B. Riley Reaffirms Buy Rating for Akamai Technologies, Inc. (AKAM)
Akamai Technologies, Inc. (NASDAQ:AKAM)‘s stock had its “buy” rating reiterated by stock analysts at B. Riley in a report released on Thursday. They presently have a $66.00 price objective on the technology infrastructure company’s stock. B. Riley’s price target would indicate a potential upside of 30.64% from the stock’s current price.
The analysts wrote, “We believe the volatile CDN/Media segment will be ~20% of revenue by YE18, while the SaaS/ Security segment should be ~70% of revenue, growing in the low double digit range with industry leading margins.””
AKAM has been the topic of several other research reports. BidaskClub upgraded shares of Akamai Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Robert W. Baird reissued a “hold” rating and set a $52.00 price target on shares of Akamai Technologies in a research report on Friday, September 1st. Credit Suisse Group started coverage on shares of Akamai Technologies in a report on Tuesday, September 5th. They issued a “neutral” rating and a $50.00 price objective for the company. Vetr cut 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. Finally, Instinet restated a “neutral” rating and set a $47.00 price objective (down from $48.00) on shares of Akamai Technologies in a research note on Tuesday, September 5th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $59.64.
Akamai Technologies (AKAM) opened at 50.52 on Thursday. The firm has a 50 day moving average of $47.71 and a 200-day moving average of $50.74. The stock has a market cap of $8.66 billion, a PE ratio of 28.85 and a beta of 0.65. Akamai Technologies has a 12-month low of $44.65 and a 12-month high of $71.64.
Akamai Technologies (NASDAQ:AKAM) last posted its quarterly earnings results on Tuesday, July 25th. The technology infrastructure company reported $0.62 earnings per share for the quarter, topping the Zacks’ 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 for the quarter, compared to analysts’ expectations of $604.51 million. During the same period in the prior year, the company posted $0.64 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts expect that Akamai Technologies will post $2.52 earnings per share for the current year.
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In related news, Director Frederic V. Salerno purchased 5,000 shares of Akamai Technologies stock in a transaction on Thursday, July 27th. The shares were purchased at an average price of $46.83 per share, for a total transaction of $234,150.00. Following the transaction, the director now owns 62,192 shares of the company’s stock, valued at approximately $2,912,451.36. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO F Thomson Leighton purchased 19,817 shares of Akamai Technologies stock in a transaction on Friday, July 14th. The stock was bought at an average price of $50.45 per share, for a total transaction of $999,767.65. Following the transaction, the chief executive officer now directly owns 205,861 shares in the company, valued at approximately $10,385,687.45. The disclosure for this purchase can be found here. In the last quarter, insiders bought 46,371 shares of company stock worth $2,245,016. Corporate insiders own 3.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AKAM. Cadence Capital Management LLC lifted its stake in shares of Akamai Technologies by 0.6% in the 2nd quarter. Cadence Capital Management LLC now owns 4,733 shares of the technology infrastructure company’s stock valued at $236,000 after purchasing an additional 30 shares during the period. FTB Advisors Inc. lifted its stake in shares of Akamai Technologies by 2.4% in the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock valued at $125,000 after purchasing an additional 59 shares during the period. Trust Co lifted its stake in shares of Akamai Technologies by 2.1% in the 1st quarter. Trust Co now owns 4,447 shares of the technology infrastructure company’s stock valued at $266,000 after purchasing an additional 90 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Akamai Technologies by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the technology infrastructure company’s stock valued at $533,000 after purchasing an additional 100 shares during the period. Finally, Advisory Services Network LLC lifted its stake in shares of Akamai Technologies by 9.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,025 shares of the technology infrastructure company’s stock valued at $101,000 after purchasing an additional 168 shares during the period. Hedge funds and other institutional investors own 84.49% of the company’s stock.
Akamai Technologies Company Profile
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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