Citigroup Cuts Akamai Technologies (NASDAQ:AKAM) Price Target to $117.00

Akamai Technologies (NASDAQ:AKAM) had its target price lowered by Citigroup from $140.00 to $117.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the technology infrastructure company’s stock.

A number of other research analysts also recently weighed in on the stock. KeyCorp increased their price objective on shares of Akamai Technologies from $134.00 to $138.00 and gave the company an overweight rating in a research report on Friday, January 19th. Robert W. Baird upgraded shares of Akamai Technologies from a neutral rating to an outperform rating and increased their price target for the stock from $128.00 to $135.00 in a research report on Thursday, March 7th. StockNews.com upgraded shares of Akamai Technologies from a hold rating to a buy rating in a research report on Thursday, January 25th. HSBC downgraded shares of Akamai Technologies from a hold rating to a reduce rating and decreased their price target for the stock from $109.00 to $96.00 in a research report on Thursday, February 15th. Finally, Royal Bank of Canada reiterated a sector perform rating and issued a $115.00 price target on shares of Akamai Technologies in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $121.60.

Akamai Technologies Stock Down 0.4 %

Shares of Akamai Technologies stock opened at $101.79 on Thursday. The company has a market cap of $15.42 billion, a price-to-earnings ratio of 28.84, a price-to-earnings-growth ratio of 2.87 and a beta of 0.72. The company’s 50 day moving average is $107.12 and its 200 day moving average is $112.30. Akamai Technologies has a twelve month low of $76.85 and a twelve month high of $129.17. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.77.

Akamai Technologies (NASDAQ:AKAM) last issued its quarterly earnings data on Tuesday, February 13th. The technology infrastructure company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.10. The company had revenue of $995.00 million for the quarter, compared to the consensus estimate of $999.09 million. Akamai Technologies had a net margin of 14.37% and a return on equity of 14.90%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Research analysts anticipate that Akamai Technologies will post 4.84 EPS for the current year.

Insider Activity at Akamai Technologies

In related news, CMO Kim Salem-Jackson sold 2,600 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $123.30, for a total transaction of $320,580.00. Following the completion of the transaction, the chief marketing officer now directly owns 27,663 shares of the company’s stock, valued at $3,410,847.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Akamai Technologies news, COO Adam Karon sold 8,394 shares of Akamai Technologies stock in a transaction on Friday, March 15th. The shares were sold at an average price of $108.26, for a total value of $908,734.44. Following the completion of the transaction, the chief operating officer now directly owns 21,046 shares of the company’s stock, valued at approximately $2,278,439.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Kim Salem-Jackson sold 2,600 shares of Akamai Technologies stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $123.30, for a total transaction of $320,580.00. Following the transaction, the chief marketing officer now directly owns 27,663 shares of the company’s stock, valued at $3,410,847.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,353 shares of company stock valued at $3,688,883. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Akamai Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AKAM. Counterpoint Mutual Funds LLC bought a new stake in Akamai Technologies during the 3rd quarter valued at about $122,000. Caprock Group LLC bought a new stake in Akamai Technologies during the 3rd quarter valued at about $219,000. Oak Thistle LLC lifted its holdings in Akamai Technologies by 24.8% during the 3rd quarter. Oak Thistle LLC now owns 9,454 shares of the technology infrastructure company’s stock valued at $1,007,000 after buying an additional 1,881 shares in the last quarter. Czech National Bank lifted its holdings in Akamai Technologies by 47.4% during the 3rd quarter. Czech National Bank now owns 26,567 shares of the technology infrastructure company’s stock valued at $2,830,000 after buying an additional 8,549 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Akamai Technologies by 3.9% during the 3rd quarter. Handelsbanken Fonder AB now owns 48,899 shares of the technology infrastructure company’s stock valued at $5,210,000 after buying an additional 1,856 shares in the last quarter. Institutional investors own 94.28% of the company’s stock.

About Akamai Technologies

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.