Akamai Technologies (AKAM) Stock Rating Upgraded by Cowen
AKAM has been the subject of several other research reports. TheStreet upgraded Akamai Technologies from a c rating to a b- rating in a report on Tuesday, November 14th. Morgan Stanley restated a sell rating and set a $52.00 price objective on shares of Akamai Technologies in a report on Wednesday, December 27th. JPMorgan Chase & Co. restated a neutral rating and set a $75.00 price objective (up previously from $58.00) on shares of Akamai Technologies in a report on Wednesday, January 10th. Vetr downgraded Akamai Technologies from a buy rating to a hold rating and set a $68.08 price objective for the company. in a report on Monday, January 22nd. Finally, BidaskClub upgraded Akamai Technologies from a buy rating to a strong-buy rating in a report on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $69.84.
Akamai Technologies (AKAM) opened at $76.07 on Thursday. Akamai Technologies has a 12 month low of $44.65 and a 12 month high of $78.28. The company has a quick ratio of 2.82, a current ratio of 2.82 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $12,934.33, a P/E ratio of 40.68, a price-to-earnings-growth ratio of 2.72 and a beta of 0.68.
Akamai Technologies declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 8th that allows the company to repurchase $417.00 million in shares. This repurchase authorization allows the technology infrastructure company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Akamai Technologies news, CEO F Thomson Leighton acquired 17,537 shares of Akamai Technologies stock in a transaction on Friday, December 15th. The stock was purchased at an average price of $57.01 per share, for a total transaction of $999,784.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider William Wheaton sold 5,000 shares of the company’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the completion of the transaction, the insider now owns 39,465 shares of the company’s stock, valued at approximately $2,762,550. The disclosure for this sale can be found here. Insiders sold a total of 71,799 shares of company stock valued at $4,326,520 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Clearbridge Investments LLC grew its stake in Akamai Technologies by 5.5% in the 4th quarter. Clearbridge Investments LLC now owns 9,105,713 shares of the technology infrastructure company’s stock valued at $592,236,000 after purchasing an additional 474,271 shares during the period. King Luther Capital Management Corp grew its stake in Akamai Technologies by 4.5% in the 4th quarter. King Luther Capital Management Corp now owns 2,160,085 shares of the technology infrastructure company’s stock valued at $140,492,000 after purchasing an additional 92,520 shares during the period. Geode Capital Management LLC lifted its position in shares of Akamai Technologies by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,885,681 shares of the technology infrastructure company’s stock valued at $122,397,000 after buying an additional 24,367 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its position in shares of Akamai Technologies by 0.8% during the 4th quarter. Disciplined Growth Investors Inc. MN now owns 1,643,075 shares of the technology infrastructure company’s stock valued at $106,866,000 after buying an additional 13,472 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of Akamai Technologies by 1.3% during the 3rd quarter. Sterling Capital Management LLC now owns 1,439,744 shares of the technology infrastructure company’s stock valued at $70,144,000 after buying an additional 17,892 shares during the last quarter. Hedge funds and other institutional investors own 88.94% of the company’s stock.
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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