Akamai Technologies (NASDAQ:AKAM) Given New $111.00 Price Target at Morgan Stanley

Akamai Technologies (NASDAQ:AKAM) had its price objective raised by Morgan Stanley from $103.00 to $111.00 in a research note released on Monday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the technology infrastructure company’s stock.

Other equities analysts also recently issued research reports about the stock. BidaskClub raised shares of Akamai Technologies from a sell rating to a hold rating in a report on Friday. Guggenheim raised shares of Akamai Technologies from a neutral rating to a buy rating and set a $98.00 price target on the stock in a report on Tuesday, January 7th. Cowen downgraded shares of Akamai Technologies from an outperform rating to a market perform rating in a report on Thursday, January 2nd. Piper Jaffray Companies reissued an overweight rating and issued a $103.00 target price (up previously from $97.00) on shares of Akamai Technologies in a report on Tuesday, October 29th. Finally, FBN Securities boosted their target price on shares of Akamai Technologies from $85.00 to $95.00 and gave the stock an outperform rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the stock. Akamai Technologies currently has a consensus rating of Buy and an average target price of $93.00.

Shares of NASDAQ:AKAM opened at $94.04 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.74 and a quick ratio of 3.74. Akamai Technologies has a 1-year low of $62.16 and a 1-year high of $95.36. The company has a market capitalization of $15.11 billion, a P/E ratio of 34.07, a P/E/G ratio of 2.08 and a beta of 0.57. The firm’s 50 day simple moving average is $86.96 and its two-hundred day simple moving average is $87.14.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings results on Monday, October 28th. The technology infrastructure company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. Akamai Technologies had a net margin of 15.98% and a return on equity of 16.76%. The business had revenue of $709.91 million for the quarter, compared to the consensus estimate of $701.25 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, sell-side analysts anticipate that Akamai Technologies will post 3.44 earnings per share for the current fiscal year.

In related news, EVP Robert Blumofe sold 9,000 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $86.87, for a total value of $781,830.00. Following the sale, the executive vice president now owns 11,874 shares in the company, valued at $1,031,494.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ewout L. Steenbergen sold 1,760 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $251.19, for a total transaction of $442,094.40. Insiders sold 45,887 shares of company stock worth $4,286,441 in the last three months. Insiders own 2.40% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in AKAM. HM Payson & Co. bought a new stake in Akamai Technologies in the second quarter worth $29,000. North Star Investment Management Corp. bought a new position in Akamai Technologies during the third quarter valued at $30,000. Commonwealth Bank of Australia increased its position in Akamai Technologies by 56.0% during the second quarter. Commonwealth Bank of Australia now owns 549 shares of the technology infrastructure company’s stock valued at $43,000 after acquiring an additional 197 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Akamai Technologies by 234.6% during the third quarter. Parkside Financial Bank & Trust now owns 542 shares of the technology infrastructure company’s stock valued at $49,000 after acquiring an additional 380 shares during the last quarter. Finally, Quest Capital Management Inc. ADV bought a new position in Akamai Technologies during the third quarter valued at $58,000. Institutional investors own 88.95% of the company’s stock.

About Akamai Technologies

Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. It provides cloud security solutions, including Web Application Protector to safeguard Web assets from Web application and distributed denial of service; Kona Site Defender, a cloud security solution; Bot Manager to identify bots and categorize bots based on business or IT impact; Fast DNS, which translates human-readable domain names into numerical IP addresses; Prolexic Routed to protect Web- and IP-based applications; and Client Reputation that assigns risk scores to malicious IP address and enables customers to take action on individual clients.

Recommended Story: Profit Margin

Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

Receive News & Ratings for Akamai Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Akamai Technologies and related companies with MarketBeat.com's FREE daily email newsletter.