129.17. The business’s fifty day moving average is $107.12 and its two-hundred day moving average is $112.30. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a market cap of $15.42 billion, a P/E ratio of 28.84, a P/E/G ratio of 2.87 and a beta of 0.72.

Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, February 13th. The technology infrastructure company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.10. The company had revenue of $995.00 million for the quarter, compared to analyst estimates of $999.09 million. Akamai Technologies had a return on equity of 14.90% and a net margin of 14.37%. Akamai Technologies’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. As a group, research analysts expect that Akamai Technologies will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Adam Karon sold 14,349 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total transaction of $1,575,233.22. Following the transaction, the chief operating officer now directly owns 6,697 shares of the company’s stock, valued at approximately $735,196.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Anthony P. Williams sold 3,510 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $112.55, for a total value of $395,050.50. Following the completion of the sale, the executive vice president now directly owns 4,299 shares of the company’s stock, valued at $483,852.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Adam Karon sold 14,349 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $109.78, for a total value of $1,575,233.22. Following the completion of the sale, the chief operating officer now directly owns 6,697 shares of the company’s stock, valued at $735,196.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,353 shares of company stock valued at $3,688,883. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Akamai Technologies

Several institutional investors have recently modified their holdings of AKAM. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in Akamai Technologies during the fourth quarter valued at $1,184,000. Quadrature Capital Ltd bought a new position in Akamai Technologies during the third quarter valued at $4,238,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new position in Akamai Technologies during the fourth quarter valued at $1,879,000. Alpine Global Management LLC bought a new position in Akamai Technologies during the third quarter valued at $2,791,000. Finally, International Assets Investment Management LLC bought a new position in Akamai Technologies during the fourth quarter valued at $41,880,000. 94.28% of the stock is owned by institutional investors.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.