DA Davidson Reiterates Buy Rating for Akamai Technologies (AKAM)
Akamai Technologies (NASDAQ:AKAM)‘s stock had its “buy” rating reiterated by equities research analysts at DA Davidson in a research note issued to investors on Friday, American Banking News reports. They currently have a $62.00 price target on the stock, down from their previous price target of $63.00. DA Davidson’s target price would indicate a potential upside of 8.43% from the stock’s previous close.
The analysts wrote, “Akamai reported December quarter (Q4) revenues of $436 million and non-GAAP EPS of $0.55, well ahead of consensus estimates of $422.4 million and $0.52. Results exceeded the higher end of management’s guidance.”
Akamai Technologies (NASDAQ:AKAM) opened at 57.18 on Friday. Akamai Technologies has a 52 week low of $32.63 and a 52 week high of $57.76. The stock’s 50-day moving average is $47.87 and its 200-day moving average is $47.66. The company has a market cap of $10.234 billion and a price-to-earnings ratio of 30.79. Akamai Technologies also was the recipient of unusually large options trading on Tuesday. Stock investors acquired 9,226 put options on the company. This represents an increase of 380% compared to the typical daily volume of 1,922 put options.
Akamai Technologies (NASDAQ:AKAM) last announced its earnings results on Wednesday, February 5th. The company reported $0.55 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.52 by $0.03. The company had revenue of $436.00 million for the quarter, compared to the consensus estimate of $422.39 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis. On average, analysts predict that Akamai Technologies will post $2.16 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on AKAM. Analysts at Canaccord Genuity set a $63.00 price target on shares of Akamai Technologies in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse upgraded shares of Akamai Technologies from an “underperform” rating to a “neutral” rating in a research note to investors on Thursday. They now have a $47.50 price target on the stock, up previously from $35.00. Finally, analysts at FBR Capital Markets raised their price target on shares of Akamai Technologies from $44.00 to $51.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $50.29.
Akamai Technologies, Inc (NASDAQ:AKAM) provides content delivery and cloud infrastructure services for the delivery of content and applications over the Internet.
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