Akamai Technologies (NASDAQ:AKAM) Stock Rating Lowered by Citigroup – Defense World
Posted by admin on Jul 24th, 2022 
Akamai Technologies (NASDAQ:AKAM – Get Rating) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat.com reports. They presently have a $105.00 price objective on the technology infrastructure company’s stock, down from their previous price objective of $118.00. Citigroup’s price objective indicates a potential upside of 11.55% from the company’s previous close.
Several other analysts also recently commented on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $102.00 price target on shares of Akamai Technologies in a research report on Friday, May 20th. Morgan Stanley reduced their price target on shares of Akamai Technologies from $118.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, July 11th. StockNews.com assumed coverage on shares of Akamai Technologies in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Royal Bank of Canada reduced their price target on shares of Akamai Technologies from $140.00 to $135.00 in a research report on Wednesday, May 4th. Finally, Raymond James reduced their price target on shares of Akamai Technologies from $118.00 to $115.00 in a research report on Wednesday, May 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $123.42.
Shares of NASDAQ:AKAM opened at $94.13 on Friday. The company has a market capitalization of $15.09 billion, a PE ratio of 25.30, a P/E/G ratio of 1.85 and a beta of 0.65. The company has a current ratio of 1.68, a quick ratio of 1.68 and a debt-to-equity ratio of 0.53. Akamai Technologies has a twelve month low of $85.90 and a twelve month high of $123.25. The firm has a 50 day simple moving average of $94.58 and a 200-day simple moving average of $106.01.
Akamai Technologies (NASDAQ:AKAM – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The technology infrastructure company reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.01). The company had revenue of $903.65 million for the quarter, compared to analysts’ expectations of $904.89 million. Akamai Technologies had a return on equity of 17.42% and a net margin of 17.46%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. On average, equities analysts predict that Akamai Technologies will post 4.25 EPS for the current fiscal year.
In related news, EVP Paul C. Joseph sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $95.22, for a total transaction of $1,190,250.00. Following the sale, the executive vice president now owns 32,573 shares in the company, valued at $3,101,601.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Akamai Technologies news, EVP Paul C. Joseph sold 12,500 shares of the firm’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $95.22, for a total transaction of $1,190,250.00. Following the completion of the transaction, the executive vice president now directly owns 32,573 shares of the company’s stock, valued at approximately $3,101,601.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Robert Blumofe sold 5,000 shares of Akamai Technologies stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $97.68, for a total transaction of $488,400.00. Following the completion of the transaction, the chief technology officer now directly owns 19,725 shares of the company’s stock, valued at $1,926,738. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Johnson Financial Group Inc. bought a new stake in Akamai Technologies in the 4th quarter valued at about $25,000. Ancora Advisors LLC lifted its position in Akamai Technologies by 103.3% in the 1st quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock valued at $25,000 after purchasing an additional 127 shares during the last quarter. Karlinski Andrew C bought a new stake in Akamai Technologies in the 1st quarter valued at about $30,000. UMB Bank N A MO bought a new stake in Akamai Technologies in the 4th quarter valued at about $47,000. Finally, Baystate Wealth Management LLC lifted its position in Akamai Technologies by 33.3% in the 1st quarter. Baystate Wealth Management LLC now owns 400 shares of the technology infrastructure company’s stock valued at $48,000 after purchasing an additional 100 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.
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Akamai Technologies, Inc provides cloud services for securing, delivering, and optimizing content and business applications over the internet 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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