Akamai Technologies (NASDAQ:AKAM) Shares Gap Down Following Analyst Downgrade

Akamai Technologies, Inc. (NASDAQ:AKAM)’s share price gapped down prior to trading on Friday after Scotiabank lowered their price target on the stock from $115.00 to $112.00. The stock had previously closed at $104.40, but opened at $97.91. Scotiabank currently has a sector outperform rating on the stock. Akamai Technologies shares last traded at $94.20, with a volume of 529,470 shares.

A number of other analysts also recently weighed in on the stock. Tigress Financial reissued a “strong-buy” rating and issued a $140.00 price target on shares of Akamai Technologies in a report on Thursday, August 29th. Hsbc Global Res upgraded shares of Akamai Technologies from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, July 24th. HSBC raised Akamai Technologies from a “reduce” rating to a “hold” rating and set a $96.00 target price on the stock in a research report on Wednesday, July 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price target on shares of Akamai Technologies in a report on Thursday, August 15th. Finally, TD Cowen raised their price objective on Akamai Technologies from $129.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Akamai Technologies has an average rating of “Moderate Buy” and an average price target of $116.29.

Insider Transactions at Akamai Technologies

In related news, EVP Paul C. Joseph sold 4,000 shares of Akamai Technologies stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $97.30, for a total transaction of $389,200.00. Following the completion of the transaction, the executive vice president now directly owns 30,703 shares of the company’s stock, valued at $2,987,401.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $97.30, for a total transaction of $389,200.00. Following the sale, the executive vice president now directly owns 30,703 shares in the company, valued at $2,987,401.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Raymond Wagner sold 1,000 shares of Akamai Technologies stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $100.73, for a total value of $100,730.00. Following the completion of the transaction, the director now owns 16,719 shares of the company’s stock, valued at approximately $1,684,104.87. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,500 shares of company stock valued at $741,655. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Akamai Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in shares of Akamai Technologies by 85.7% during the third quarter. Farther Finance Advisors LLC now owns 247 shares of the technology infrastructure company’s stock worth $25,000 after purchasing an additional 114 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Akamai Technologies in the 1st quarter valued at $31,000. Versant Capital Management Inc increased its stake in shares of Akamai Technologies by 170.8% in the 2nd quarter. Versant Capital Management Inc now owns 306 shares of the technology infrastructure company’s stock valued at $28,000 after buying an additional 193 shares during the period. Innealta Capital LLC bought a new stake in shares of Akamai Technologies during the second quarter worth $28,000. Finally, Family Firm Inc. acquired a new position in shares of Akamai Technologies during the second quarter valued at $35,000. Institutional investors own 94.28% of the company’s stock.

Akamai Technologies Stock Performance

The firm has a market cap of $13.54 billion, a P/E ratio of 22.12, a PEG ratio of 3.36 and a beta of 0.68. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.50. The firm has a fifty day moving average of $100.87 and a 200-day moving average of $97.19.

Akamai Technologies (NASDAQ:AKAM) last released its earnings results on Thursday, August 8th. The technology infrastructure company reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.05. Akamai Technologies had a net margin of 16.01% and a return on equity of 14.78%. The firm had revenue of $979.60 million during the quarter, compared to analyst estimates of $977.67 million. During the same quarter in the previous year, the business earned $1.01 EPS. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts predict that Akamai Technologies, Inc. will post 4.42 earnings per share for the current fiscal year.

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.