Akamai Technologies (NASDAQ:AKAM) Hits New 52-Week Low – What’s Next?

Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) hit a new 52-week low during trading on Friday . The company traded as low as $73.57 and last traded at $75.11, with a volume of 564970 shares traded. The stock had previously closed at $78.78.

Analyst Upgrades and Downgrades

AKAM has been the topic of a number of research reports. Scotiabank dropped their target price on shares of Akamai Technologies from $115.00 to $107.00 and set a “sector outperform” rating on the stock in a research report on Friday, February 21st. Royal Bank of Canada cut their price target on Akamai Technologies from $100.00 to $90.00 and set a “sector perform” rating for the company in a report on Friday, February 21st. TD Cowen lowered Akamai Technologies from a “buy” rating to a “hold” rating and cut their target price for the company from $125.00 to $98.00 in a research note on Friday, February 21st. Piper Sandler downgraded shares of Akamai Technologies from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $112.00 to $100.00 in a research note on Friday, February 21st. Finally, Citigroup lowered their price target on shares of Akamai Technologies from $102.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.55.

Akamai Technologies Price Performance

The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.33 and a current ratio of 1.23. The company has a 50-day simple moving average of $88.59 and a two-hundred day simple moving average of $94.24. The stock has a market cap of $11.13 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 2.74 and a beta of 0.68.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, February 20th. The technology infrastructure company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.33). Akamai Technologies had a return on equity of 14.35% and a net margin of 12.65%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. As a group, equities research analysts forecast that Akamai Technologies, Inc. will post 4.6 EPS for the current year.

Insiders Place Their Bets

In other Akamai Technologies news, EVP Paul C. Joseph sold 4,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $91.57, for a total value of $366,280.00. Following the completion of the transaction, the executive vice president now directly owns 23,104 shares in the company, valued at approximately $2,115,633.28. This trade represents a 14.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Edward J. Mcgowan sold 4,652 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $86.48, for a total value of $402,304.96. Following the completion of the transaction, the chief financial officer now directly owns 34,510 shares of the company’s stock, valued at $2,984,424.80. This represents a 11.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,394 shares of company stock worth $3,019,323 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in Akamai Technologies in the fourth quarter valued at approximately $477,454,000. First Trust Advisors LP increased its stake in Akamai Technologies by 15.6% in the fourth quarter. First Trust Advisors LP now owns 5,116,398 shares of the technology infrastructure company’s stock valued at $489,383,000 after purchasing an additional 690,341 shares in the last quarter. National Pension Service raised its holdings in shares of Akamai Technologies by 595.3% during the fourth quarter. National Pension Service now owns 318,912 shares of the technology infrastructure company’s stock valued at $30,504,000 after purchasing an additional 273,043 shares during the period. Hsbc Holdings PLC raised its stake in Akamai Technologies by 43.4% during the 4th quarter. Hsbc Holdings PLC now owns 778,208 shares of the technology infrastructure company’s stock worth $74,473,000 after buying an additional 235,394 shares during the period. Finally, Geode Capital Management LLC grew its stake in Akamai Technologies by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,197,009 shares of the technology infrastructure company’s stock valued at $423,066,000 after acquiring an additional 202,746 shares during the period. Institutional investors 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.