Akamai Technologies, Inc. (NASDAQ:AKAM) had its price target cut by Morgan Stanley from $70.00 to $68.00 in a research note issued to investors on Wednesday morning. They currently have an equal weight rating on the technology infrastructure company’s stock.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Akamai Technologies from a buy rating to a hold rating in a research report on Friday, January 20th. Wells Fargo & Company assumed coverage on Akamai Technologies in a research note on Wednesday, January 11th. They issued an outperform rating for the company. B. Riley reissued a buy rating and issued a $75.00 price objective on shares of Akamai Technologies in a research note on Sunday, January 8th. Guggenheim assumed coverage on Akamai Technologies in a research note on Thursday, December 22nd. They issued a buy rating and a $75.00 price objective for the company. Finally, Oppenheimer Holdings, Inc. raised Akamai Technologies from a market perform rating to an outperform rating and increased their price objective for the stock from $65.00 to $70.00 in a research note on Wednesday, December 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $67.51.
Shares of Akamai Technologies (NASDAQ:AKAM) opened at 63.60 on Wednesday. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 35.53 and a beta of 0.95. The firm’s 50 day moving average is $68.25 and its 200 day moving average is $60.99. Akamai Technologies has a 12 month low of $47.80 and a 12 month high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, February 7th. The technology infrastructure company reported $0.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Akamai Technologies had a return on equity of 11.45% and a net margin of 13.51%. The business earned $616 million during the quarter, compared to analyst estimates of $605.57 million. During the same quarter last year, the company posted $0.72 EPS. Akamai Technologies’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts predict that Akamai Technologies will post $2.80 earnings per share for the current fiscal year.
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In other news, EVP Melanie Haratunian sold 2,164 shares of Akamai Technologies stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $63.83, for a total transaction of $138,128.12. Following the sale, the executive vice president now owns 80,785 shares of the company’s stock, valued at approximately $5,156,506.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Gemmell sold 2,297 shares of Akamai Technologies stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $63.83, for a total value of $146,617.51. Following the sale, the executive vice president now directly owns 8,738 shares in the company, valued at approximately $557,746.54. The disclosure for this sale can be found here. Insiders have sold a total of 46,386 shares of company stock worth $3,058,604 in the last three months. 2.70% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in AKAM. Advisory Services Network LLC raised its stake in shares of Akamai Technologies by 10.6% in the second quarter. Advisory Services Network LLC now owns 1,825 shares of the technology infrastructure company’s stock valued at $102,000 after buying an additional 175 shares in the last quarter. Acrospire Investment Management LLC raised its stake in shares of Akamai Technologies by 16.7% in the third quarter. Acrospire Investment Management LLC now owns 2,100 shares of the technology infrastructure company’s stock valued at $111,000 after buying an additional 300 shares in the last quarter. Massmutual Trust Co. FSB ADV bought a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $134,000. Private Advisor Group LLC bought a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $205,000. Finally, Wall Street Associates bought a new stake in shares of Akamai Technologies during the fourth quarter valued at approximately $220,000. 91.07% of the stock is currently owned by institutional investors and hedge funds.
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’s across the globe distributed platform comprises approximately 200,000 servers in over 1,400 networks in over 120 countries. It is involved in offering content delivery network (CDN) services.
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