Guggenheim Increases Akamai Technologies (AKAM) Price Target to $71.00
Akamai Technologies (NASDAQ:AKAM) had its target price lifted by analysts at Guggenheim from $58.00 to $71.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the technology infrastructure company’s stock. Guggenheim’s target price suggests a potential upside of 6.26% from the stock’s previous close.
Several other research firms have also recently weighed in on AKAM. BidaskClub raised Akamai Technologies from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Craig Hallum raised Akamai Technologies from a “hold” rating to a “buy” rating in a report on Tuesday. Oppenheimer raised their price target on Akamai Technologies from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Monday. SunTrust Banks reaffirmed a “hold” rating and issued a $60.00 price target on shares of Akamai Technologies in a report on Thursday, December 7th. Finally, B. Riley reaffirmed a “buy” rating and issued a $70.00 price target (up previously from $60.00) on shares of Akamai Technologies in a report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Akamai Technologies currently has an average rating of “Hold” and a consensus target price of $62.87.
Shares of Akamai Technologies (NASDAQ:AKAM) traded up $1.15 on Wednesday, reaching $66.82. The company had a trading volume of 5,788,100 shares, compared to its average volume of 2,280,125. The stock has a market cap of $11,108.19, a PE ratio of 34.20, a price-to-earnings-growth ratio of 2.60 and a beta of 0.68. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.01 and a quick ratio of 3.01. Akamai Technologies has a twelve month low of $44.65 and a twelve month high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, October 24th. The technology infrastructure company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. The business had revenue of $621.00 million for the quarter, compared to analysts’ expectations of $610.66 million. Akamai Technologies had a return on equity of 10.28% and a net margin of 11.84%. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 EPS. research analysts predict that Akamai Technologies will post 1.89 earnings per share for the current year.
In related news, insider William Wheaton sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $49.81, for a total transaction of $498,100.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO F Thomson Leighton purchased 19,670 shares of Akamai Technologies stock in a transaction that occurred on Monday, October 16th. The shares were bought at an average price of $50.83 per share, for a total transaction of $999,826.10. Following the completion of the transaction, the chief executive officer now owns 226,950 shares in the company, valued at $11,535,868.50. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 55,752 shares of company stock worth $2,999,371 and have sold 89,550 shares worth $5,026,271. 3.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc grew its position in Akamai Technologies by 3.9% during the 3rd quarter. Legal & General Group Plc now owns 844,744 shares of the technology infrastructure company’s stock worth $41,155,000 after acquiring an additional 31,911 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Akamai Technologies by 23.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 809,014 shares of the technology infrastructure company’s stock worth $39,416,000 after acquiring an additional 151,399 shares during the last quarter. Swiss National Bank grew its position in Akamai Technologies by 2.8% during the 2nd quarter. Swiss National Bank now owns 631,319 shares of the technology infrastructure company’s stock worth $31,446,000 after acquiring an additional 17,300 shares during the last quarter. FIL Ltd lifted its holdings in Akamai Technologies by 63.5% in the 2nd quarter. FIL Ltd now owns 1,859,231 shares of the technology infrastructure company’s stock worth $92,609,000 after buying an additional 722,170 shares during the period. Finally, Globeflex Capital L P lifted its holdings in Akamai Technologies by 79.2% in the 2nd quarter. Globeflex Capital L P now owns 32,800 shares of the technology infrastructure company’s stock worth $1,634,000 after buying an additional 14,500 shares during the period. Institutional investors and hedge funds own 86.33% of the company’s stock.
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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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