Akamai Technologies, Inc. (AKAM) Rating Reiterated by B. Riley
Akamai Technologies, Inc. (NASDAQ:AKAM)‘s stock had its “buy” rating reaffirmed by analysts at B. Riley in a research note issued on Wednesday. They currently have a $70.00 price target on the technology infrastructure company’s stock. B. Riley’s price target indicates a potential upside of 34.85% from the company’s previous close.
The analysts wrote, “We believe the valuation discount as a result of recent issues should begin to narrow as the company makes progress on deal integration and Media stabilization. We raise our ’17/’18/’19 AEBITDA from $887MM/$914MM/$1,107MM to $923MM/$944MM/ $1,112MM. We increase our PT from $60.00 to $70.00 which is based on 10x 2019 AEBITDA (10x 2018 previously) which is a notable discount to comps at 14.0x and LLNW at 12.5x. Key Points Solid Q3 Beat.””
Several other research firms have also commented on AKAM. Wells Fargo & Company set a $57.00 price objective on Akamai Technologies and gave the stock a “hold” rating in a research note on Tuesday, October 10th. Piper Jaffray Companies reiterated a “buy” rating and set a $57.00 price objective on shares of Akamai Technologies in a research note on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $46.00 price objective (down from $52.00) on shares of Akamai Technologies in a research note on Friday, June 30th. Stifel Nicolaus reiterated a “hold” rating and set a $56.00 price objective (down from $58.00) on shares of Akamai Technologies in a research note on Wednesday, July 26th. Finally, Vetr upgraded Akamai Technologies from a “buy” rating to a “strong-buy” rating and set a $52.07 price objective for the company in a research note on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $59.96.
Akamai Technologies (NASDAQ AKAM) opened at 51.91 on Wednesday. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 29.65 and a beta of 0.65. Akamai Technologies has a 52 week low of $44.65 and a 52 week high of $71.64. The company’s 50-day moving average price is $48.98 and its 200-day moving average price is $50.07.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, October 24th. The technology infrastructure company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Akamai Technologies had a return on equity of 10.97% and a net margin of 12.67%. The company had revenue of $621.00 million during the quarter, compared to analyst estimates of $610.66 million. During the same period in the previous year, the business earned $0.68 EPS. Akamai Technologies’s quarterly revenue was up 6.3% on a year-over-year basis. Equities analysts forecast that Akamai Technologies will post $2.50 earnings per share for the current fiscal year.
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In other news, CEO F Thomson Leighton purchased 19,670 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were bought at an average cost of $50.83 per share, for a total transaction of $999,826.10. Following the completion of the purchase, the chief executive officer now directly owns 226,950 shares of the company’s stock, valued at $11,535,868.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rick M. Mcconnell sold 7,579 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total value of $386,529.00. The disclosure for this sale can be found here. Insiders have acquired 46,224 shares of company stock worth $2,245,074 over the last 90 days. 3.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Akamai Technologies by 2.6% during the second quarter. Vanguard Group Inc. now owns 16,562,553 shares of the technology infrastructure company’s stock worth $824,981,000 after purchasing an additional 424,152 shares in the last quarter. Clearbridge Investments LLC lifted its stake in Akamai Technologies by 13.1% during the first quarter. Clearbridge Investments LLC now owns 6,177,452 shares of the technology infrastructure company’s stock worth $368,794,000 after purchasing an additional 717,811 shares in the last quarter. First Trust Advisors LP lifted its stake in Akamai Technologies by 2.3% during the third quarter. First Trust Advisors LP now owns 4,959,149 shares of the technology infrastructure company’s stock worth $241,610,000 after purchasing an additional 109,826 shares in the last quarter. Fairpointe Capital LLC lifted its stake in Akamai Technologies by 44.0% during the second quarter. Fairpointe Capital LLC now owns 3,212,227 shares of the technology infrastructure company’s stock worth $160,001,000 after purchasing an additional 981,069 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its stake in Akamai Technologies by 13.2% during the second quarter. King Luther Capital Management Corp now owns 2,320,833 shares of the technology infrastructure company’s stock worth $115,601,000 after purchasing an additional 269,793 shares in the last quarter. Institutional investors own 84.36% of the company’s stock.
About Akamai Technologies
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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