Akamai Technologies’ (NASDAQ:AKAM) Hold Rating Reaffirmed at Cowen and Company
Akamai Technologies, Inc. (NASDAQ:AKAM)‘s stock had its “hold” rating reaffirmed by investment analysts at Cowen and Company in a note issued to investors on Friday. They presently have a $61.00 target price on the technology infrastructure company’s stock. Cowen and Company’s price target points to a potential upside of 17.02% from the company’s previous close.
AKAM has been the topic of several other research reports. Morgan Stanley downgraded shares of Akamai Technologies from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $68.00 to $54.00 in a research note on Thursday, April 27th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $46.00 target price (down from $52.00) on shares of Akamai Technologies in a report on Friday, June 30th. Guggenheim cut shares of Akamai Technologies from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $70.00 to $60.00 in a report on Wednesday, May 3rd. Zacks Investment Research upgraded shares of Akamai Technologies from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 11th. Finally, Robert W. Baird cut shares of Akamai Technologies from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $60.00 to $55.00 in a report on Friday, May 5th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Akamai Technologies has a consensus rating of “Hold” and an average price target of $64.57.
Shares of Akamai Technologies (AKAM) traded down 0.44% during midday trading on Friday, hitting $52.13. 1,303,086 shares of the stock were exchanged. Akamai Technologies has a 12 month low of $46.81 and a 12 month high of $71.64. The firm has a 50 day moving average of $49.86 and a 200-day moving average of $58.38. The stock has a market cap of $9.01 billion, a P/E ratio of 28.49 and a beta of 0.67.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, May 2nd. The technology infrastructure company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The company had revenue of $609.24 million for the quarter, compared to the consensus estimate of $604.94 million. Akamai Technologies had a net margin of 13.53% and a return on equity of 11.31%. Equities research analysts anticipate that Akamai Technologies will post $2.55 EPS for the current year.
In related news, CEO F Thomson Leighton acquired 20,397 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The stock was purchased at an average cost of $49.02 per share, with a total value of $999,860.94. Following the transaction, the chief executive officer now directly owns 247,454 shares of the company’s stock, valued at approximately $12,130,195.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Sagan sold 17,889 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $49.53, for a total transaction of $886,042.17. Following the completion of the transaction, the director now directly owns 64,147 shares of the company’s stock, valued at $3,177,200.91. The disclosure for this sale can be found here. Insiders purchased a total of 61,410 shares of company stock valued at $2,999,444 over the last ninety days. 3.20% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in Akamai Technologies during the first quarter worth about $111,000. Whittier Trust Co. raised its position in Akamai Technologies by 28.6% in the first quarter. Whittier Trust Co. now owns 2,251 shares of the technology infrastructure company’s stock worth $134,000 after buying an additional 501 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Akamai Technologies by 79.4% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 2,332 shares of the technology infrastructure company’s stock worth $139,000 after buying an additional 1,032 shares in the last quarter. SpiderRock Advisors LLC acquired a new position in Akamai Technologies during the first quarter worth about $145,000. Finally, Creative Planning raised its position in Akamai Technologies by 27.2% in the first quarter. Creative Planning now owns 2,674 shares of the technology infrastructure company’s stock worth $160,000 after buying an additional 572 shares in the last quarter. 87.16% of the stock is owned by institutional investors.
Akamai Technologies Company Profile
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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