Akamai Technologies (AKAM) Rating Increased to B- at TheStreet
Akamai Technologies (NASDAQ:AKAM) was upgraded by equities researchers at TheStreet from a “c+” rating to a “b-” rating in a research report issued to clients and investors on Friday.
Other equities analysts also recently issued reports about the company. ValuEngine upgraded Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, July 25th. B. Riley dropped their target price on Akamai Technologies from $99.00 to $97.00 and set a “$79.75” rating for the company in a research report on Monday, July 23rd. Piper Jaffray Companies reiterated an “overweight” rating and issued a $89.00 target price on shares of Akamai Technologies in a research report on Friday, July 20th. Deutsche Bank downgraded Akamai Technologies from a “buy” rating to a “hold” rating and dropped their target price for the company from $90.00 to $80.00 in a research report on Wednesday, August 1st. Finally, BidaskClub downgraded Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $80.44.
NASDAQ:AKAM opened at $68.27 on Friday. The stock has a market capitalization of $11.38 billion, a P/E ratio of 35.93, a price-to-earnings-growth ratio of 1.79 and a beta of 0.56. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.27. Akamai Technologies has a twelve month low of $54.39 and a twelve month high of $83.08.
Akamai Technologies declared that its board has authorized a stock buyback program on Monday, October 29th that allows the company to repurchase $1.10 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to buy up to 10.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Akamai Technologies news, SVP Aaron Ahola sold 1,123 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $73.63, for a total value of $82,686.49. Following the transaction, the senior vice president now owns 4,035 shares of the company’s stock, valued at $297,097.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul Sagan sold 55,500 shares of the business’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $70.46, for a total value of $3,910,530.00. Following the completion of the transaction, the director now directly owns 59,678 shares in the company, valued at approximately $4,204,911.88. The disclosure for this sale can be found here. In the last three months, insiders sold 64,545 shares of company stock worth $4,567,902. Insiders own 3.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the business. Nordea Investment Management AB raised its stake in shares of Akamai Technologies by 2,597.5% in the third quarter. Nordea Investment Management AB now owns 428,252 shares of the technology infrastructure company’s stock valued at $31,329,000 after buying an additional 412,376 shares during the period. Disciplined Growth Investors Inc. MN raised its stake in shares of Akamai Technologies by 4.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,654,296 shares of the technology infrastructure company’s stock valued at $121,012,000 after buying an additional 71,112 shares during the period. Exane Asset Management bought a new stake in shares of Akamai Technologies in the third quarter valued at $207,000. Kentucky Retirement Systems bought a new stake in shares of Akamai Technologies in the third quarter valued at $697,000. Finally, Koshinski Asset Management Inc. bought a new stake in shares of Akamai Technologies in the third quarter valued at $794,000. Hedge funds and other institutional investors own 90.50% 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. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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