Akamai Technologies, Inc. (AKAM) Downgraded to Buy at BidaskClub
Akamai Technologies, Inc. (NASDAQ:AKAM) was downgraded by investment analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.
A number of other equities research analysts have also recently commented on the company. Zacks Investment Research cut Akamai Technologies from a “hold” rating to a “strong sell” rating in a research note on Monday, May 8th. Stifel Nicolaus reissued a “hold” rating and issued a $58.00 target price (down from $62.00) on shares of Akamai Technologies in a research note on Wednesday, May 3rd. Morgan Stanley cut Akamai Technologies from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $68.00 to $54.00 in a research note on Thursday, April 27th. TheStreet cut Akamai Technologies from a “b-” rating to a “c” rating in a research note on Wednesday, May 31st. Finally, Robert W. Baird cut Akamai Technologies from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $60.00 to $55.00 in a research note on Friday, May 5th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $62.76.
Shares of Akamai Technologies (NASDAQ:AKAM) traded down 0.09% during trading on Friday, reaching $45.36. The company’s stock had a trading volume of 1,378,991 shares. Akamai Technologies has a one year low of $45.18 and a one year high of $71.64. The firm has a market cap of $7.78 billion, a P/E ratio of 25.91 and a beta of 0.66. The stock’s 50 day moving average is $48.77 and its 200 day moving average is $55.32.
Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. The company had revenue of $608.90 million for the quarter, compared to analysts’ expectations of $604.51 million. During the same period in the prior year, the firm earned $0.64 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts forecast that Akamai Technologies will post $2.52 EPS for the current fiscal year.
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In related news, CEO F Thomson Leighton acquired 21,196 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were purchased at an average price of $47.17 per share, with a total value of $999,815.32. Following the completion of the purchase, the chief executive officer now directly owns 227,057 shares of the company’s stock, valued at $10,710,278.69. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul Sagan sold 17,889 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $49.53, for a total value of $886,042.17. Following the completion of the transaction, the director now directly owns 64,147 shares in the company, valued at approximately $3,177,200.91. The disclosure for this sale can be found here. Insiders bought 87,964 shares of company stock worth $4,244,692 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC increased its position in Akamai Technologies by 9.0% in the second quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock valued at $101,000 after buying an additional 168 shares during the period. Westwood Holdings Group Inc. bought a new position in Akamai Technologies during the second quarter valued at approximately $117,000. BB&T Investment Services Inc. bought a new position in Akamai Technologies during the second quarter valued at approximately $119,000. FTB Advisors Inc. increased its position in Akamai Technologies by 2.4% in the second quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock valued at $125,000 after buying an additional 59 shares during the period. Finally, Whittier Trust Co. increased 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 valued at $134,000 after buying an additional 501 shares during the period. 86.44% of the stock is currently owned by hedge funds and other 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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