Akamai Technologies (NASDAQ:AKAM) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank began coverage on shares of Akamai Technologies (NASDAQ:AKAMFree Report) in a report issued on Monday morning, MarketBeat.com reports. The brokerage issued a sector outperform rating and a $110.00 target price on the technology infrastructure company’s stock.

Other equities research analysts have also issued research reports about the company. Raymond James lowered their price objective on Akamai Technologies from $138.00 to $115.00 and set an outperform rating on the stock in a report on Friday, May 10th. Citigroup lowered their price objective on Akamai Technologies from $140.00 to $117.00 and set a neutral rating on the stock in a report on Thursday, April 25th. StockNews.com lowered Akamai Technologies from a buy rating to a hold rating in a report on Friday, May 10th. Royal Bank of Canada lowered their price objective on Akamai Technologies from $115.00 to $92.00 and set a sector perform rating on the stock in a report on Friday, May 10th. Finally, Craig Hallum reduced their price target on shares of Akamai Technologies from $120.00 to $110.00 and set a hold rating for the company in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $113.76.

Get Our Latest Stock Report on AKAM

Akamai Technologies Stock Performance

NASDAQ AKAM opened at $93.78 on Monday. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.76. Akamai Technologies has a 52-week low of $87.59 and a 52-week high of $129.17. The business’s 50-day moving average price is $92.49 and its 200 day moving average price is $105.49. The firm has a market cap of $14.28 billion, a P/E ratio of 23.33, a P/E/G ratio of 4.45 and a beta of 0.67.

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

Akamai Technologies declared that its Board of Directors has initiated a stock buyback program on Thursday, May 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology infrastructure company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO F Thomson Leighton acquired 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $92.68 per share, for a total transaction of $2,038,960.00. Following the transaction, the chief executive officer now directly owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Akamai Technologies news, CEO F Thomson Leighton purchased 22,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average cost of $92.68 per share, for a total transaction of $2,038,960.00. Following the acquisition, the chief executive officer now owns 2,342,621 shares of the company’s stock, valued at approximately $217,114,114.28. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value 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 disclosure for this sale can be found here. Insiders sold 9,000 shares of company stock worth $826,460 in the last ninety days. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Alpine Global Management LLC purchased a new stake in shares of Akamai Technologies during the 3rd quarter valued at $2,791,000. Alps Advisors Inc. purchased a new stake in shares of Akamai Technologies during the 3rd quarter valued at $343,000. Royal London Asset Management Ltd. grew its stake in shares of Akamai Technologies by 4.1% during the 3rd quarter. Royal London Asset Management Ltd. now owns 59,277 shares of the technology infrastructure company’s stock valued at $6,317,000 after buying an additional 2,349 shares during the period. Toroso Investments LLC grew its stake in shares of Akamai Technologies by 3.9% during the 3rd quarter. Toroso Investments LLC now owns 12,395 shares of the technology infrastructure company’s stock valued at $1,321,000 after buying an additional 460 shares during the period. Finally, Tudor Investment Corp Et Al purchased a new stake in shares of Akamai Technologies during the 3rd quarter valued at $3,212,000. 94.28% of the stock is currently owned by institutional investors and hedge funds.

About Akamai Technologies

(Get Free Report)

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.

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Analyst Recommendations for Akamai Technologies (NASDAQ:AKAM)

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