Akamai Technologies, Inc. (NASDAQ:AKAM)‘s stock had its “neutral” rating restated by stock analysts at Instinet in a report issued on Tuesday, September 5th. They currently have a $47.00 target price on the technology infrastructure company’s stock, down from their previous target price of $48.00. Instinet’s price objective would indicate a potential upside of 0.43% from the stock’s previous close.
A number of other research firms also recently issued reports on AKAM. Piper Jaffray Companies reaffirmed a “buy” rating and set a $57.00 price target on shares of Akamai Technologies in a research note on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) reaffirmed a “sell” rating and set a $46.00 price target (down previously from $52.00) on shares of Akamai Technologies in a research note on Friday, June 30th. TheStreet downgraded shares of Akamai Technologies from a “b-” rating to a “c” rating in a research note on Wednesday, May 31st. Stifel Nicolaus reaffirmed a “hold” rating and set a $56.00 price target (down previously from $58.00) on shares of Akamai Technologies in a research note on Wednesday, July 26th. Finally, Cowen and Company reiterated a “hold” rating and set a $61.00 price objective on shares of Akamai Technologies in a research report on Friday, July 21st. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $61.50.
Shares of Akamai Technologies (NASDAQ:AKAM) opened at 46.80 on Tuesday. The company has a 50 day moving average of $46.78 and a 200 day moving average of $53.05. Akamai Technologies has a 52 week low of $44.65 and a 52 week high of $71.64. The company has a market cap of $8.02 billion, a PE ratio of 26.73 and a beta of 0.64.
Akamai Technologies (NASDAQ:AKAM) last released its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $608.90 million for the quarter, compared to the consensus estimate of $604.51 million. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. Akamai Technologies’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, analysts expect that Akamai Technologies will post $2.52 EPS for the current year.
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In related news, Director Frederic V. Salerno purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average price of $46.83 per share, with a total value of $234,150.00. Following the purchase, the director now owns 62,192 shares of the company’s stock, valued at $2,912,451.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO F Thomson Leighton purchased 21,554 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was bought at an average cost of $46.91 per share, for a total transaction of $1,011,098.14. The disclosure for this purchase can be found here. Insiders have bought a total of 66,768 shares of company stock worth $3,244,877 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Akamai Technologies by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 16,562,553 shares of the technology infrastructure company’s stock valued at $824,981,000 after acquiring an additional 424,152 shares during the period. Clearbridge Investments LLC lifted its holdings in Akamai Technologies by 13.1% in the 1st quarter. Clearbridge Investments LLC now owns 6,177,452 shares of the technology infrastructure company’s stock valued at $368,794,000 after purchasing an additional 717,811 shares in the last quarter. First Trust Advisors LP lifted its holdings in Akamai Technologies by 41.8% in the 2nd quarter. First Trust Advisors LP now owns 4,849,323 shares of the technology infrastructure company’s stock valued at $241,545,000 after purchasing an additional 1,428,886 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Akamai Technologies by 29.7% in the 1st quarter. Ameriprise Financial Inc. now owns 3,405,774 shares of the technology infrastructure company’s stock valued at $203,324,000 after purchasing an additional 780,019 shares in the last quarter. Finally, Fairpointe Capital LLC lifted its holdings in Akamai Technologies by 44.0% in the 2nd quarter. Fairpointe Capital LLC now owns 3,212,227 shares of the technology infrastructure company’s stock valued at $160,001,000 after purchasing an additional 981,069 shares in the last quarter. 84.45% of the stock is currently owned by hedge funds and other institutional investors.
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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