B. Riley Boosts Akamai Technologies (AKAM) Price Target to $85.00

Akamai Technologies (NASDAQ:AKAM) had its price objective upped by equities researchers at B. Riley from $70.00 to $85.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “buy” rating on the technology infrastructure company’s stock. B. Riley’s target price would indicate a potential upside of 47.16% from the stock’s previous close.

Several other brokerages have also recently issued reports on AKAM. Credit Suisse Group upgraded Akamai Technologies from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Monday. Piper Jaffray Companies reiterated a “buy” rating and issued a $59.00 price target on shares of Akamai Technologies in a research note on Monday, December 4th. MKM Partners boosted their price target on Akamai Technologies to $65.00 and gave the company a “buy” rating in a research note on Friday, December 1st. SunTrust Banks reiterated a “hold” rating and issued a $60.00 price target on shares of Akamai Technologies in a research note on Thursday, December 7th. Finally, TheStreet upgraded Akamai Technologies from a “c” rating to a “b-” rating in a research note on Tuesday, November 14th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $60.28.

Akamai Technologies (AKAM) opened at $57.76 on Monday. Akamai Technologies has a 12-month low of $44.65 and a 12-month high of $71.64. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.01 and a quick ratio of 3.01. The company has a market capitalization of $9,770.22, a P/E ratio of 30.08, a PEG ratio of 2.28 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last posted its earnings results on Tuesday, October 24th. The technology infrastructure company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.59 by $0.03. Akamai Technologies had a return on equity of 10.28% and a net margin of 11.84%. The company had revenue of $621.00 million for the quarter, compared to the consensus estimate of $610.66 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. sell-side analysts expect that Akamai Technologies will post 1.89 EPS for the current fiscal year.

In other news, insider Rick M. Mcconnell sold 7,579 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $51.00, for a total value of $386,529.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Aaron Ahola sold 2,893 shares of the firm’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $52.44, for a total value of $151,708.92. Following the completion of the sale, the senior vice president now owns 8,046 shares of the company’s stock, valued at $421,932.24. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 55,752 shares of company stock valued at $2,999,371 and have sold 79,550 shares valued at $4,363,371. Company insiders own 3.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Akamai Technologies by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,628,560 shares of the technology infrastructure company’s stock worth $1,085,681,000 after buying an additional 6,057,434 shares in the last quarter. Capital World Investors lifted its position in shares of Akamai Technologies by 27.7% during the 3rd quarter. Capital World Investors now owns 19,185,671 shares of the technology infrastructure company’s stock worth $1,016,649,000 after buying an additional 4,156,976 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Akamai Technologies by 71.7% during the 4th quarter. Brown Advisory Inc. now owns 6,021,718 shares of the technology infrastructure company’s stock worth $316,922,000 after buying an additional 2,514,290 shares in the last quarter. Norges Bank bought a new position in shares of Akamai Technologies during the 4th quarter worth approximately $129,736,000. Finally, First Trust Advisors LP lifted its position in shares of Akamai Technologies by 41.8% during the 2nd quarter. First Trust Advisors LP now owns 4,849,323 shares of the technology infrastructure company’s stock worth $241,545,000 after buying an additional 1,428,886 shares in the last quarter. Institutional investors own 86.56% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was posted by American Banking and Market News and is the property of of American Banking and Market News. If you are reading this article on another publication, it was copied illegally and republished in violation of United States & international trademark & copyright law. The original version of this article can be viewed at https://www.americanbankingnews.com/2017/12/18/b-riley-boosts-akamai-technologies-akam-price-target-to-85-00.html.

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.