Piper Sandler Lowers Akamai Technologies (NASDAQ:AKAM) Price Target to $114.00

Akamai Technologies (NASDAQ:AKAM) had its price objective decreased by equities researchers at Piper Sandler from $136.00 to $114.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology infrastructure company’s stock. Piper Sandler’s price objective indicates a potential upside of 22.70% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Robert W. Baird reduced their target price on Akamai Technologies from $135.00 to $120.00 and set an “outperform” rating for the company in a research report on Friday. HSBC cut Akamai Technologies from a “hold” rating to a “reduce” rating and reduced their target price for the stock from $109.00 to $96.00 in a research report on Thursday, February 15th. Royal Bank of Canada restated a “sector perform” rating and set a $115.00 target price on shares of Akamai Technologies in a research report on Wednesday, February 14th. KeyCorp upped their price objective on Akamai Technologies from $134.00 to $138.00 and gave the stock an “overweight” rating in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. upped their price objective on Akamai Technologies from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Akamai Technologies has an average rating of “Moderate Buy” and an average price target of $114.87.

Akamai Technologies Stock Performance

Shares of AKAM traded down $9.55 during mid-day trading on Friday, hitting $92.91. The stock had a trading volume of 5,580,787 shares, compared to its average volume of 1,653,030. The firm has a market cap of $14.08 billion, a P/E ratio of 26.78, a PEG ratio of 2.81 and a beta of 0.72. Akamai Technologies has a 52 week low of $84.19 and a 52 week high of $129.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.16 and a quick ratio of 2.16. The business has a fifty day moving average price of $105.68 and a 200-day moving average price of $111.90.

Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings results on Thursday, May 9th. The technology infrastructure company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.03). The company had revenue of $986.97 million during the quarter, compared to analysts’ expectations of $989.03 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. Akamai Technologies’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. On average, equities research analysts expect that Akamai Technologies will post 4.84 EPS for the current year.

Insider Activity at Akamai Technologies

In related news, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $108.26, for a total transaction of $908,734.44. Following the completion of the transaction, the chief operating officer now owns 21,046 shares in the company, valued at $2,278,439.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Anthony P. Williams sold 4,500 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $108.73, for a total value of $489,285.00. Following the sale, the executive vice president now directly owns 14,938 shares of the company’s stock, valued at $1,624,208.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Adam Karon sold 8,394 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $108.26, for a total value of $908,734.44. Following the completion of the sale, the chief operating officer now directly owns 21,046 shares in the company, valued at $2,278,439.96. The disclosure for this sale can be found here. Insiders sold a total of 30,753 shares of company stock worth $3,368,303 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Akamai Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AKAM. Planned Solutions Inc. purchased a new stake in shares of Akamai Technologies in the fourth quarter worth $37,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Akamai Technologies during the fourth quarter valued at $43,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Akamai Technologies during the fourth quarter valued at $44,000. Headinvest LLC purchased a new stake in shares of Akamai Technologies during the third quarter valued at $40,000. Finally, Lindbrook Capital LLC boosted its position in shares of Akamai Technologies by 43.7% during the fourth quarter. Lindbrook Capital LLC now owns 411 shares of the technology infrastructure company’s stock valued at $49,000 after buying an additional 125 shares during the last quarter. 94.28% of the stock is owned by hedge funds and other institutional investors.

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.