Akamai Technologies (NASDAQ:AKAM) Coverage Initiated at Scotiabank

Scotiabank started coverage on shares of Akamai Technologies (NASDAQ:AKAMFree Report) in a report issued on Monday, Marketbeat reports. The firm issued a sector outperform rating and a $110.00 price target on the technology infrastructure company’s stock.

A number of other research analysts have also issued reports on AKAM. Royal Bank of Canada lowered their target price on shares of Akamai Technologies from $115.00 to $92.00 and set a sector perform rating on the stock in a research note on Friday, May 10th. KeyCorp lowered their target price on shares of Akamai Technologies from $138.00 to $119.00 and set an overweight rating on the stock in a research note on Friday, May 10th. Craig Hallum lowered their target price on shares of Akamai Technologies from $120.00 to $110.00 and set a hold rating on the stock in a research note on Friday, May 10th. Bank of America lowered their target price on shares of Akamai Technologies from $145.00 to $125.00 and set a buy rating on the stock in a research note on Friday, May 10th. Finally, StockNews.com lowered shares of Akamai Technologies from a buy rating to a hold rating in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $113.76.

Read Our Latest Report on Akamai Technologies

Akamai Technologies Stock Performance

Shares of AKAM opened at $93.78 on Monday. The company’s fifty day moving average is $92.49 and its 200-day moving average is $105.49. Akamai Technologies has a 12 month low of $87.59 and a 12 month high of $129.17. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 23.33, a price-to-earnings-growth ratio of 4.45 and a beta of 0.67. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76.

Akamai Technologies (NASDAQ:AKAMGet Free Report) last announced its quarterly earnings results on Friday, May 10th. The technology infrastructure company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.61 by $0.03. Akamai Technologies had a net margin of 16.12% and a return on equity of 15.02%. The company had revenue of $986.97 million for the quarter, compared to analyst estimates of $989.03 million. During the same quarter in the prior year, the business posted $1.01 EPS. Akamai Technologies’s quarterly revenue was up 7.8% on a year-over-year basis. Equities analysts expect that Akamai Technologies will post 4.38 EPS for the current fiscal year.

Akamai Technologies announced that its board has authorized a share buyback plan on Thursday, May 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology infrastructure company to buy up to 13.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Akamai Technologies

In related news, CTO Robert Blumofe sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total value of $265,020.00. Following the sale, the chief technology officer now owns 24,729 shares of the company’s stock, valued at $2,184,559.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total value of $467,900.00. Following the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Robert Blumofe sold 3,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $88.34, for a total transaction of $265,020.00. Following the completion of the transaction, the chief technology officer now owns 24,729 shares in the company, valued at $2,184,559.86. The disclosure for this sale can be found here. Insiders have sold a total of 9,000 shares of company stock valued at $826,460 over the last quarter. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Akamai Technologies

Large investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in shares of Akamai Technologies by 170.8% during the second quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock worth $28,000 after purchasing an additional 193 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Akamai Technologies during the first quarter worth approximately $31,000. Planned Solutions Inc. acquired a new position in shares of Akamai Technologies during the fourth quarter worth approximately $37,000. Headinvest LLC acquired a new position in shares of Akamai Technologies during the third quarter worth approximately $40,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Akamai Technologies during the fourth quarter worth approximately $43,000. 94.28% of the stock is currently owned by institutional investors and hedge funds.

Akamai Technologies Company Profile

(Get Free Report)

Akamai Technologies, Inc provides cloud computing, security, and content delivery services in the United States and internationally. The company offers cloud solutions to keep infrastructure, websites, applications, application programming interfaces, and users safe from various cyberattacks and online threats while enhancing performance.

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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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