KeyCorp Downgrades Akamai Technologies (AKAM) to Underweight
KeyCorp downgraded shares of Akamai Technologies (NASDAQ:AKAM) from a sector weight rating to an underweight rating in a research note released on Thursday, MarketBeat.com reports. They currently have $51.00 price target on the technology infrastructure company’s stock, down from their previous price target of $66.32. KeyCorp also issued estimates for Akamai Technologies’ Q1 2018 earnings at $0.45 EPS, Q3 2018 earnings at $0.45 EPS and Q4 2018 earnings at $0.52 EPS.
A number of other analysts have also recently commented on the company. Wells Fargo & Co set a $57.00 price target on Akamai Technologies and gave the stock a hold rating in a research report on Tuesday, October 10th. B. Riley lifted their price objective on Akamai Technologies from $70.00 to $85.00 and gave the company a buy rating in a research note on Monday, December 18th. DA Davidson set a $57.00 price objective on Akamai Technologies and gave the company a hold rating in a research note on Thursday, October 12th. Craig Hallum upgraded Akamai Technologies from a hold rating to a buy rating in a research note on Tuesday, December 19th. Finally, Credit Suisse Group upgraded Akamai Technologies from a neutral rating to an outperform rating and set a $75.00 price objective for the company in a research note on Monday, December 18th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $63.20.
Shares of Akamai Technologies (NASDAQ:AKAM) traded up $0.31 on Thursday, reaching $65.52. The company’s stock had a trading volume of 1,083,351 shares, compared to its average volume of 3,131,965. Akamai Technologies has a 12 month low of $44.65 and a 12 month high of $71.34. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.20. The firm has a market cap of $11,082.84, a PE ratio of 39.47, a P/E/G ratio of 2.65 and a beta of 0.68.
In related news, insider Rick M. Mcconnell sold 2,743 shares of Akamai Technologies stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $55.00, for a total value of $150,865.00. Following the completion of the transaction, the insider now owns 37,010 shares in the company, valued at approximately $2,035,550. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO F Thomson Leighton purchased 19,670 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was acquired at an average price of $50.83 per share, with a total value of $999,826.10. Following the purchase, the chief executive officer now owns 226,950 shares in the company, valued at $11,535,868.50. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 55,752 shares of company stock valued at $2,999,371 and sold 71,971 shares valued at $4,141,642. 3.20% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in AKAM. Advisory Services Network LLC boosted its holdings in 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 worth $101,000 after buying an additional 168 shares during the last quarter. Westwood Holdings Group Inc. acquired a new stake in Akamai Technologies in the 2nd quarter worth about $117,000. BB&T Investment Services Inc. acquired a new stake in Akamai Technologies in the 2nd quarter worth about $119,000. FTB Advisors Inc. boosted its holdings in Akamai Technologies by 2.4% in the 2nd quarter. FTB Advisors Inc. now owns 2,538 shares of the technology infrastructure company’s stock worth $125,000 after buying an additional 59 shares during the last quarter. Finally, Griffin Asset Management Inc. acquired a new stake in Akamai Technologies in the 2nd quarter worth about $209,000. Hedge funds and other institutional investors own 86.33% 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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