Morgan Stanley Trims Akamai Technologies (NASDAQ:AKAM) Target Price to $98.00 – MarketBeat

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Akamai Technologies (NASDAQ:AKAM – Get Rating) had its price target decreased by equities research analysts at Morgan Stanley from $102.00 to $98.00 in a report released on Thursday, The Fly reports. The firm presently has an “equal weight” rating on the technology infrastructure company’s stock. Morgan Stanley’s price objective points to a potential upside of 18.16% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. KeyCorp dropped their price objective on Akamai Technologies from $123.00 to $116.00 and set an “overweight” rating for the company in a report on Wednesday, August 10th. Robert W. Baird dropped their price target on Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, August 11th. Evercore ISI reduced their price objective on shares of Akamai Technologies to $110.00 in a research report on Monday, August 15th. StockNews.com cut shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, DA Davidson reduced their price target on shares of Akamai Technologies to $115.00 in a research report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $117.93.

Akamai Technologies Stock Down 1.7 %

Shares of Akamai Technologies stock opened at $82.94 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.92 and a current ratio of 1.92. Akamai Technologies has a 52-week low of $76.28 and a 52-week high of $123.25. The company’s 50 day moving average price is $87.74 and its 200-day moving average price is $96.00. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 23.56, a P/E/G ratio of 1.64 and a beta of 0.69.
Akamai Technologies (NASDAQ:AKAM – Get Rating) last announced its quarterly earnings results on Tuesday, August 9th. The technology infrastructure company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.01. The business had revenue of $903.33 million for the quarter, compared to analyst estimates of $898.75 million. Akamai Technologies had a net margin of 16.18% and a return on equity of 16.97%. The company’s revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.18 EPS. Equities research analysts forecast that Akamai Technologies will post 4.19 EPS for the current year.

Insider Transactions at Akamai Technologies

In related news, CTO Robert Blumofe sold 5,000 shares of the firm’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $94.25, for a total value of $471,250.00. Following the completion of the transaction, the chief technology officer now directly owns 14,835 shares of the company’s stock, valued at $1,398,198.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CTO Robert Blumofe sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $94.25, for a total transaction of $471,250.00. Following the transaction, the chief technology officer now owns 14,835 shares of the company’s stock, valued at approximately $1,398,198.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Paul C. Joseph sold 1,500 shares of the stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $80.79, for a total transaction of $121,185.00. Following the completion of the sale, the executive vice president now directly owns 31,183 shares in the company, valued at $2,519,274.57. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Akamai Technologies

Institutional investors have recently modified their holdings of the stock. Ancora Advisors LLC grew its stake in Akamai Technologies by 103.3% in the first quarter. Ancora Advisors LLC now owns 250 shares of the technology infrastructure company’s stock worth $25,000 after purchasing an additional 127 shares in the last quarter. CX Institutional purchased a new stake in Akamai Technologies in the second quarter worth about $28,000. Karlinski Andrew C bought a new position in Akamai Technologies during the 1st quarter worth about $30,000. Larson Financial Group LLC bought a new position in Akamai Technologies during the 2nd quarter worth about $41,000. Finally, Baystate Wealth Management LLC increased its position in Akamai Technologies by 33.3% during 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 period. 92.23% of the stock is owned by hedge funds and other institutional investors.

About Akamai Technologies

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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.

Further Reading

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