Akamai Technologies (NASDAQ:AKAM) Given New $112.00 Price Target at Piper Sandler

Akamai Technologies (NASDAQ:AKAM) had its price target reduced by research analysts at Piper Sandler from $114.00 to $112.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the technology infrastructure company’s stock. Piper Sandler’s price objective points to a potential upside of 17.72% from the company’s previous close.

AKAM has been the topic of several other research reports. Needham & Company LLC restated a “hold” rating on shares of Akamai Technologies in a report on Friday, May 17th. Morgan Stanley lowered their price target on Akamai Technologies from $117.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday, May 10th. Citigroup reduced their price objective on Akamai Technologies from $140.00 to $117.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. TD Cowen lowered their target price on Akamai Technologies from $130.00 to $129.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, Susquehanna reduced their price target on Akamai Technologies from $150.00 to $135.00 and set a “positive” rating on the stock in a research report on Friday, May 10th. Two investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $113.65.

Akamai Technologies Stock Performance

NASDAQ:AKAM opened at $95.14 on Monday. Akamai Technologies has a 1-year low of $87.59 and a 1-year high of $129.17. The firm has a market cap of $14.49 billion, a PE ratio of 23.67, a P/E/G ratio of 4.56 and a beta of 0.67. The firm has a 50 day simple moving average of $92.29 and a 200-day simple moving average of $105.04. The company has a debt-to-equity ratio of 0.76, a current ratio of 3.25 and a quick ratio of 3.25.

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

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

Insiders Place Their Bets

In other Akamai Technologies news, EVP Anthony P. Williams sold 5,000 shares of Akamai Technologies stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $93.58, for a total value of $467,900.00. Following the completion of the transaction, the executive vice president now directly owns 9,938 shares in the company, valued at $929,998.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Anthony P. Williams sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $93.58, for a total transaction of $467,900.00. Following the completion of the transaction, the executive vice president now owns 9,938 shares of the company’s stock, valued at $929,998.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William Raymond Wagner sold 1,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $93.54, for a total transaction of $93,540.00. Following the transaction, the director now directly owns 14,519 shares of the company’s stock, valued at $1,358,107.26. The disclosure for this sale can be found here. Insiders sold a total of 9,000 shares of company stock valued at $826,460 over the last 90 days. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AKAM. B. Riley Wealth Advisors Inc. lifted its holdings in Akamai Technologies by 26.4% in the third quarter. B. Riley Wealth Advisors Inc. now owns 5,625 shares of the technology infrastructure company’s stock worth $599,000 after purchasing an additional 1,175 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Akamai Technologies by 35.6% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 625 shares of the technology infrastructure company’s stock valued at $74,000 after acquiring an additional 164 shares in the last quarter. DNB Asset Management AS increased its stake in shares of Akamai Technologies by 48.3% during the fourth quarter. DNB Asset Management AS now owns 36,598 shares of the technology infrastructure company’s stock valued at $4,331,000 after acquiring an additional 11,926 shares during the period. First Hawaiian Bank raised its holdings in Akamai Technologies by 5.3% during the fourth quarter. First Hawaiian Bank now owns 12,667 shares of the technology infrastructure company’s stock worth $1,499,000 after purchasing an additional 642 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in Akamai Technologies in the fourth quarter worth approximately $44,000. Institutional investors and hedge funds own 94.28% of the company’s stock.

Akamai Technologies Company Profile

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.