Akamai Technologies, Inc. (AKAM) Shares Gap Down to $51.03
Akamai Technologies, Inc. (NASDAQ:AKAM) shares gapped down prior to trading on Wednesday . The stock had previously closed at $52.20, but opened at $51.03. Akamai Technologies shares last traded at $50.52, with a volume of 2,436,994 shares.
Several research analysts have recently issued reports on the stock. Wells Fargo & Company set a $57.00 target price on shares of Akamai Technologies and gave the stock a “hold” rating in a research note on Tuesday. Instinet reiterated a “neutral” rating and issued a $47.00 target price on shares of Akamai Technologies in a research note on Friday, October 6th. Guggenheim upgraded shares of Akamai Technologies from a “neutral” rating to a “buy” rating and upped their target price for the stock from $53.00 to $54.00 in a research note on Monday, October 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $56.00 target price on shares of Akamai Technologies in a research note on Thursday, September 14th. Finally, Vetr downgraded shares of Akamai Technologies from a “strong-buy” rating to a “buy” rating and set a $52.07 target price on the stock. in a research note on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have issued a buy rating to the company’s stock. Akamai Technologies has a consensus rating of “Hold” and an average price target of $59.37.
The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 28.85 and a beta of 0.65. The firm has a 50-day moving average of $47.58 and a 200-day moving average of $50.74.
Akamai Technologies (NASDAQ:AKAM) last announced its quarterly earnings data on Tuesday, July 25th. The technology infrastructure company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. Akamai Technologies had a net margin of 12.67% and a return on equity of 10.97%. The business had revenue of $608.90 million during the quarter, compared to analysts’ expectations of $604.51 million. During the same period in the previous year, the business posted $0.64 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. Analysts predict that Akamai Technologies, Inc. will post $2.52 EPS for the current fiscal year.
In other news, CEO F Thomson Leighton bought 19,817 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The stock was purchased at an average cost of $50.45 per share, for a total transaction of $999,767.65. Following the purchase, the chief executive officer now directly owns 205,861 shares in the company, valued at approximately $10,385,687.45. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Frederic V. Salerno bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was purchased at an average price of $46.83 per share, with a total value of $234,150.00. Following the completion of the purchase, the director now owns 62,192 shares in the company, valued at $2,912,451.36. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 46,371 shares of company stock valued at $2,245,016. Company insiders own 3.20% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank lifted its stake in shares of Akamai Technologies by 2.8% in the 2nd quarter. Swiss National Bank now owns 631,319 shares of the technology infrastructure company’s stock valued at $31,446,000 after purchasing an additional 17,300 shares during the period. FIL Ltd lifted its stake in shares of Akamai Technologies by 63.5% in the 2nd quarter. FIL Ltd now owns 1,859,231 shares of the technology infrastructure company’s stock valued at $92,609,000 after purchasing an additional 722,170 shares during the period. Two Sigma Securities LLC acquired a new position in shares of Akamai Technologies in the 1st quarter valued at $230,000. Globeflex Capital L P lifted its stake in shares of Akamai Technologies by 79.2% in the 2nd quarter. Globeflex Capital L P now owns 32,800 shares of the technology infrastructure company’s stock valued at $1,634,000 after purchasing an additional 14,500 shares during the period. Finally, Pinnacle Associates Ltd. lifted its stake in shares of Akamai Technologies by 12.4% in the 2nd quarter. Pinnacle Associates Ltd. now owns 39,290 shares of the technology infrastructure company’s stock valued at $1,957,000 after purchasing an additional 4,340 shares during the period. Hedge funds and other institutional investors own 84.49% of the company’s stock.
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About Akamai Technologies
Akamai Technologies, Inc is engaged in providing cloud services for delivering, optimizing and securing content and business applications over the Internet. The Company is involved in offering content delivery network (CDN) services. Its services include the delivery of content, applications and software over the Internet, as well as mobile and security solutions.
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