Akamai Technologies (NASDAQ:AKAM) Price Target Raised to $81.00

Akamai Technologies (NASDAQ:AKAM) had its price target hoisted by Credit Suisse Group from $75.00 to $81.00 in a research note published on Wednesday, The Fly reports. They currently have a sell rating on the technology infrastructure company’s stock.

Several other equities research analysts also recently issued reports on the company. Tigress Financial restated a strong-buy rating on shares of Akamai Technologies in a report on Thursday, April 4th. KeyCorp lifted their price objective on Akamai Technologies from $80.00 to $91.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Craig Hallum restated a buy rating and set a $92.00 price objective (up from $82.00) on shares of Akamai Technologies in a report on Wednesday, May 1st. DA Davidson restated a buy rating and set a $95.00 price objective on shares of Akamai Technologies in a report on Friday, June 14th. Finally, Zacks Investment Research upgraded Akamai Technologies from a hold rating to a buy rating and set a $84.00 target price for the company in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $87.81.

AKAM stock traded down $1.79 during midday trading on Wednesday, hitting $88.32. 1,730,401 shares of the company’s stock were exchanged, compared to its average volume of 1,265,534. The company has a quick ratio of 3.19, a current ratio of 2.95 and a debt-to-equity ratio of 0.35. Akamai Technologies has a 12-month low of $57.18 and a 12-month high of $90.76. The business has a 50 day moving average of $81.69. The firm has a market capitalization of $14.79 billion, a PE ratio of 32.00, a price-to-earnings-growth ratio of 1.90 and a beta of 0.62.

Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings data on Tuesday, July 30th. The technology infrastructure company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.30. Akamai Technologies had a return on equity of 16.32% and a net margin of 15.12%. The company had revenue of $705.07 million for the quarter, compared to the consensus estimate of $695.88 million. During the same period in the previous year, the business earned $0.83 EPS. Akamai Technologies’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, sell-side analysts forecast that Akamai Technologies will post 3.29 earnings per share for the current fiscal year.

In related news, Director Frederic V. Salerno sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $77.74, for a total transaction of $233,220.00. Following the completion of the transaction, the director now owns 68,919 shares in the company, valued at approximately $5,357,763.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Adam Karon sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $77.00, for a total value of $616,000.00. Following the transaction, the executive vice president now owns 16,418 shares of the company’s stock, valued at approximately $1,264,186. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,247 shares of company stock valued at $1,715,963. Insiders own 2.40% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AKAM. Geode Capital Management LLC boosted its position in Akamai Technologies by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 2,150,566 shares of the technology infrastructure company’s stock valued at $131,125,000 after purchasing an additional 43,330 shares during the period. Municipal Employees Retirement System of Michigan acquired a new position in Akamai Technologies during the 4th quarter valued at approximately $271,000. First Allied Advisory Services Inc. acquired a new position in Akamai Technologies during the 4th quarter valued at approximately $221,000. Norges Bank acquired a new position in Akamai Technologies during the 4th quarter valued at approximately $100,218,000. Finally, Belpointe Asset Management LLC boosted its position in Akamai Technologies by 12.3% during the 4th quarter. Belpointe Asset Management LLC now owns 1,730 shares of the technology infrastructure company’s stock valued at $106,000 after purchasing an additional 190 shares during the period. Institutional investors and hedge funds own 87.72% of the company’s stock.

Akamai Technologies Company Profile

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

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